Finance Act (No 2) 1988 Commencement Order 2001

2001/76

Finance Act (No 2) 1988 Commencement Order 2001


Note

This order is administered in the Treasury.


Pursuant to section 6(1) of the Finance Act (No 2) 1988, Her Excellency the Governor-General, acting on the advice and with the consent of the Executive Council, makes the following order.

1 Title
  • This order is the Finance Act (No 2) 1988 Commencement Order 2001.

2 Commencement of section 20 of Finance Act (No 2) 1988

Marie Shroff,

Clerk of the Executive Council.


Explanatory note

This note is not part of the order, but is intended to indicate its general effect.

This order brings section 20 of the Finance Act (No 2) 1988 into force on 28 May 2001.

Subsection (1) of that section removes Crown Forestry Management Limited from Schedules 1 and 2 of the State-Owned Enterprises Act 1986. The company will cease to be a State enterprise under that Act on 28 May 2001.

Subsection (2) continues the application of sections 22 and 30 of the State-Owned Enterprises Act 1986 while the Crown continues to hold shares in the company. Section 22 relates to the holding of shares by the Crown in State enterprises. Section 30 relates to the application of the Companies Act 1993 to State enterprises.

Subsection (3) provides that sections 23 to 29 of the State-Owned Enterprises Act 1986 continue to apply as if the company continued to be a State enterprise named in Schedule 2 of that Act and as if the Minister of Finance and the Minister for State-Owned Enterprises continued to be the shareholding Ministers. The sections relate to the transfer of assets and liabilities of the Crown to State enterprises.

Subsection (4) provides that the Crown may, while it holds shares in the company, exercise the rights and powers attaching to those shares.


Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notification in Gazette: 26 April 2001.