Finance Act 1973

  • repealed
  • Finance Act 1973: repealed, on 3 June 2017, by section 3(1) of the Statutes Repeal Act 2017 (2017 No 23).
2 Validation of agreement between Minister of Agriculture and Fisheries and New Zealand Meat Producers Board

Whereas on 14 December 1971 the Minister of Agriculture and Fisheries (in this section referred to as the Minister) and the New Zealand Meat Producers Board (in this section referred to as the Board) agreed that the Minister and the Board would apportion any loss or profit arising from the sale of meat derived from lambs purchased by the Board during the year that ended with 30 September 1972:

And whereas it was agreed that the loss or profit would be so apportioned that the Minister would be liable for two-thirds of any loss and be entitled to two-thirds of any profit, and the Board would be liable for the remaining one-third of any loss and be entitled to the remaining one-third of any profit:

And whereas it was further agreed that should any profit be obtained, the proportion of the profit to which the Minister would be entitled would be used and disposed of in such manner as the Minister and the Board would further agree:

And whereas the sale of the meat yielded a total profit of approximately $8 million:

And whereas the Minister and the Board have further agreed on 27 July 1973 to the manner in which all of the profit, including both the portion to which the Minister is entitled and the portion to which the Board is entitled, is to be used and disposed of:

And whereas it is desirable to validate the said agreements and to authorise the use and disposal of all of the profit in accordance with the terms as agreed on between the Minister and the Board that are set out in paragraphs (a) to (d) of subsection (1):

Be it therefore enacted as follows:

(1)

Notwithstanding anything in the Marketing Act 1936, the Meat Export Control Act 1921–22, or any other Act, the said agreements between the Minister and the Board shall be deemed to have been validly made, and always to have been validly made, and the use and disposal by the Minister and the Board of all the said profit is hereby authorised in accordance with the following terms as agreed on between the Minister and the Board:

(a)

the profit shall be lodged in a trust account to be known as the Meat Marketing Intervention, Research, and Development Account, within a Crown Bank Account:

(b)

the purposes for which the fund may be applied shall be—

(i)

to underwrite any losses arising from future action under the Meat Export Control Act 1921–22 by the Board to purchase meat for the purposes of maintaining meat prices:

(ii)

to finance any future expenditure by the Board incurred under the Meat Export Control Act 1921–22 in any future purchase of meat for those purposes:

(iii)

to underwrite any losses which may be incurred in any other marketing operations undertaken under the Meat Export Control Act 1921–22 by the Board, including any action of the Board as an intermediary in any sale of meat:

(iv)

to finance market research and development work but not promotion, for the purposes of the Board:

(c)

no money shall be used or disposed of from the fund for any purpose, unless the purpose has first been approved of generally by the Minister for the use and disposal of money from the fund:

(d)

interest shall be credited to the Meat Marketing Intervention, Research, and Development Account at a rate to be fixed by the Minister of Finance as being equivalent in his opinion to such rate of interest as might be prescribed for New Zealand Government securities on a term of 12 months, and, when credited, shall become part of the fund.

(2)

All expenditure from the Meat Marketing Intervention, Research, and Development Account for any purpose specified in paragraph (b) of subsection (1) may be made without further appropriation than this section.

Section 2(1)(a): amended, on 25 January 2005, pursuant to section 83(7) of the Public Finance Act 1989 (1989 No 44).