New Zealand Legislation: Acts

65ZE Departments may give guarantee or indemnity specified in regulations if in public interest

• (1) A department, on behalf of or in the name of the Crown, may give, in writing, a guarantee or indemnity of a type specified in regulations made under section 81 to a person or organisation if it appears to the department to be necessary or expedient in the public interest to do so.

  (2) A department must give the guarantee or indemnity on the prescribed terms and conditions (if any).

  (3) If the contingent liability of the Crown under a guarantee or indemnity given by a department under subsection (1) exceeds $10,000,000, the responsible 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 responsible Minister considers appropriate.

  (5) This section does not limit section 65ZD.

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