New Zealand Legislation: Acts

22 Operating surplus of department

• (1) Except as agreed between the Minister and the Responsible Minister for a department, the department must not retain any operating surplus that results from its activities.

  (2) The reported net asset holding of a department may increase as a result of a remeasurement without further authority than this section.

  (3) The amount of net asset holding in a department must not exceed the most recent projected balance of net assets for that department at the end of the financial year, as set out in an Appropriation Act in accordance with section 23(1)(c).

  (4) Subsection (3) is subject to subsections (1) and (2).

  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.