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.

  Parts 4 to 6 (comprising sections 33 to 65A) were substituted by new Parts 4 to 6 (comprising sections 33 to 65ZG), as from 25 January 2005, by section 16 Public Finance Amendment Act 2004 (2004 No 113). See sections 32 to 36 of that Act as to the transitional provisions.