Farm Ownership Savings Act 1974

  • repealed
  • Farm Ownership Savings Act 1974: repealed, on 3 June 2017, by section 3(1) of the Statutes Repeal Act 2017 (2017 No 23).
2 Interpretation

(1)

In this Act, unless the context otherwise requires,—

authorised savings institution means—

(a)

Post Office Bank Limited:

(b)

a trustee savings bank established under the Trustee Savings Banks Act 1948:

(c)

a building society which is an approved society under section 56D of the Building Societies Act 1965, or deemed to be so approved, or any company deemed to be a society so approved pursuant to section 113O of that Act:

(d)
[Repealed]

(e)

the Corporation

Commissioner means the Commissioner of Inland Revenue appointed under the State Sector Act 1988; and includes any person for the time being authorised (whether by delegation by him or otherwise) to exercise or perform any of his powers or functions

Corporation means The National Bank of New Zealand Limited

depositor means any individual or, in the case of a joint Account, any 2 individuals for whose benefit a Farm Ownership Account has been opened and maintained

farm, in relation to any depositor, means any agricultural, pastoral, or horticultural land or any aquacultural land or aquacultural area suitable, in the opinion of the Corporation, as an agricultural, pastoral, horticultural, or aquacultural holding for the depositor

Farm Ownership Account means an Ordinary Farm Ownership Account and a Special Farm Ownership Account

farm ownership requirements, in relation to a depositor, means the use for farming purposes of money withdrawn by him, pursuant to a withdrawal certificate, from his Special Farm Ownership Account and the compliance by him with section 14I

farming purposes, in relation to a depositor, means—

(a)

the acquisition by him of a farm; or

(b)

the engagement by him in sharefarming

Home Ownership Account means a Home Ownership Account as defined in subsection (1) of section 2 of the Home Ownership Savings Act 1974

Minister means the Minister of Finance

Ordinary Farm Ownership Account means a savings account under that name with an authorised savings institution

Ordinary Fishing Vessel Ownership Account means an Ordinary Fishing Vessel Ownership Account as defined in section 2 of the Fishing Vessel Ownership Savings Act 1977

Ordinary Home Ownership Account means an Ordinary Home Ownership Account as defined in section 2(1) of the Home Ownership Savings Act 1974

purchase grant means a grant payable under section 7 or section 7A

qualifying date, in relation to the Farm Ownership Account of any depositor, means the date on which the balance of the Account (including interest) reaches $250 or if, by reason of withdrawals from the Account, the balance reaches $250 more than once, the latest date on which the balance reaches $250

qualifying year, in relation to the Farm Ownership Account of any depositor, means a period of 12 months ending on any anniversary of the qualifying date in respect of that Account

sharefarmer means any person who has, by an agreement with the proprietor of any agricultural, pastoral, or horticultural land or any aquacultural land or aquacultural area, undertaken to perform, as his sole or principal occupation, in whole or in part the work of the land or area (otherwise than under a contract of service) including, but not exclusively, farming livestock, the growing, tending, and harvesting of crops, and aquaculture, and who, in the opinion of the Corporation, owns suitable and sufficient livestock or farming or aquacultural plant or machinery; and sharefarming has a corresponding meaning

Special Farm Ownership Account means a savings account under that name with an authorised savings institution

Special Fishing Vessel Ownership Account means a Special Fishing Vessel Ownership Account as defined in section 2 of the Fishing Vessel Ownership Savings Act 1977

Special Home Ownership Account means a Special Home Ownership Account as defined in section 2(1) of the Home Ownership Savings Act 1974

terminating date, in relation to any depositor, means the date of payment of a purchase grant to the depositor

withdrawal certificate means a certificate issued by the Corporation under section 14F.

(2)

For the purposes of this Act, a farm may be acquired by a depositor—

(a)

by the purchase of an estate in fee simple in a farm; or

(b)

by the purchase of a leasehold estate in a farm for a remaining term (including any rights of renewal) of not less than 21 years; or

(c)

in relation to a farm acquired for the purposes of aquaculture, any lease or licence granted under the Marine Farming Act 1971.

Section 2(1) authorised savings institution paragraph (a): replaced (with effect on 1 April 1987), on 1 July 1987, by section 11(1) of the State-Owned Enterprises Amendment Act 1987 (1987 No 117).

Section 2(1) authorised savings institution paragraph (c): replaced, on 1 September 1987, by section 41(3) of the Building Societies Amendment Act 1987 (1987 No 175).

Section 2(1) authorised savings institution paragraph (d): repealed, on 22 May 1998, by section 22(1) of the Private Savings Banks (Transfer of Undertakings) Act 1992 (1992 No 21).

Section 2(1) authorised savings institution paragraph (e): inserted, on 2 April 1985, by section 2 of the Farm Ownership Savings Amendment Act 1985 (1985 No 73).

Section 2(1) Commissioner: inserted, on 25 November 1976, by section 2(1) of the Farm Ownership Savings Amendment Act 1976 (1976 No 51).

Section 2(1) Commissioner: amended, on 1 April 1988, pursuant to section 90(a) of the State Sector Act 1988 (1988 No 20).

Section 2(1) Corporation: replaced, on 1 July 1994, by section 14 of the National Bank of New Zealand Limited Act 1994 (1994 No 3 (P)).

Section 2(1) farm: replaced, on 22 October 1981, by section 2(1) of the Farm Ownership Savings Amendment Act 1981 (1981 No 65).

Section 2(1) Farm Ownership Account: replaced, on 25 November 1976, by section 2(2) of the Farm Ownership Savings Amendment Act 1976 (1976 No 51).

Section 2(1) farm ownership requirements: inserted, on 25 November 1976, by section 2(1) of the Farm Ownership Savings Amendment Act 1976 (1976 No 51).

Section 2(1) farming purposes: inserted, on 25 November 1976, by section 2(1) of the Farm Ownership Savings Amendment Act 1976 (1976 No 51).

Section 2(1) Ordinary Farm Ownership Account: inserted, on 25 November 1976, by section 2(1) of the Farm Ownership Savings Amendment Act 1976 (1976 No 51).

Section 2(1) Ordinary Fishing Vessel Ownership Account: inserted, on 25 November 1977, by section 29 of the Fishing Vessel Ownership Savings Act 1977 (1977 No 62).

Section 2(1) Ordinary Home Ownership Account: inserted, on 25 November 1976, by section 2(1) of the Farm Ownership Savings Amendment Act 1976 (1976 No 51).

Section 2(1) purchase grant: amended, on 25 November 1976, by section 2(3) of the Farm Ownership Savings Amendment Act 1976 (1976 No 51).

Section 2(1) sharefarmer: replaced, on 22 October 1981, by section 2(2) of the Farm Ownership Savings Amendment Act 1981 (1981 No 65).

Section 2(1) Special Farm Ownership Account: inserted, on 25 November 1976, by section 2(1) of the Farm Ownership Savings Amendment Act 1976 (1976 No 51).

Section 2(1) Special Fishing Vessel Ownership Account: inserted, on 25 November 1977, by section 29 of the Fishing Vessel Ownership Savings Act 1977 (1977 No 62).

Section 2(1) Special Home Ownership Account: inserted, on 25 November 1976, by section 2(1) of the Farm Ownership Savings Amendment Act 1976 (1976 No 51).

Section 2(1) withdrawal certificate: inserted, on 25 November 1976, by section 2(1) of the Farm Ownership Savings Amendment Act 1976 (1976 No 51).

Section 2(2)(b): amended, on 22 October 1981, by section 2(3) of the Farm Ownership Savings Amendment Act 1981 (1981 No 65).

Section 2(2)(c): inserted, on 22 October 1981, by section 2(4) of the Farm Ownership Savings Amendment Act 1981 (1981 No 65).