The Minister of Finance is hereby empowered to borrow, on the security of and charged upon the public revenues of New Zealand, such sums of money as he thinks fit, not exceeding in the aggregate the sum of six million pounds.

The sums so borrowed shall bear interest at such rate as the Minister of Finance prescribes.

All moneys borrowed under the authority of this section shall, as and when borrowed, be paid into the Public Account to the credit of the General Purposes Account of the Public Works Fund, and shall from time to time be applied, in such amounts as may be from time to time appropriated by Parliament, for the following purposes, namely:—

This section shall be deemed to be an authorizing Act within the meaning of the New Zealand Loans Act, 1932, and the moneys herein authorized to be borrowed shall be borrowed under and subject to the provisions of that Act accordingly.

In addition to all moneys which the Minister of Finance has heretofore been authorized to borrow for the purposes of the construction or reconstruction of main highways, the said Minister may for those purposes borrow, on the security of and charged upon the public revenues of New Zealand, such sums of money as he thinks fit, not exceeding in the aggregate the sum of two million pounds.

The sums so borrowed shall bear interest at such rate as the Minister of Finance prescribes.

All moneys borrowed under the authority of this section shall, as and when borrowed, be paid into the Public Account to the credit of the Main Highways Account established under section thirteen of the Main Highways Act, 1922, and may from time to time be applied accordingly in accordance with appropriations by Parliament.

This section shall be deemed to be an authorizing Act within the meaning of the New Zealand Loans Act, 1932, and the moneys herein authorized to be borrowed shall be borrowed under and subject to the provisions of that Act accordingly.

In addition to all moneys which the Minister of Finance is authorized to borrow under section thirty of the Housing Act, 1919, for the purposes of Part I of that Act, the said Minister may for those purposes borrow, on the security of and charged upon the public revenues of New Zealand, such sums of money as he thinks fit, not exceeding in the aggregate the sum of five million pounds.

The sums so borrowed shall bear interest at such rate as the Minister of Finance prescribes.

All moneys borrowed under the authority of this section shall, as and when borrowed, be paid into the Housing Account established under section seventeen of the State Advances Corporation Act, 1936.

This section shall be deemed to be an authorizing Act within the meaning of the New Zealand Loans Act, 1932, and the moneys herein authorized to be borrowed shall be borrowed under and subject to the provisions of that Act accordingly.

While this section continues in operation sections forty-seven and forty-eight of the Public Revenues Act, 1926, shall be read and shall operate as if the following amendments were made therein as from the thirty-first day of March, nineteen hundred and thirty-seven:—

This section shall, unless sooner repealed, continue in operation until the close of the thirtieth day of September, nineteen hundred and thirty-seven, and no longer.

The cost of all British bronze coins purchased by or on behalf of the Government of New Zealand (including freight, insurance, the cost of manufacture, and all incidental expenses) shall be paid out of the Public Account without further appropriation than this section.

Whereas, in exercise of the powers conferred on him by section thirteen of the Post and Telegraph Act, 1928, the Postmaster-General caused certain special postage-stamps, known as “Anzac Stamps”, to be created in commemoration of the twenty-first anniversary of the landing of New Zealand troops on Gallipoli on the twenty-fifth day of April, nineteen hundred and fifteen: And whereas such stamps were sold at a price in excess of their value for postal purposes: And whereas, after deducting the expenses incidental to the creation of the said stamps and their value for postal purposes, the surplus has been paid or has been agreed to be paid to the Dominion Executive of the New Zealand Returned Soldiers’ Association: And whereas it is desired to validate such payment: Be it therefore enacted as follows:—

All payments heretofore made to the Dominion Executive of the New Zealand Returned Soldiers’ Association out of the proceeds of the sale of “Anzac stamps” are hereby validated, and any payments that may hereafter be made to or on account of the said Association out of such proceeds shall be deemed to be lawfully made.

In respect of the period beginning on the first day of August, nineteen hundred and thirty-six, and ending on the thirty-first day of July, nineteen hundred and thirty-seven, every racing club may deduct and retain for its own use from the totalizator duty payable by it under section one hundred and ninety-two of the Stamp Duties Act, 1923, as amended by subsection two of section twenty-five of the Finance Act, 1930, in connection with every race meeting or separate day of a race meeting conducted by it in that period, an amount equal to one-fifth of the amount of such duty so payable by it.

Section twenty-six of the Pensions Act, 1926, is hereby amended by omitting from subsection one the words “whose father is dead, and”; and by adding to that subsection the following proviso:—

No pension shall be granted under the said section twenty-six in respect of any child who is over the age of fifteen years.

Section seventy-four of the Pensions Act, 1926, is hereby amended by omitting from subsection one the words “without further appropriation than this Act”, and substituting the words “out of moneys appropriated by Parliament”.

Notwithstanding anything to the contrary in section thirty-six of the Finance Act, 1929 (relating to the computation of miners’ pensions), or in section eighteen of the Pensions Amendment Act, 1936 (relating to the computation of invalidity pensions), in computing, in respect of a married man, the amount of a miner’s pension or of an invalidity pension payable to him, no allowance shall be payable in respect of his wife for any period in respect of which she is in receipt of a pension under the Pensions Act, 1926.

Section nine of the Pensions Amendment Act, 1936, is hereby amended by adding to subsection one the words “or to any married woman whose husband is for the time being detained as a voluntary boarder in accordance with Part V of that Act”.

Section eighteen of the Pensions Amendment Act, 1936, is hereby amended as from the passing of that Act by inserting after paragraph (a) of subsection two the following new paragraph:—

Any local authority within the meaning of the Local Bodies’ Loans Act, 1926, may (unless a poll of ratepayers is demanded in accordance with the provisions of subsection three hereof), by special order and without taking the steps prescribed by sections nine to thirteen of the Local Bodies’ Loans Act, 1926, borrow such moneys as may be required for any public work undertaken or proposed to be undertaken by that local authority for the relief of unemployment, if in respect of that work a grant out of the Employment Promotion Fund has been authorized pursuant to paragraph (d) of section thirty-six of the Employment Promotion Act, 1936, and has been approved by the Minister of Finance pursuant to subsection two of section thirty-four of that Act.

For the purposes of this section the expression “special order” means such an order made in accordance with the provisions of any Act in force by virtue of which a local authority can make a special order and, where there is no such provision, means a resolution passed by the local authority at a special meeting convened for the purpose and confirmed at a subsequent meeting (either ordinary or special) held not sooner than the twenty-eighth day and not later than the forty-second day after the day on which such special meeting was held. Public notice of the place and date fixed for such subsequent meeting and of such resolution shall be given once in each of the four weeks immediately preceding the day on which such subsequent meeting is to be held.

At any time before the date fixed for the confirmation of a resolution to raise a special loan by special order under the authority of this section, not less than five per centum of the ratepayers whose names are inscribed on the ratepayers’ roll of the district may by writing under their hands, delivered or sent by post to the local authority, demand that a poll be taken on the proposal to raise such special loan.

Every public notice of a resolution to raise any loan under the authority of this section shall, in addition to any other particulars required to be given therein, contain a statement to the effect that a poll of the ratepayers is required to be taken if five per centum of the ratepayers of the district so demand, by writing under their hands delivered or sent by post to the local authority concerned.

Where a local authority proposes to raise a loan by special order under the provisions of this section, the notice required to be given to the Minister of Finance under section ten of the Local Government Loans Board Act, 1926, shall not be given until after the confirmation of the resolution to raise the loan by special order.

Where an Electric-power Board constituted under the Electric-power Boards Act, 1925, has heretofore raised or hereafter raises a loan for the purpose of the reticulation of its district or any defined portion thereof, and as security for such loan has made and levied a special rate over the whole or any part of its district (hereinafter in this section referred to as the rating area), the Board may by special order, and without taking the steps prescribed by sections nine to thirteen of the Local Bodies’ Loans Act, 1926, raise a further special loan to provide additional moneys for the further reticulation of such rating area:

Provided that no moneys shall be borrowed by special order under this section if, before the date fixed pursuant to section forty-five of the Electric-power Boards Act, 1925, for the confirmation of the resolution to raise the loan by special order, not less than five per centum of the ratepayers whose names are inscribed on the ratepayers roll of the rating area, by writing under their hands delivered or sent by post to the Electric-power Board, demand that a poll be taken on the proposal.

Every public notice of a resolution to which this section applies, given pursuant to paragraph (c) of subsection one of section forty-five of the Electric-power Boards Act, 1925, shall, in addition to any other particulars required to be given therein, contain a statement to the effect that a poll of the ratepayers is required to be taken if five per centum of the ratepayers of the rating area so demand, by writing under their hands delivered or sent by post to the Board.

In any case to which this section applies, the notice required to be given to the Minister of Finance under section ten of the Local Government Loans Board Act, 1926, shall not be given until after the confirmation of the resolution to raise the loan by special order.

In this section the term “local authority” means any local authority or public body that for the time being is a local authority within the meaning of the Local Government Loans Board Act, 1926, whether by virtue of section two of that Act or of any Order in Council thereunder, or by virtue of the provisions of any other Act.

It shall be lawful and shall be deemed at all times heretofore to have been lawful for any local authority to pay interest, on moneys borrowed for the purpose of paying off an existing loan, in respect of the period intervening between the borrowing of such moneys and the repayment of the existing loan.

It shall be deemed to have been lawful for any Hospital Board to have borrowed by way of bank overdraft during the year ended the thirty-first day of March, nineteen hundred and thirty-six, an amount approved by the Minister of Health in excess of that authorized by section sixty of the Hospitals and Charitable Institutions Act, 1926, to the extent of one-fourth of the estimated contributions payable to the Board by contributory local authorities during that year together with one-fourth of the estimated amount receivable by way of subsidy on such contributions.

It shall be and be deemed to have been lawful for any Borough Council, County Council, Town Board, or Road Board to expend out of its General Fund any sum or sums of money in connection with the public observances on the occasion of the death of His late Majesty King George the Fifth and the public Proclamation of the accession to the Throne of His Majesty King Edward the Eighth.

In addition to the powers of investment conferred on him by the Public Trust Office Act, 1908, the Public Trustee may invest any moneys belonging to the common fund of the Public Trust Office as follows:—

Any advances by way of mortgage under the authority of the last preceding subsection may be for any amount not exceeding nine-tenths of the nominal value of the security, and may be for such term, at such rate of interest, and generally upon such terms and conditions as the Public Trustee shall determine.

Section thirty-four of the Public Trust Office Act, 1908, is hereby amended as follows:—

Section eighty-seven of the Public Trust Office Act, 1908, is hereby amended by adding to subsection one thereof the following paragraphs:—

The said section is hereby further amended by adding thereto the following subsection:—

Nothing in the Public Revenues Act, 1926, shall operate to prevent the Public Trustee from opening, or keeping open, or operating upon a separate account in connection with any business carried on by him for the benefit of any estate under administration by him, and the said account may be opened with any bank or with any stock-and-station agent, and the receipts of the said business may be deposited in the said account and the outgoings may be paid therefrom, and the Public Trustee shall be entitled to delegate to any manager or other person employed in connection with the said business the power to operate upon the said account.

Subject to the provisions of this section, the power conferred on the Governor-General in Council by section nineteen of the Government Life Insurance Act, 1908, to fix the rates of interest payable on loans granted under that section may be exercised to vary the rate of interest payable on existing loans as well as to fix the rate payable in respect of new loans:

Provided that, where the rate of interest or the maximum rate of interest payable in respect of any loan is specifically fixed in the instrument securing the loan, the rate so fixed may be reduced but shall not be increased under the authority of this section.

Where, in any case to which the proviso to the last preceding subsection applies, the rate of interest has been reduced by the operation of Part III of the National Expenditure Adjustment Act, 1932, the reduced rate shall not be increased under the authority of this section.

Any variation made pursuant to this section in the rate of interest payable in respect of any loan shall take effect on a date to be fixed in accordance with the provisions in that behalf of the Order in Council by which the variation is effected (being a date either before or after the date of the Order in Council).

Section twenty-nine of the Finance Act (No. 2), 1935, is hereby repealed.

Section twenty-seven of the Government Life Insurance Act, 1908, is hereby amended by omitting from subsection two the expression “three-fifths”, and substituting the expression “two-thirds”.

In this section the expression “the said paragraph (h)” means paragraph (h) of subsection one of section thirteen of the Reserve Bank of New Zealand Act, 1933, as enacted in section six of the Finance Act, 1934, as amended by section thirteen of the Reserve Bank of New Zealand Amendment Act, 1936; and the expression “the said paragraph (i)” means paragraph (i) of section fourteen of the Reserve Bank of New Zealand Act, 1933, as amended by section fifteen of the Reserve Bank of New Zealand Amendment Act, 1936.

It is hereby declared that the authority conferred on the Reserve Bank of New Zealand by the said paragraph (h) shall not be deemed to be restricted or in any way affected by the provisions of the said paragraph (i).

Section fifteen of the Reserve Bank of New Zealand Amendment Act, 1936, is hereby amended by inserting, after the words “to the Treasury” in subsection two, the words “or to any incorporated Department of State, or to any local authority or public body”.

Paragraph (ii) of subsection one of section thirteen of the Reserve Bank of New Zealand Act, 1933 (as enacted in section fourteen of the Reserve Bank of New Zealand Amendment Act, 1936), is hereby amended by adding thereto the words “or by the State Advances Corporation of New Zealand”.

The appointment of Mark Silverstone, Esquire, of Dunedin, as a member of the Board of Directors of the Reserve Bank of New Zealand, is hereby declared to be and at all times heretofore to have been valid, and the said Mark Silverstone may continue to hold office as a member of the said Board and may at any time hereafter be reappointed a member of the said Board, in accordance with the provisions of section seven of the Reserve Bank of New Zealand Amendment Act, 1936, notwithstanding the disqualification contained in paragraph (a) of subsection one of section thirty-two of the Reserve Bank of New Zealand Act, 1933.

Except as provided in the last preceding subsection, the said Mark Silverstone shall hold office subject to the provisions of section thirty-two of the Reserve Bank of New Zealand Act, 1933.

In determining the amount of compensation to be awarded on a claim for the hearing of which a Compensation Court is hereafter constituted under Part III of the Public Works Act, 1928, or on an application hereafter made to the Native Land Court under section one hundred and four of that Act, the Court shall act in accordance with the following rules:—

This section is in substitution for section seventy-nine of the Public Works Act, 1928, and that section is hereby accordingly repealed.

Notwithstanding the repeal of the said section seventy-nine, all claims for the hearing of which a Compensation Court has been duly constituted before the passing of this Act, and all applications made before the passing of this Act to the Native Land Court under section one hundred and four of the Public Works Act, 1928, shall be determined in the same manner in all respects as if this section had not been passed.

The Minister of Public Works may erect, construct, provide, maintain, repair, and use any work authorized by Part XI of the Public Works Act, 1928, or by section thirty-nine of the Employment Promotion Act, 1936, without being bound to acquire the land or any portion of the land used for the purposes of such work, and for any of those purposes the said Minister or any person acting with his authority may enter at any time upon any such land.

Where the Minister of Public Works, acting under the authority of this section, or under any other lawful authority, uses land for the purposes of any public work without acquiring the same, any compensation payable in respect of the use of such land shall be determined in accordance with the provisions of section: forty-two of the Public Works Act, 1928:

Provided that in any case where the provisions of section forty-three of the said Act would apply if such land had been acquired by the Minister, they shall, with the necessary modifications, apply notwithstanding that the land has not been so acquired. In any case to which this proviso applies the use of any land by the Minister shall, for the purposes of the assessment of compensation by a Compensation Court, be deemed to be the resumption or taking possession thereof.

The provisions of this section shall be deemed to apply with respect to any such work which has been carried out or has been commenced before the passing of this Act.

The Minister of Public Works is hereby authorized to construct works for the drainage and control of Lake Ellesmere in the Canterbury Land District, and for the protection of lands adjacent to such lake, including the construction of a permanent outlet from the said lake to the sea.

All moneys held in the Public Works Fund and received on account of leases of the lands known as the Ellesmere Lake lands (being the lands to which section three hundred and eighty-three of the Land Act, 1924, relates), may be applied towards meeting the cost of the said works.

All moneys hereafter received in respect of leases of the lands referred to in the last preceding subsection shall be disposed of in accordance with the provisions of section twenty of the Land Act, 1924.

Subsection two of section three hundred and eighty-three of the Land Act, 1924, is hereby repealed.

Section six of the Ellesmere Lands Drainage Act, 1905, is hereby repealed. Notwithstanding the repeal of the said section, a proportionate part of the subsidy mentioned therein may be paid for the current year.

The Ellesmere Lands Drainage Board is hereby authorized to contribute towards the cost of the works authorized by subsection one hereof, and for that purpose may raise a special loan in the manner prescribed by and subject to the provisions of the Local Bodies’ Loans Act, 1926. Any special loan so raised shall be deemed to have been raised under the powers conferred upon the Board by the Land Drainage Act, 1908, and the provisions of that Act shall apply in the same manner as if the said works were to be constructed by the Board under the powers conferred by that Act.

The Minister shall give notice in writing to the Ellesmere Lands Drainage Board when the construction of the said works or of any section thereof has been completed, and from a date to be specified in such notice in that behalf the said works or the specified section thereof shall be controlled and maintained by the said Board.

Notwithstanding anything to the contrary in section thirty-three or in section seventy-eight of the Public Service Superannuation Act, 1927, it shall be and be deemed to have been lawful to pay out of the Public Service Superannuation Fund or the Teachers’ Superannuation Fund, as the case may be, to each of the persons hereinafter mentioned, the full amount of his retiring-allowance under that Act for any period or periods for which he has received or may hereafter receive payment for any of the special services hereinafter referred to.

The persons to whom this section refers are the following: John Ralfe Smith, Esquire (being a former contributor to the Public Service Superannuation Fund); and James Macintosh Simmers, Esquire; John Cook, Esquire; Robert Crawford Drummond, Esquire; Balfour Kean, Esquire; David Walker Low, Esquire; John Neill, Esquire; John Ernest Purchase, Esquire; George Edward Robertson, Esquire; William Fitzgerald Watters, Esquire; James Costin Webb, Esquire; and Alexander Lamont Wyllie, Esquire (being former contributors to the Teachers’ Superannuation Fund).

The special services hereinbefore referred to are the following:—·

The provisions of the Electoral Act, 1927, or any other Act as to the disqualification of members of Parliament, shall not apply with respect to any payment which under the authority of any appropriation made by Parliament has been or may hereafter be received by Sidney George Holland, Esquire, Clifford Lorrie Hunter, Esquire, or John Robertson, Esquire, in respect of their services as members of a Parliamentary delegation to the Cook Islands.

The Nelson Diocesan Trust Board, Incorporated, and the Tahuna Sands Association, Incorporated, are hereby respectively authorized to make a grant or grants, not exceeding, in the case of either of the said corporations, the sum of one hundred and fifty pounds, to Richard Henry Hounsell, of Hastings, out of funds bequeathed to the said corporations by the late J. E. Hounsell, of Nelson.