Public Finance Act 1989

Other provisions relating to guarantees and indemnities

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

65ZF Recovery of money paid under guarantee

(1)

Any money paid by the Crown under a guarantee given under section 65ZD or section 65ZE constitutes a debt due to the Crown from the person, organisation, or government for whom the guarantee was given.

(2)

A debt referred to in subsection (1)—

(a)

is recoverable in any court of competent jurisdiction:

(b)

may be paid over any period of time and on any terms and conditions that the Minister thinks fit:

(c)

may be written down by the Minister (except that the debt must not be written down below its market value other than in accordance with an appropriation, or other authority, by or under an Act).

(3)

This section does not limit or affect any other rights that the Crown may have as guarantor.

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