New Zealand Legislation: Acts

24 Movements within departmental statement of financial position

• (1) A department may, without further appropriation than this section, use the proceeds of the sale or disposal of any of its assets, together with any working capital held by it, to purchase or develop assets.

  (2) A department may, without further authority than this section, use the proceeds of the sale or disposal of its assets, together with any working capital held by it, to pay its liabilities.

  Sections 24 and 25 were substituted, as from 21 December 1992, by section 16 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.