New Zealand Legislation: Acts

37 Borrowing by and loans to Corporation

• (1) The Corporation may from time to time, with the consent of the Minister of Finance and on and subject to such terms and conditions as he thinks fit, borrow money (whether by overdraft or otherwise) and issue debentures, or mortgage or charge any of its real or personal property.

  (2) The Minister of Finance may from time to time, on behalf of the Crown,—

  • (a) advance money to the Corporation; and

  • (b) give in respect of any advances made to the Corporation by any other person any guarantee, indemnity or security pursuant to the Public Finance Act 1989,—

  on and subject to such terms and conditions as the Minister of Finance thinks fit.

  (3) The Minister of Finance may from time to time, on behalf of the Crown, enter into agreements with the Corporation for the purpose of giving full effect to the provisions of this section.

  (4) All money required to be paid by the Minister of Finance under this section (other than subsection (2)(b)) or section 36 shall be paid out of a Crown Bank Account from money appropriated by Parliament for the purpose.

  Section 37(2)(b): amended (with effect on 1 July 1989), on 26 July 1989, by section 86(1) of the Finance Act 1989 (1989 No 44).

  Section 37(4): amended, on 25 January 2005, pursuant to section 83(7) of the Public Finance Act 1989 (1989 No 44).