This Act may be cited as the Reserve Bank of New Zealand Amendment Act, 1950, 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).

Section ten of the Reserve Bank of New Zealand Amendment Act, 1936, is hereby amended by adding to subsection one the words “and shall do all such things within the limits of its powers as it deems necessary or desirable to promote and safeguard a stable internal price level and the highest degree of production, trade, and employment that can be achieved by monetary action”.

In the exercise of their functions and powers under the principal Act the Governor and the Board of Directors shall give effect to any resolution of the House of Representatives in respect of any functions or business of the Reserve Bank.

Section two of the Reserve Bank of New Zealand Amendment Act, 1939, is hereby repealed.

Section seventeen of the principal Act is hereby amended by repealing subsection one, and substituting the following subsection:—

Section seventeen is hereby further amended by inserting in subsection two, after paragraph (c), the following paragraph:—

The Second Schedule to the principal Act is hereby amended by adding to the reference to reserve in the column relating to the assets of the Bank the following paragraph:—

The Second Schedule to the principal Act is hereby further amended by omitting the words “Proportion of reserve (No. 8 less No. 6) to notes and other demand liabilities: per cent.”

Section four of the Reserve Bank of New Zealand Amendment Act, 1939, is hereby repealed.