This Act may be cited as the Broadcasting Amendment Act 1977, and shall be read together with and deemed part of the Broadcasting Act 1976 (hereinafter referred to as the principal Act).

(2)

This Act shall be deemed to have come into force on the 1st day of April 1977.

2 Corporation may provide superannuation subsidy

(1)

Section 44 of the principal Act is hereby amended by inserting, after the words “retiring allowance”, the words “for any full-time member of the Corporation or”.

(2)

Section 44 of the principal Act is hereby further amended by adding, as subsection (2), the following subsection:

“(2)

If any question arises as to whether or not any member of the Corporation is a full-time member for the purposes of this section, it shall be determined by the Minister, whose decision shall be final.”

3 Capital of Corporation

The principal Act is hereby amended by inserting, after section 52, the following section:

“52a

“(1)

The capital of the Corporation shall be $38,900,000.

“(2)

Of the amount shown in the accounts of the Corporation for the year that ended with the 31st day of March 1977 as owing to the Crown by the Corporation (being advances made by the Crown to the Corporation and its predecessors), the sum of $38,900,000 shall be deemed to have been paid to the Corporation by the Minister of Finance as the capital of the Corporation, and the liability of the Corporation to repay to the Crown advances of that amount is hereby extinguished.

“(3)

The Corporation may from time to time, by resolution and with the concurrence of the Minister, recommend to the Minister of Finance that the capital of the Corporation be increased, and in any such case the Governor-General, on the advice of the Minister of Finance, may, by Order in Council, increase the capital of the Corporation to such amount as may be prescribed in that order. The amount of any such increase shall be paid to the Corporation by the Minister of Finance, and subsections (2) and (3) of section 54 of this Act shall apply to that payment as if it were a payment under that section.

“(4)

The whole of the capital of the Corporation for the time being shall be deemed to be vested in the Crown.”

4 Reserves

The principal Act is hereby further amended by inserting, after section 52a (as inserted by section 3 of this Act), the following section:

“52b

“(1)

The Corporation may from time to time, with the approval of the Minister of Finance, set aside out of its revenue or out of its accumulated revenue such sums as it thinks proper as reserves for such general or special purposes as it considers necessary or expedient.

“(2)

Any sum so set aside may be invested by the Corporation in accordance with section 55 of this Act or may be used in the business of the Corporation.

“(3)

For the purposes of this section the expression ‘accumulated revenue’ means the excess of the total assets of the Corporation over its total liabilities as shown in the accounts of the Corporation for the year that ended with the 31st day of March 1977 (being the accumulated revenue of the Corporation and its predecessors in the administration of public broadcasting in New Zealand).”

5 Dividends

The principal Act is hereby further amended by inserting, after section 52b (as inserted by section 4 of this Act), the following section:

“52c

“(1)

The Corporation shall in each financial year declare a dividend on the capital of the Corporation of such amount as may be fixed in that behalf by the Minister of Finance, after consultation by him with the Corporation:

“Provided that the Minister of Finance, having regard to the financial position of the Corporation, may in any financial year determine that no dividend shall be payable by the Corporation in respect of that year.

“(2)

The amount of any dividend declared by the Corporation under this section shall be paid into the Consolidated Revenue Account.”

This Act is administered in the Broadcasting Corporation of New Zealand.

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Broadcasting Amendment Act 1977