Development Finance Corporation of New Zealand Amendment Act 1988

  • repealed
  • Development Finance Corporation of New Zealand Amendment Act 1988: repealed, on 31 August 2012, pursuant to section 3 of the Regulatory Reform (Repeals) Act 2012 (2012 No 71).

Reprint
as at 31 August 2012

Development Finance Corporation of New Zealand Amendment Act 1988

Public Act1988 No 141
Date of assent23 September 1988
  • Development Finance Corporation of New Zealand Amendment Act 1988: repealed, on 31 August 2012, pursuant to section 3 of the Regulatory Reform (Repeals) Act 2012 (2012 No 71).


Note

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

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

This Act is administered in the Ministry of Commerce.


An Act to amend the Development Finance Corporation of New Zealand Act 1986 and certain other enactments

BE IT ENACTED by the Parliament of New Zealand as follows:

1 Short Title and commencement
  • (1) This Act may be cited as the Development Finance Corporation of New Zealand Amendment Act 1988, and shall be read together with and deemed part of the Development Finance Corporation of New Zealand Act 1986 (hereinafter referred to as the principal Act).

    (2) Sections 3 and 12 of this Act shall be deemed to have come into force on the 1st day of April 1987.

    (3) Sections 4, 9, 10, 13, and 15(4), (5), (6), and (7) of this Act shall come into force on the commencement of the day on which the legal title to the shares in the capital of the company held by the Minister of Commerce and the Minister of Finance is transferred. The publication in the Gazette by the Minister of Commerce of a notice stating that the legal title to those shares was transferred on a date specified in the notice shall be conclusive evidence that the legal title to those shares was transferred on that date.

    (4) Except as provided in subsections (2) and (3) of this section, this Act shall come into force on the date on which it receives the Royal assent.

    Subsection (3) was amended, as from 1 December 1988, by section 4(1) Trade and Industry Act Repeal Act 1988 (1988 No 156) by substituting the words Minister of Commerce for the words Minister of Trade and Industry.

2 Object
  • The principal object of this Act is to remove the prohibition contained in section 8 of the principal Act on the sale or other disposition by the Minister of Commerce and the Minister of Finance of shares subscribed for by those Ministers in the capital of the company under section 4 of that Act and to enable those and any other shares held by those Ministers to be sold or otherwise disposed of.

    This section was amended, as from 1 December 1988, by section 4(1) Trade and Industry Act Repeal Act 1988 (1988 No 156) by substituting the words Minister of Commerce for the words Minister of Trade and Industry.

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7 References to Development Finance Corporation in other enactments
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9 Repeal of provision relating to appointment of Audit Office as auditor of company and subsidiaries
  • (1) This subsection repealed section 14 of the principal Act.

    (2) On the date on which this section comes into force—

    • (a) The Audit Office shall cease to be the auditor of the company and of every subsidiary of the company:

    • (b) Any person or firm holding office as an additional auditor of the company or any subsidiary of the company under section 14(3) of the principal Act (as in force immediately before the commencement of this section) shall cease to hold that office:

    • (c) The directors of the company and of every subsidiary of the company shall appoint an auditor or auditors of the company and of every subsidiary of the company and every such appointment shall be deemed to have been made by the directors to fill a casual vacancy in the office of auditor under section 163(5) of the Companies Act 1955.

10 Repeal of provision relating to annual report and accounts
  • (1) 

    (2) Section 2 of the Development Finance Corporation of New Zealand Amendment Act 1987 is hereby consequentially repealed.

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  • [Repealed]

    Section 13 was repealed, as from 1 April 1995, by section YB 3(1) Income Tax Act 1994 (1994 No 164). See section 31 Taxation Review Authorities Act 1994 (1994 No 165) for the savings provision.

14 Amendment to Schedule 3 to Flags, Emblem, and Names Protection Act 1981
15 Amendment to Schedule 1 to Official Information Act 1982

Contents

  • 1General

  • 2About this eprint

  • 3List of amendments incorporated in this eprint (most recent first)


Notes
1 General
  • This is an eprint of the Development Finance Corporation of New Zealand Amendment Act 1988. The eprint incorporates all the amendments to the Act as at 31 August 2012. The list of amendments at the end of these notes specifies all the amendments incorporated into this eprint since 3 September 2007.

    Relevant provisions of any amending enactments that contain transitional, savings, or application provisions that cannot be compiled in the eprint are also included, after the principal enactment, in chronological order.

2 About this eprint
3 List of amendments incorporated in this eprint (most recent first)
  • Regulatory Reform (Repeals) Act 2012 (2012 No 71): section 3