New Zealand Legislation: Acts

65ZD Minister may give guarantee or indemnity if in public interest

• (1) The Minister, on behalf of the Crown, may give, in writing, a guarantee or indemnity to a person, organisation, or government if it appears to the Minister to be necessary or expedient in the public interest to do so.

  (2) The Minister may—

  • (a) give the guarantee or indemnity on any terms and conditions that the Minister thinks fit; and

  • (b) in the case of a guarantee, give the guarantee in respect of the performance or non-performance of any duties or obligations by the person, organisation, or government.

  (3) If the contingent liability of the Crown under a guarantee or indemnity given under this section exceeds $10,000,000, the Minister must, as soon as practicable after the guarantee or indemnity is given,—

  • (a) publish in the Gazette a statement that the guarantee or indemnity has been given; and

  • (b) present the statement to the House of Representatives.

  (4) The statement may contain any details about the guarantee or indemnity that the Minister considers appropriate.

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