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Act Repealed Latest version as at 17 November 1964 (as enacted) | 1964 No 60

New Zealand National Airways Amendment Act 1964

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Act Repealed Latest version as at 17 November 1964 (as enacted) | 1964 No 60

New Zealand National Airways Amendment Act 1964

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New Zealand National Airways Amendment Act 1964

Public Act
  
1964 No 60
Date of assent
  
17 November 1964
 

Contents

An Act to amend the New Zealand National Airways Act 1945

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

(1)

This Act may be cited as the New Zealand National Airways Amendment Act 1964, and shall be read together with and deemed part of the New Zealand National Airways Act 1945 (hereinafter referred to as the principal Act).

(2)

This Act shall be deemed to have come into force on the first day of April, nineteen hundred and sixty-four.

2 Capital of Corporation

The principal Act is hereby amended by repealing section 23, and substituting the following section:

“23

“(1)

The capital of the Corporation shall be five million pounds which shall be paid by the Minister of Finance to the Corporation as and when, in the opinion of the Minister of Finance, it is required by the Corporation.

“(2)

Of the amount owing to the National Development Loans Account by the Corporation at the date of commencement of this section, the sum of two million five hundred thousand pounds shall be deemed part of the capital of the Corporation advanced by the Minister of Finance under subsection (1) of this section.”

3 Dividends on capital

The principal Act is hereby amended by repealing section 30, and substituting the following section:

“30

“(1)

After allowing for transfers to reserves pursuant to section 27 of this Act and making provision in relation to accumulated losses, the Corporation shall in each financial year declare a dividend on the capital of the Corporation of such amount as may be fixed in that behalf by the Minister of Finance:

“Provided that the Minister of Finance, having regard to the financial position of the Corporation, may in any financial year determine that no dividend shall be payable by the Corporation in respect of that year.

“(2)

The amount of any dividend declared by the Corporation under this section shall be paid by the Corporation into the Public Account.”

This Act is administered in the Department of Civil Aviation.
Act Repealed Latest version as at 17 November 1964 (as enacted)

New Zealand National Airways Amendment Act 1964

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