Subpart 4—Investment

Subpart 4: inserted, on 25 January 2005, by section 16 of the Public Finance Amendment Act 2004 (2004 No 113).

Investment of public money

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

65I Investment of public money

(1)

The Treasury may, without further appropriation than this section, invest any money held in a Crown Bank Account or a Departmental Bank Account—

(a)

on deposit with a bank (whether in New Zealand or elsewhere) approved by the Minister for the purpose; or

(b)

in public securities; or

(c)

in any other securities that the Minister may approve for the purpose.

(2)

The Treasury may—

(a)

invest the money for any period and on any terms and conditions that it thinks fit; and

(b)

sell, or convert into money, any of the securities.

(3)

The following must be paid into a Crown Bank Account or, if the Minister directs, a Departmental Bank Account:

(a)

all interest received from the investment; and

(b)

all money received from—

(i)

the redemption or maturity of the investment; or

(ii)

the sale or conversion of the securities.

Section 65I: inserted, on 25 January 2005, by section 16 of the Public Finance Amendment Act 2004 (2004 No 113).

Section 65I(3): amended, on 18 July 2013, by section 33 of the Public Finance Amendment Act 2013 (2013 No 50).