Reprint
as at 1 April 2005

Coat of Arms of New Zealand

Finance Act 1986

Public Act1986 No 134
Date of assent24 December 1986
Commencement24 December 1986

Note

Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this reprint.

A general outline of these changes is set out in the notes at the end of this reprint, together with other explanatory material about this reprint.

This Act is administered by the Treasury.


An Act to make provision with respect to public finances and other matters

1 Short Title
  • This Act may be cited as the Finance Act 1986.

Part 1
Substantive provision

2 Buildings hired by Crown to remain property of Crown
  • (1) Notwithstanding anything to the contrary in any enactment or rule of law, any building hired by the Crown to—

    • (a) a person—

      • (i) whose principal occupation is the carrying out of agricultural, horticultural, or pastoral operations, or the keeping of bees, poultry, or other livestock (whether personally or by a manager or other person on that person's behalf) on land used exclusively or principally for 1 or more of those purposes and owned or leased by that person; and

      • (ii) whose income, or a substantial part of it, is derived from the use of that land for 1 or more of those purposes; or

    • (b) the personal representatives of such a person who is deceased,—

    for removal to that land for the purpose of providing accommodation for any other person whose principal occupation is working on that land for wages, or of sharemilking or sharecropping on that land, shall remain the property of the Crown until the Housing Corporation of New Zealand or the Rural Banking and Finance Corporation of New Zealand (as the case may be) issues a certificate under its common seal that the Crown's ownership has ceased; and that building may at any time be removed by that Corporation after the termination of the hiring concerned, or otherwise pursuant to that hiring, without liability for payment of compensation to the owner of the land on which it is situated or to any other person, even if it has been so attached to that land as to form part of it.

    (2) [Repealed]

    Compare: 1940 No 10 s 9

    Section 2(2): repealed, on 1 April 2005, by section 139 of the Credit Contracts and Consumer Finance Act 2003 (2003 No 52).

Part 2
Repeal of Rural Housing Act 1939

3 Repeal of Rural Housing Act 1939
  • (1) The following enactments are hereby repealed:

    • (a) the Rural Housing Act 1939 (hereafter in this section referred to as the principal Act):

    • (b) the Rural Housing Amendment Act 1940:

    • (c) Amendment(s) incorporated in the Act(s).

    • (d) the Rural Housing Amendment Act 1956:

    • (e) the Rural Housing Amendment Act 1968:

    • (f) the Rural Housing Amendment Act 1970:

    • (g) Amendment(s) incorporated in the Act(s).

    (2) The Rural Housing Regulations 1975 are hereby revoked.

    (3) Terms defined in section 2 of the principal Act shall in this section have the meanings there specified.

    (4) Notwithstanding subsections (1) and (2),—

    • (a) a Council that has before the commencement of this Act agreed to make an advance to a farmer under section 3 of the principal Act may do so; and

    • (b) a Council that has made such an advance may recover the amount of it and interest on it; and

    • (c) fees shall be charged in respect of the matters referred to in section 5 of the principal Act; and

    • (e) a memorial of a charge so registered shall be recorded; and

    • (f) every advance made, before or after the commencement of this Act, under section 3 of the principal Act shall be a charge, and the amount of it shall, together with interest on it, be recoverable and applicable; and

    • (g) Housing New Zealand Corporation may recover from a Council the amount of any money lent pursuant to section 9 of the principal Act, and interest on it; and

    • (h) every debenture or other document or instrument of security or charge given by a Council to the said Corporation in respect of money lent or to be lent to that Council under section 9 of the principal Act shall have effect; and

    • (i) every agreement under regulation 5 of the Rural Housing Regulations 1975 shall have effect; and

    • (j) every written agreement entered into before the commencement of this Act pursuant to which the said Corporation agreed to advance money to a Council pursuant to section 9 of the principal Act and that Council agreed to give that Corporation security for that money shall have effect (and in that case that Corporation may advance money under the said section 9 accordingly); and

    • (k) a Council may give security for money so advanced; and

    • (l) every charge created, before or after the commencement of this Act, by section 6 of the principal Act shall have priority over any mortgage to the Crown; and

    • (m) a trustee who does not object to the making of an advance under section 3 of the principal Act shall not be liable for breach of trust; and

    • (n) the existence of a charge under the principal Act shall be taken into account in determining whether or not any mortgage or proposed mortgage of any land is or would be an investment authorised by a trust instrument or by the general law for the investment of trust funds; and

    • (o) a Council that has made an advance under section 3 of the principal Act shall be entitled to receive insurance money; and

    • (p) amounts recoverable in respect of an advance made under section 3 of the principal Act may be recovered from any person from whom rates may be recovered,—

    in the same manner, and to the same extent, as if the enactments specified in subsection (1) and the regulations specified in subsection (2) were still in force.

    Section 3(4)(g): amended, on 1 July 2001, by section 24(1) of the Housing Corporation Amendment Act 2001 (2001 No 37).

Part 3
Validations, repeals, and savings

[Repealed]

  • Part 3: repealed, on 18 December 1987, by section 19(1) of the Finance Act 1987 (1987 No 200).

4 Validating acquisition of share by Minister of Finance
  • [Repealed]

    Section 4: repealed, on 18 December 1987, by section 19(1) of the Finance Act 1987 (1987 No 200).

5 Validating unlawful payment of fees to doctors
  • [Repealed]

    Section 5: repealed, on 18 December 1987, by section 19(1) of the Finance Act 1987 (1987 No 200).

6 Validating certain payments of forestry encouragement grants
  • [Repealed]

    Section 6: repealed, on 18 December 1987, by section 19(1) of the Finance Act 1987 (1987 No 200).

7 Confirmation of Order in Council apportioning excise duty
  • [Repealed]

    Section 7: repealed, on 18 December 1987, by section 19(1) of the Finance Act 1987 (1987 No 200).

8 Repeals and savings
  • [Repealed]

    Section 8: repealed, on 18 December 1987, by section 19(1) of the Finance Act 1987 (1987 No 200).


Schedule
Enactments repealed

s 8(1)

[Repealed]

  • Schedule: repealed, on 18 December 1987, by section 19(1) of the Finance Act 1987 (1987 No 200).


Contents

  • 1General

  • 2Status of reprints

  • 3How reprints are prepared

  • 4Changes made under section 17C of the Acts and Regulations Publication Act 1989

  • 5List of amendments incorporated in this reprint (most recent first)


Notes
1 General
  • This is a reprint of the Finance Act 1986. The reprint incorporates all the amendments to the Act as at 1 April 2005, as specified in the list of amendments at the end of these notes.

    Relevant provisions of any amending enactments that contain transitional, savings, or application provisions that cannot be compiled in the reprint are also included, after the principal enactment, in chronological order. For more information, see http://www.pco.parliament.govt.nz/reprints/ .

2 Status of reprints
  • Under section 16D of the Acts and Regulations Publication Act 1989, reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by the amendments to that enactment. This presumption applies even though editorial changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in the reprint.

    This presumption may be rebutted by producing the official volumes of statutes or statutory regulations in which the principal enactment and its amendments are contained.

3 How reprints are prepared
  • A number of editorial conventions are followed in the preparation of reprints. For example, the enacting words are not included in Acts, and provisions that are repealed or revoked are omitted. For a detailed list of the editorial conventions, see http://www.pco.parliament.govt.nz/editorial-conventions/ or Part 8 of the Tables of New Zealand Acts and Ordinances and Statutory Regulations and Deemed Regulations in Force.

4 Changes made under section 17C of the Acts and Regulations Publication Act 1989
  • Section 17C of the Acts and Regulations Publication Act 1989 authorises the making of editorial changes in a reprint as set out in sections 17D and 17E of that Act so that, to the extent permitted, the format and style of the reprinted enactment is consistent with current legislative drafting practice. Changes that would alter the effect of the legislation are not permitted.

    A new format of legislation was introduced on 1 January 2000. Changes to legislative drafting style have also been made since 1997, and are ongoing. To the extent permitted by section 17C of the Acts and Regulations Publication Act 1989, all legislation reprinted after 1 January 2000 is in the new format for legislation and reflects current drafting practice at the time of the reprint.

    In outline, the editorial changes made in reprints under the authority of section 17C of the Acts and Regulations Publication Act 1989 are set out below, and they have been applied, where relevant, in the preparation of this reprint:

    • omission of unnecessary referential words (such as of this section and of this Act)

    • typeface and type size (Times Roman, generally in 11.5 point)

    • layout of provisions, including:

      • indentation

      • position of section headings (eg, the number and heading now appear above the section)

    • format of definitions (eg, the defined term now appears in bold type, without quotation marks)

    • format of dates (eg, a date formerly expressed as the 1st day of January 1999 is now expressed as 1 January 1999)

    • position of the date of assent (it now appears on the front page of each Act)

    • punctuation (eg, colons are not used after definitions)

    • Parts numbered with roman numerals are replaced with arabic numerals, and all cross-references are changed accordingly

    • case and appearance of letters and words, including:

      • format of headings (eg, headings where each word formerly appeared with an initial capital letter followed by small capital letters are amended so that the heading appears in bold, with only the first word (and any proper nouns) appearing with an initial capital letter)

      • small capital letters in section and subsection references are now capital letters

    • schedules are renumbered (eg, Schedule 1 replaces First Schedule), and all cross-references are changed accordingly

    • running heads (the information that appears at the top of each page)

    • format of two-column schedules of consequential amendments, and schedules of repeals (eg, they are rearranged into alphabetical order, rather than chronological).

5 List of amendments incorporated in this reprint (most recent first)