Act Repealed Latest version as at 08 December 1971 (as enacted) | 1971 No 95

Development Finance Corporation Amendment Act 1971

Checking for related legislation...

Search content

Checking for alerts... Loading...

Contents

Short Title

Powers of Corporation

Advances to Corporation

Development Finance Corporation Amendment Act 1971

Public Act		1971 No 95
Date of assent		8 December 1971

	Title
1	Short Title
2	Powers of Corporation
3	Advances to Corporation
	Administrative information

An Act to amend the Development Finance Corporation Act 1964

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

This Act may be cited as the Development Finance Corporation Amendment Act 1971, and shall be read together with and deemed part of the Development Finance Corporation Act 1964 (hereinafter referred to as the principal Act).

2 Powers of Corporation

Section 7 of the principal Act is hereby amended by inserting in subsection (1), after paragraph (a), the following paragraph:

“(aa)

Purchase shares in any company where, pursuant to paragraph (a) of this subsection, the Corporation has provided (whether before or after the commencement of this paragraph) or proposes to provide finance for that company or for any subsidiary of that company within the meaning of the Companies Act 1955:”.

3 Advances to Corporation

Section 18 of the principal Act is hereby amended by repealing subsection (4), and substituting the following subsection:

“(4)

Any advance made by the Minister of Finance under subsection (1) of this section may, if that Minister thinks fit, be free of interest. In any such case the following provisions shall apply:

“(a)

The advance shall not be repayable until the date when the Reserve Fund established by the Corporation under subsection (1) of section 21 of this Act first reaches $1,000,000 or the date 10 years after the time when the advance was made, whichever date is the earlier:

“(b)

From that date the advance shall be subject to such terms and conditions as to repayment and payment of interest as the Minister of Finance may determine after consultation with the Board.”

This Act is administered in the Department of Industries and Commerce.

Development Finance Corporation Amendment Act 1971