This Act may be cited as the Shipping Corporation of New Zealand Act 1973.

In this Act, unless the context otherwise requires,—

The Minister may from time to time, on behalf of Her Majesty the Queen, subscribe for or otherwise acquire shares in The Shipping Corporation of New Zealand Limited, a company to be incorporated under the Companies Act 1955, and having among its objects the establishment, maintenance, and operation of shipping and associated services, whether in the home trade or the foreign trade.

The Minister may exercise on behalf of Her Majesty all Her Majesty’s rights and powers as the holder of any shares in the company.

The Minister of Finance may from time to time, on behalf of Her Majesty the Queen,—

upon or subject to such terms and conditions as the Minister of Finance thinks fit.

All money required to be paid by the Minister of Finance under this section shall, without further appropriation than this section, be paid out of the Consolidated Revenue Account or the National Development Loans Account, as the Minister of Finance directs.

Where any money is required to be paid under this section and the money is paid out of the National Development Loans Account, the authority of the Minister of Finance to borrow money under section 11 of the New Zealand Loans Act 1953 shall be deemed to be extended as if the money so paid had been duly authorised to be transferred from the National Development Loans Account to another fund or account as mentioned in that section.

The company shall not, without the consent of the Minister of Finance,—

The Minister may from time to time, on behalf of Her Majesty the Queen, enter into any agreement with the company or with any person in respect of any matter relating to the business of the company or the acquisition by the company of shares in any other company.

The Minister may from time to time appoint "such persons as he thinks fit to be directors of the company, to hold office in accordance with the articles of association of the company.

No person other than a person appointed by the Minister under subsection (1) of this section shall be a director of the company.

Notwithstanding anything in the Companies Act 1955, the accounts of the company shall be kept in such form as the Minister of Finance approves, and shall be audited by the Audit Office, which for that purpose shall have and may exercise all such powers as it has under the Public Revenues Act 1953 in respect of public money and public stores and persons dealing therewith.

Nothing in sections 151 to 153 or in sections 163 to 166 of the Companies Act 1955 shall apply with respect to the company.

As soon as may be reasonably practicable after the end of each financial year of the company, the company shall furnish to the Minister a report of its operations for that financial year, together with a copy of its audited balance sheet and accounts for that year.

A copy of that report and audited balance sheet and accounts shall be laid before Parliament as soon as practicable after their receipt by the Minister.

The Minister shall not sell or otherwise dispose of any of Her Majesty’s shares in the company to any person other than a nominee holding the shares on Her Majesty’s behalf.

The Minister of Finance is hereby authorised to expend without further appropriation than this section, out of the Consolidated Revenue Account or the National Development Loans Account as he thinks fit, an amount not exceeding $5,000,000 for the purchase, delivery, and modification of one or more ships before the company is incorporated, those ships to be registered as belonging to the Government of New Zealand represented by the Ministry of Transport.

Every ship purchased pursuant to subsection (1) of this section shall be deemed to vest in the company on the day on which the company is incorporated under the Companies Act 1955.

On the incorporation of the company, all money expended by the Minister of Finance under this section shall be deemed to be an advance made to the company under section 4 of this Act, and shall be repaid by the company upon or subject to such terms and conditions as the Minister of Finance directs.

Every payment made by the Minister of Finance before the passing of this Act which would have been valid under this section if this Act had been in force when the payment was made is hereby validated and declared to have been lawfully made under this section.