Act Repealed Latest version as at 19 October 1978 (as enacted) | 1978 No 101

Joint Council for Local Authorities Services Amendment Act 1978

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Amendment Act

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Contents

Short Title

Overdrafts

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Joint Council for Local Authorities Services Amendment Act 1978

Public Act		1978 No 101
Date of assent		19 October 1978

	Title
1	Short Title
2	Overdrafts
	Administrative information

An Act to amend the Joint Council for Local Authorities Services Act 1977

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 Joint Council for Local Authorities Services Amendment Act 1978, and shall be read together with and deemed part of the Joint Council for Local Authorities Services Act 1977 (hereinafter referred to as the principal Act).

2 Overdrafts

The principal Act is hereby amended by inserting, after section 20, the following section:

“20a

“(1)

The Joint Council may from time to time, in anticipation of its receipts from any levy imposed under section 20 of this Act, borrow money from a bank by way of overdraft.

“(2)

Notwithstanding subsection (1) of this section, the Joint Council shall not—

“(a)

In its first financial year, borrow money under this section exceeding an amount approved by the Minister; or

“(b)

In any subsequent financial year, borrow money under this section to such an extent that there is at any time owing by the Joint Council to the bank any sum or sums exceeding in the aggregate 75 percent of the Joint Council’s receipts from the levy for the preceding financial year.

“(3)

As long as the money borrowed under this section does not exceed the limit specified in subsection (2) of this section, the bank shall not be liable in any manner in respect of any failure of the Joint Council to comply with this section; and nothing in this section shall affect the right of the bank to be repaid, out of the assets of the Joint Council, any money advanced by the bank not exceeding that limit.

“(4)

The Joint Council shall in each financial year, before applying any part of its receipts from the levy in that year to any other purpose, first apply those receipts towards the repayment of all money for the time being owing under this section.

“(5)

For the purposes of this section, the amount of any cheque drawn on a bank account of the Joint Council but not presented shall be deemed to be money owing to the bank.”

This Act is administered in the Department of Internal Affairs.

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Joint Council for Local Authorities Services Amendment Act 1978