New Zealand Legislation: Acts
Acts are laws made by Parliament
(1) The authority to incur expenses or capital expenditure provided by an appropriation under an Appropriation Act lapses at the end of the financial year to which the Act relates.
(2) However, if an Appropriation Act provides that the authority to incur expenses or capital expenditure applies for more than 1 financial year, that authority—
(a) lapses at the end of the period specified in the Act; and
(b) continues in force until the end of the period specified despite the repeal of the Act, unless the authority is expressly varied, revoked, or replaced by an authority in another Appropriation Act.
(3) Despite subsection (2), the authority to incur expenses or capital expenditure must not apply for more than 5 financial years.
Section 10 was substituted, as from 21 December 1992, by section 11 Public Finance Amendment Act 1992 (1992 No 142).
Parts 1 and 2 (sections 4 to 26A) were substituted by new Parts 1 and 2 (sections 4 to 26Z), as from 25 January 2005, by section 7 Public Finance Amendment Act 2004 (2004 No 113). See sections 32 to 36 of that Act as to the transitional provisions.