47 Minister may borrow on behalf of the Crown if in public interest

(1)

The Minister, on behalf of the Crown, may borrow money if it appears to the Minister to be necessary or expedient in the public interest to do so.

(2)

The Minister may borrow money from any person, organisation, or government (either within or outside New Zealand).

(3)

Except as otherwise provided in any Act, all monies received as a result of money being borrowed under subsection (2) must be paid into—

(a)

a Crown Bank Account; or

(b)

if the Minister directs, a Departmental Bank Account.

Section 47: substituted, on 25 January 2005, by section 16 of the Public Finance Amendment Act 2004 (2004 No 113).