284 Subsidies and loans

(1)

Subject to any general directions of the Board or any specific restrictions imposed by it, a distribution committee may, in addition to approving grants under section 282, approve—

(a)

the payment of subsidies; or

(b)

the making of loans, with or without security and at the rates of interest or free of interest that the committee determines, to—

(i)

local authorities within the meaning of the Local Government Act 2002 (subject to the provisions of that Act as to loans); or

(ii)

organisations of a kind approved for the time being by the Board; or

(c)

the variation, cancellation, or discharge of any subsidy or loan previously approved under this subsection, or the increase of the amount of any such subsidy or loan.

(2)

On being notified of an approval under subsection (1), the Secretary must, in accordance with the terms of the approval,—

(a)

pay any subsidy referred to in the approval:

(b)

make any loan referred to in the approval:

(c)

do any other thing necessary to give effect to the approval.

(3)

An approval given under this section may be made subject to any terms and conditions that the distribution committee thinks fit.

(4)

For the purposes of this section, a distribution committee may—

(a)

establish any endowment or create any trust upon any terms and conditions, and having the objects, that the committee thinks fit; and

(b)

appoint trustees for the purpose.

(5)

All amounts of interest paid in respect of loans made under this section, and money received in repayment of the loans, are deemed to be profits arising from New Zealand lotteries, and must be dealt with accordingly.

Compare: 1977 No 84 s 116S