State Advances Corporation Amendment Act 1968

Public Act		1968 No 16
Date of assent		31 October 1968

	Title
1	Short Title and commencement
2	Guarantees by Corporation of loans granted for farming purposes
	Administrative information

An Act to amend the State Advances Corporation Act 1965

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 State Advances Corporation Amendment Act 1968, and shall be read together with and deemed part of the State Advances Corporation Act 1965 (hereinafter referred to as the principal Act).

(2)

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

2 Guarantees by Corporation of loans granted for farming purposes

The principal Act is hereby amended by inserting, after section 20, the following section:

“20a.

“(1)

The Corporation may by deed or other instrument and upon or subject to such terms and conditions as it thinks fit give in respect of the whole or any portion of any loan made to any person for farming purposes such guarantees or indemnities as it thinks fit.

“(2)

For the purposes of this section any loan, on current account or otherwise, which, in the opinion of the Corporation, has assisted or will assist any person to increase or maintain primary production on any land that is suitable for any agricultural, horticultural, or pastoral purpose or for the keeping of animals, bees, or birds shall be deemed to be a loan for farming purposes.”

This Act is administered in the State Advances Corporation of New Zealand.

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State Advances Corporation Amendment Act 1968