This Act may be cited as the Reserve Bank of New Zealand Amendment Act, 1939, and shall be read together with and deemed part of the Reserve Bank of New Zealand Act, 1933 (hereinafter referred to as the principal Act).

In the exercise of their functions and powers under the principal Act the Governor and the Board of Directors shall have regard to any representations that may be made by the Minister of Finance in respect of any functions or business of the Reserve Bank, and shall give effect to any decision of the Government in relation thereto conveyed to the Governor in writing by the Minister of Finance.

Section fourteen of the principal Act is hereby amended as follows:—

The Minister of Finance may from time to time, by notice published in the Gazette, vary or suspend, either absolutely or subject to such conditions as he thinks fit, the requirements of section seventeen of the principal Act.

This section is in substitution for section eighteen of the principal Act, and that section and so much of the First Schedule to the Reserve Bank of New Zealand Amendment Act, 1936, as relates to that section are hereby accordingly repealed.

For the purposes of the principal Act the value of the gold coin and bullion in the unrestricted ownership of the Reserve Bank shall be such value as the Minister of Finance from time to time determines by notice in writing addressed to the Governor, not exceeding in any case the value thereof computed by reference to the market value of fine gold at the date of the notice.

Where pursuant to any such notice the value of the Bank’s gold coin and bullion is increased above the value at which it was shown in the books of the Bank immediately before the issue of the notice the amount of the increase shall be credited to a special reserve in the books of the Bank, and shall be held on behalf of the Crown, and dealt with in such manner as the Minister of Finance from time to time determines.