Finance Act 1960

  • repealed
  • Finance Act 1960: repealed, on 3 June 2017, by section 3(1) of the Statutes Repeal Act 2017 (2017 No 23).

Reprint as at 3 June 2017

Coat of Arms of New Zealand

Finance Act 1960

Public Act
1960 No 114
Date of assent
27 October 1960
27 October 1960

Finance Act 1960: repealed, on 3 June 2017, by section 3(1) of the Statutes Repeal Act 2017 (2017 No 23).


Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

This Act is administered by the Treasury.

An Act to make provision with respect to public finance and other matters

1 Short Title

This Act may be cited as the Finance Act 1960.

2 Validating general increase of salaries of Government servants


Notwithstanding anything to the contrary in the Public Service Act 1912 or in any other enactment, and without limiting any other powers in that behalf, it is hereby declared that there may be paid from money appropriated by Parliament for the payment of salaries and of allowances in the nature of salaries to persons employed by the Crown amounts by way of increase of salary from 11 October 1959, which shall not exceed in any case the sum of 40 pounds a year.


This section shall be deemed to have come into force on 12 October 1959.

3 Issue of Development Bonds free of income tax

Section 3: repealed, on 1 April 1978, by section 163(1) of the Public Finance Act 1977 (1977 No 65).

4 Minister of Finance may acquire shares in certain societies

The Minister of Finance may from time to time on behalf of Her Majesty the Queen subscribe for or otherwise acquire, without further appropriation than this section, shares or interests in Producers Meats (North Island) Limited and in Primary Producers Co-operative Society Limited (being societies registered under the Industrial and Provident Societies Act 1908), and may from time to time exercise on behalf of Her Majesty all Her Majesty’s rights and powers as the holder of any such shares or interests or as a member of either of those societies.

5 Accounts of New Zealand Steel Investigating Company Limited


Notwithstanding anything in the Companies Act 1955, the accounts of the New Zealand Steel Investigating Company Limited (a company incorporated under that Act) shall be kept in such form as the Minister of Finance approves, and shall be audited by the Audit Office, which for that purpose shall have and may exercise all such powers as it has under the Public Revenues Act 1953 in respect of public money and public stores and the audit of local authorities’ accounts.


Nothing in sections 151 to 153 or in sections 163 to 166 of the Companies Act 1955 shall apply with respect to the said company.

6 Validating grants made by the National Roads Board

Notwithstanding anything to the contrary in the National Roads Act 1953, it shall be lawful and be deemed to have been lawful for the National Roads Board to grant and pay to any local authority in the financial year ending 31 March 1961 the amount by which any subsidies payable to that local authority in that financial year are required to be reduced in accordance with subsection (3) of section 17 of the National Roads Amendment Act 1959.

7 Saving of member of Parliament from disqualification

The provisions of the Electoral Act 1956 as to the disqualification of members of Parliament or of candidates for election as members of Parliament shall not apply with respect to any payment that has been received out of public money by Reginald Alfred Keeling, Esquire, Member of Parliament, in respect of his attendance at a Conference of the International Labour Organisation which convened in Geneva on 1 June 1960.

8 Repeal of Products Export Act 1908


The Products Export Act 1908, the Products Export Amendment Act 1929, and the Products Export Amendment Act 1935 are hereby repealed.


Amendment(s) incorporated in the Act(s).

9 Limit of interest-bearing deposits and investment accounts with trustee savings banks

Section 9: repealed, on 1 October 1964, by section 7(2) of the Trustee Savings Banks Amendment Act 1964 (1964 No 10).

Reprints notes
1 General

This is a reprint of the Finance Act 1960 that incorporates all the amendments to that Act as at the date of the last amendment to it.

2 Legal status

Reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by any amendments to that enactment. Section 18 of the Legislation Act 2012 provides that this reprint, published in electronic form, has the status of an official version under section 17 of that Act. A printed version of the reprint produced directly from this official electronic version also has official status.

3 Editorial and format changes

Editorial and format changes to reprints are made using the powers under sections 24 to 26 of the Legislation Act 2012. See also

4 Amendments incorporated in this reprint

Statutes Repeal Act 2017 (2017 No 23): section 3(1)

Public Finance Act 1977 (1977 No 65): section 163(1)

Trustee Savings Banks Amendment Act 1964 (1964 No 10): section 7(2)