State Advances Corporation Amendment Act 1951
State Advances Corporation Amendment Act 1951
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State Advances Corporation Amendment Act 1951
State Advances Corporation Amendment Act 1951
Public Act |
1951 No 46 |
|
Date of assent |
1 December 1951 |
|
Contents
An Act to amend the State Advances Corporation Act 1934–35.
BE IT ENACTED by the General Assembly of New Zealand in Parliament assembled, and by the authority of the same, as follows:—
1 Short Title and commencement. 1934–35, No. 42
(1)
This Act may be cited as the State Advances Corporation Amendment Act 1951, and shall be read together with and deemed part of the State Advances Corporation Act 1934–35 (hereinafter referred to as the principal Act).
(2)
Except as otherwise expressly provided, this Act shall be deemed to have come into force on the first day of February, nineteen hundred and fifty-one.
2 Board of Management.
(1)
The Board of Management shall consist of—-
(a)
A Managing Director, to be from time to time appointed by the Governor-General in Council for a term not exceeding seven years:
(b)
A Deputy Managing Director, to be from time to time appointed by the Governor-General in Council for a term not exceeding seven years:
(c)
One or more directors, to be from time to time appointed by the Governor-General in Council to hold office in accordance with the provisions of this section:
(d)
An ex officio director, being such officer of the Treasury as the Minister of Finance may from time to time approve for the purpose.
(2)
The Managing Director in office at the commencement of this section shall continue to hold office as if this Act had not been passed.
(3)
On the first day of February in every year, commencing with the year nineteen hundred and fifty-three, one of the directors appointed under paragraph (c) of subsection one of this section shall retire from office. The director to retire in any year shall be the one who has longest held office since his appointment or last appointment. Where two or more of those directors have longest held office the director to retire shall be determined by lot.
(4)
Any member of the Board may from time to time be reappointed.
(5)
The powers of the Board shall not be affected by any vacancy in the membership thereof.
3 Chairman and Deputy Chairman.
The Managing Director shall be the Chairman of the Board, and the Deputy Managing Director shall be the Deputy Chairman of the Board.
4 Meetings of Board.
(1)
In the absence of the Chairman from any meeting of the Board the Deputy Chairman, if present, shall preside. In the absence from any meeting of both the Chairman and the Deputy Chairman the members present shall appoint one of their number to be the Chairman of that meeting.
(2)
At any meeting of the Board the Chairman of that meeting shall have a deliberative vote and, in the case of an equality of votes, shall also have a casting vote.
5 Functions of Managing Director and Deputy Managing Director.
(1)
The Managing Director and the Deputy Managing Director shall be the principal executive officers of the Corporation, and shall be required to devote the whole of their time to the duties of their offices, and, in particular, they shall not engage in any business on their own account.
(2)
On the occurrence from any cause of a vacancy in the office of Managing Director (whether by reason of death or resignation or otherwise), and in case of the absence from duty of the Managing Director (from whatever cause arising), and so long as the vacancy or absence continues, the Deputy Managing Director shall have and may exercise all the powers, duties, and functions of the Managing Director.
(3)
The fact that the Deputy Managing Director exercises or performs any power, duty, or function of the Managing Director shall be conclusive evidence of his authority to do so.
6 Remuneration of Directors.
(1)
The Managing Director and the Deputy Managing Director shall be respectively entitled to receive out of the funds of the Corporation such salaries and allowances as may be fixed by the Minister of Finance.
(2)
The directors, other than the Managing Director and the Deputy Managing Director, shall be entitled to receive out of the funds of the Corporation such fees and such allowances in respect of their expenses as may be fixed by the Minister of Finance.
7 Consequential repeals.
The following enactments are hereby consequentially repealed:—
(a)
Sections sixteen, seventeen, and eighteen of the principal Act:
1936, No. 12
(b)
Sections nine and ten of the State Advances Corporation Act 1936:
(c)
So much of the Schedule to the State Advances Corporation Act 1936 as relates to sections sixteen and seventeen of the principal Act.
8 Officers of Corporation subject to Public Service Act 1912.
(1)
The persons holding office on the passing of this Act as the General Manager, the Assistant General Manager, the Secretary, or the Supervising Valuers of the Corporation shall be deemed to have been duly appointed to those positions as officers within the meaning of the Public Service Act 1912, and to have been officers of the Public Service at all times since their first appointment to the Public Service or to the staff of the Corporation, as the case may be.
(2)
All appointments to any of those positions shall be made under the provisions of the Public Service Act 1912.
Repeal. 1949, No. 39
(3)
Section twenty-four of the Finance Act 1949 is hereby repealed.
(4)
This section shall come into force on the passing of this Act.
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Versions
State Advances Corporation Amendment Act 1951
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