Post Office Bank Amendment Act 1988

Post Office Bank Amendment Act 1988

Public Act1988 No 173
Date of assent13 December 1988

Note

This Act is administered in the Treasury.


An Act to amend the Post Office Bank Act 1987

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

1 Short Title and commencement
  • (1) This Act may be cited as the Post Office Bank Amendment Act 1988, and shall be read together with and deemed part of the Post Office Bank Act 1987 (hereinafter referred to as the principal Act).

    (2) Subject to subsection (3) of this section, sections 2 to 6 of this Act shall come into force on a date to be appointed by the Governor-General by Order in Council; and one or more Orders in Council may be made under this section bringing different provisions of those sections into force on different dates.

    (3) In the case of any provision of sections 3 to 6 of this Act, a date may be appointed only where the Governor-General in Council is satisfied, at the time of the making of the Order in Council appointing the date for the coming into force of the provision, that at least 50 percent of the ordinary shares in the capital of Post Office Bank Limited are no longer held on behalf of Her Majesty the Queen.

2 Amendment to State-Owned Enterprises Act 1986
  • (1) This subsection amended Schedules 1 and 2 of the State-Owned Enterprises Act 1986 (1986 No 124).

    (2) Notwithstanding the coming into force of subsection (1) of this section, sections 22 and 30 of that Act shall, so long as Ministers of the Crown continue to hold shares in Post Office Bank Limited, continue to apply in relation to Post Office Bank Limited as if it were a State enterprise and a company named in Schedule 2 to that Act.

    (3) Notwithstanding the coming into force of subsection (1) of this section and whether or not all or any of the shares in Post Office Bank Limited are held by Ministers of the Crown on behalf of the Crown, sections 23 to 29 of the State-Owned Enterprises Act 1986 and any Order in Council made at any time pursuant to any of those sections shall continue to apply after the coming into force of subsection (1) of this section as if—

    • (a) Post Office Bank Limited were a State enterprise named in Schedule 2 to that Act; and

    • (b) The Minister of Finance and the Minister for State-Owned Enterprises were the shareholding Ministers for Post Office Bank Limited.

    (4) Each Minister of the Crown who holds shares in Post Office Bank Limited on behalf of Her Majesty the Queen may exercise all or any of Her Majesty's rights and powers as the holder of those shares.

    This section came into force as from 28 February 1989; see regulation 2 Post Office Bank Amendment Act Commencement Order 1989 (SR 1989/35).

3
  • Sections 3 to 6 came into force as from 17 March 1989; see regulation 2 Post Office Bank Amendment Act Commencement Order (No 2) 1989 (SR 1989/60).

4
  • Sections 3 to 6 came into force as from 17 March 1989; see regulation 2 Post Office Bank Amendment Act Commencement Order (No 2) 1989 (SR 1989/60).

5
  • [Repealed]

    Section 5 was repealed, as from 1 April 1995, by section YB 3 Income Tax Act 1994 (1994 No 164). See section 31 Taxation Review Authorities Act 1994 (1994 No 165) as to the savings provisions.

    Sections 3 to 6 came into force as from 17 March 1989; see regulation 2 Post Office Bank Amendment Act Commencement Order (No 2) 1989 (SR 1989/60).

6
  • Sections 3 to 6 came into force as from 17 March 1989; see regulation 2 Post Office Bank Amendment Act Commencement Order (No 2) 1989 (SR 1989/60).