Save as provided by the next succeeding subsection, the term salary means, for the purposes of this Part, the salary, wages, allowances, fees, commission, and every other emolument, whether in 1 sum or several sums, and whether paid in money or not, received by any person to whom this Part applies.

The term salary does not include—

The value of any benefits which for the purposes of this Part are by virtue of the foregoing provisions of this section included in the term salary shall be determined in the manner prescribed by section 115 of the Public Service Superannuation Act 1927 so far as that section is applicable, and in all other cases shall be determined in manner prescribed by the Minister of Finance.

Save as provided in the next succeeding section, this Part shall apply to—

If the Minister of Finance is satisfied that the terms of any agreement or arrangement hereafter entered into between the Government Railways Board and any society or association of employees of the Second Division of the Government Railways Department would effect a reduction of expenditure in respect of the salaries of those employees not less than the reduction that would be effected therein by this Part, he may, by order in writing, exclude the members of such society or association from the operation of the said Part. Any such order may at any time be revoked or cancelled, and thereupon the members of the society or association shall again become subject to this Part, save that in any such case, in computing the reduction to be made from the rate of remuneration of any such member, all reductions effected pursuant to the terms of any agreement or arrangement as aforesaid shall be taken into account.

Nothing in this Part shall apply to—

The rates of salaries and honoraria payable to Ministers of the Crown and to members of Parliament prescribed by the Civil List Act 1920, as reduced by section 4 of the Public Expenditure Adjustment Act 1921–22 and by section 5 of the Finance Act 1931, shall, as from 1 April 1932, be further reduced in manner following:

The rates of salary of all other persons to whom this Part applies (whether such rates are computed on an annual, monthly, weekly, daily, hourly, or other basis) shall, as from 1 April 1932, be reduced in manner following, that is to say:

Where any person is the holder of 2 or more offices to which this Part applies, the rate of reduction shall be the rate appropriate to the aggregate of the salaries received by him as at 31 March 1932.

Where the emoluments received or receivable by any person in respect of an office to which this Part applies are, in the opinion of the Minister of Finance, not calculable at an annual rate, the rate of reduction of such emoluments by the operation of this Part shall be 10% thereof.

Where any salary is computed otherwise than on an annual basis, the annual equivalent of such salary shall be computed in accordance with regulations made under this Part.

Where in any case rates of payment for overtime are fixed by reference to the rates of payment for time other than overtime, the last-mentioned rates shall, as from 1 April 1932, be deemed to be the rates as reduced in accordance with this Part.

Where for the purposes of this Part the salary of any person includes any benefits the value of which is not paid in money, the amount by which his salary is reduced shall be wholly deducted from that part of his salary which is payable in money.

Where pursuant to any Act or other authority grants are made from the Consolidated Fund or other public moneys to any Education Board, or to the governing body of any secondary school or of any University college or other institution, and such grants are available for the payment of salaries by such Education Board or governing body, then, notwithstanding anything to the contrary in any Act or other such authority, the amount of such grants shall be reduced by an amount equivalent to the reduction to be effected pursuant to this Part in the amount of the salaries payable by such Board or governing authority. Where any such grant is only partly available for payment of salaries directly or indirectly, the Minister of Finance shall determine the portion of such grant that shall be deemed for the purposes of this section to be available for payment of salaries, and the amount of such portion shall be reduced accordingly.

The rates of all grants or subsidies payable out of the Consolidated Fund or other public moneys to any local authority pursuant to section 72 of the Municipal Corporations Act 1920 or to Fire Boards under the Fire Brigades Act 1926 or to the Rotorua Borough Council pursuant to section 6 of the Rotorua Borough Act 1922, as those rates were severally reduced by subsection (2) of section 7 of the Finance Act 1931, shall, as from 1 April 1932, be further reduced by 10% of the rates theretofore in force.

Every person (not being a person to whom either of the 2 last preceding sections relates) whose rate of remuneration is reduced by this Part and who is entitled on retirement to compensation for loss of office or to a retiring allowance computed with reference to the rate of his remuneration shall, on retirement after the passing of this Act, be entitled to the same compensation or to the same rate of retiring allowance as if this Act had not been passed.

The provisions of this Part as to rates of honoraria or salary shall apply notwithstanding anything in any Act or in any regulations or scale of salaries to the contrary; and the rates of honoraria and salaries as fixed pursuant to this Part shall continue in force until lawfully altered.

All rates of salaries and wages which by any Act or by any scheme of classification are appropriate to any position or office shall be deemed to be reduced by the amount of any reduction effected by this Part in the rate of remuneration of any person holding such position or office, or, in the case of positions and offices vacant on 1 April 1932, that would have been effected if any person had been holding such position or office on that date.

The Governor-General may from time to time make all such regulations as may be deemed necessary for the purpose of carrying this Part into effect. In particular, but without limiting the authority conferred by this section, any such regulations may provide for the adjustment of anomalies or for the relief of cases of hardship, or may fix the actual amount by which any rates of salaries shall be reduced where a reduction to the extent prescribed by this Part would result in any fraction of a penny being payable.

Such regulations shall be sufficient authority for the payment of any moneys certified in manner prescribed by those regulations to be payable in accordance therewith.

The Governor-General may from time to time, by Order in Council, apply this Part to all persons employed in the Cook Islands Public Service and to all persons employed in the Samoan Public Service, whether permanently so employed or not, or to such persons or classes of persons so employed as are specified in such order, or to all persons so employed other than persons or classes of persons specified in such order.

Every such Order in Council shall have effect according to its tenor from a date specified therein, being not earlier than 1 April 1932, and may from time to time be amended or may at any time be revoked.

If any question arises as to the application of this Part to any office or position, or as to the reduction pursuant to this Part of the expenditure of any public moneys, it shall be determined by the Minister of Finance.

Notwithstanding anything to the contrary in the succeeding provisions of this Part, the rate of pension payable to any person who is in receipt of a pension on the passing of this Act shall not be reduced by the operation of this Part by more than 10% thereof while the current pension certificate remains in force.

The purpose of this Part is to effect reductions in rates of interest payable by mortgagors and in rents and certain other fixed charges, commensurate with the reductions in salaries and wages made by or pursuant to Parts 1 and 2 of the Finance Act 1931 and by Part 1 of this Act.

This Part shall bind the Crown.

In this Part, unless the context otherwise requires,—

For the purposes of this Part an agreement for the sale and purchase of land shall be deemed to be a mortgage of such land, and a customary hire purchase agreement in respect of any chattel shall be deemed to be a mortgage of such chattel, in each such case to secure payment of the unpaid purchase money and interest thereon and the fulfilment of the conditions set forth in the agreement.

For the purposes of this Part any sum paid or payable under any contract to which this Part applies by way of premium, or bonus, or other like payment, shall be deemed to be interest or rent as the case may require, accruing from day to day throughout the term of the contract.

The Governor-General may at any time, by Order in Council published in the Gazette, exclude from the operation of this Part any specified class or specified classes of mortgages or other contracts.

Nothing in this Part shall apply with respect to—

Subject to the provisions of this Part, rates of interest payable under mortgages of property situated in New Zealand and rents payable in respect of land or of any interest in land or in respect of any building or part of a building so situated, payable under contracts in force at the passing of this Act, shall be reduced as provided in this Part, and the rates as so reduced shall not be increased, except by leave of a competent court.

The standard reduction of rates of interest and of rent payable under any contract to which this Part applies shall be ascertained as follows:

Where for the purposes of this Part it is necessary to fix the rate of interest or rent that would have been payable under any contract if such contract had been entered into on 1 January 1930 such rate may, failing agreement by the parties, be fixed by arbitration if the parties agree to submit the matter to arbitration. If such rate is not fixed by agreement of the parties or by arbitration as aforesaid, it shall, on application by motion by either of the parties, be fixed by the Supreme Court if the annual amount of interest or rent payable in accordance with the terms of the contract exceeds 300 pounds, and in all other cases shall be fixed by a Stipendiary Magistrate.

If the rate of interest or rent as at 31 March 1932, payable under any contract to which this Part applies, does not exceed the residue of the rate in respect of which the standard reduction has been computed, after such standard reduction has been made, no reduction of interest or rent shall require to be made under this Part.

If the rate of interest or rent as at 31 March 1932, payable under any contract to which this Part applies, exceeds the residue of the rate in respect of which the standard reduction has been computed, after such standard reduction has been made, the reduction required to be made under this Part shall be the difference between such rate and the residue aforesaid, but not exceeding in any case a reduction of 20% of the rate as at 31 March 1932.

Where by any contract provision is made for the payment of a penal rate of interest or of rent, or for a reduced rate of interest or rent in consideration of prompt payment or for other consideration, both such penal rate and such net rate shall, subject to the provisions of section 36, be reducible and reduced in accordance with the foregoing provisions of this Part.

All interest and rent to which this Part applies that accrue on or after 1 April 1932 shall, if the rates thereof require to be reduced by this Part, be payable at the reduced rates determined in accordance with the foregoing provisions of this Part.

Where before or after the passing of this Act any interest or rent accrued in respect of a period commencing after 31 March 1932 is paid at a rate in excess of the reduced rate fixed in accordance with this Part the amount so paid in excess may be recovered in any court of competent jurisdiction by action commenced not later than 3 months after the date of payment or 3 months after the passing of this Act, whichever is the later, or the amount so recoverable may be credited to the person who paid the same, in respect of interest or rent thereafter becoming due, if within the time aforesaid he so elects by notice in writing given to the person to whom such payment was made.

For the purposes of this Part all interest and rent shall be deemed to accrue from day to day.

In the case of a customary hire purchase agreement or in any other case where the rate of interest payable in terms of any contract is not specified therein, the parties to the contract shall determine, for the purposes of this Part, what part of the moneys payable in terms of the contract shall be deemed to be principal moneys and what part thereof shall be deemed to be interest, and, in default of agreement by the parties as to the said matters, any Stipendiary Magistrate, on application made by any party to the contract, shall determine what shall be deemed, for the purposes of this Part, to be the rate of interest payable under the contract.

Notwithstanding anything in the foregoing provisions of this Part, the net rate of interest payable under any mortgage of chattels shall not be reduced by the operation of this Part below the rate of 6.5% per annum, and the net rate of interest payable under any other mortgage shall not be so reduced below the rate of 5% per annum:

Where by any mortgage provision is made for a penal rate of interest or for a reduced rate of interest in consideration of prompt payment or other consideration, the gross rate shall not be reduced by the operation of this Part so that the margin between such gross rate and the net rate is less than 0.5% per annum or is less than the margin between the original gross rate and the original net rate, whichever of such margins is the less.

Where a mortgage comprises both chattels and land or other property, an apportionment of the moneys secured thereby shall, if necessary for the purposes of this section, be made by agreement between the parties thereto, and in default of agreement may be made by a Stipendiary Magistrate on application in that behalf by any of the parties thereto.

If any mortgagee or landlord, or other person entitled under any contract to receive any interest or rent, is aggrieved by the operation of this Part, he may apply to any court of competent jurisdiction for relief, on any of the following grounds:

On the hearing of any application under this section the court may make such order as in the circumstances it thinks just and equitable, taking into consideration the economic position of New Zealand as well as the conditions of the parties.

In any case where the total annual amount payable under the contract as interest or as rent exceeds 300 pounds, applications for relief under this section shall be made to the Supreme Court, and in all other cases such applications shall be made to a Stipendiary Magistrate.

Nothing in the foregoing provisions of this Part shall be construed to limit the powers to grant relief to mortgagors and tenants conferred on the Supreme Court or on any Magistrate by the Mortgagors Relief Act 1931.

The Supreme Court, on application in that behalf by any trustee, or by any person taking benefit or incurring obligation under any deed, will, or settlement, may by order modify the provisions of such deed, will, or settlement in so far as they provide for payment of any annuity or other periodical payment, if in any such case the court is satisfied that the terms of the deed, will, or settlement cannot be complied with, or cannot be complied with without causing undue hardship to any person taking benefit or incurring obligation under such deed, will, or settlement.

Any such order may provide for the reduction of the rate of any annuity or other periodical payment as aforesaid, or may authorise the trustee or trustees to make such provision in relation to the trust estate as may be necessary for payment being made at the rate provided for in the deed, will, or settlement or at any reduced rate fixed by the order of the court.

The powers conferred on the court by the foregoing provisions of this section shall extend to authorise the court to modify—

The Governor-General may from time to time, by Order in Council, make all such regulations as may be deemed necessary for the purpose of giving full effect to the provisions of this Part.

The Governor-General may from time to time, by Order in Council, fix the maximum rates of interest that may be paid—

Any such order may fix different rates with respect to different classes of deposits to be therein defined or according to the amount of any deposit.

Every such order shall, according to the tenor thereof, take effect on the date of its publication in the Gazette or on such later date as may be specified therein.

Any such order may apply to future deposits only or may apply both to such deposits and to deposits existing at the date of such notice.

The Governor-General may from time to time, by Order in Council, exempt any investment society or any class of investment societies from the operation of this Part, either generally or in respect of any deposits or class of deposits and either unconditionally or upon or subject to such conditions as may be specified in the Order in Council. Any such Order in Council may be at any time amended or revoked.

In this Part, unless the context otherwise requires,—

The Governor-General may from time to time, by Order in Council, exempt any trading company or class of trading companies from the operation of this Part either generally or in respect of any deposits or class of deposits and either unconditionally or upon or subject to such conditions as may be specified in the Order in Council. Any such Order in Council may in like manner be at any time amended or revoked.

The Governor-General may from time to time, by Order in Council, fix the maximum rates of interest that may be paid by any trading company on moneys for the time being deposited with it.

Any such order may relate to any specified trading company, or to all such companies, and may fix different rates of interest with respect to different classes of deposits to be therein defined, or according to the amount of any deposit.

Every such order shall, according to the tenor thereof, take effect on the date of its publication in the Gazette or on such later date as may be specified therein.

Any such order may apply to future deposits only or may apply both to such deposits and to deposits existing at the date of the notice.

Nothing in this Part shall apply to—