Costley Training Institution Amendment Act 1979

Public Act		1979 No 81
Date of assent		13 December 1979

	Title
1	Short Title
2	Further purposes for which funds may be expended
3	Board may borrow on overdraft
	Administrative information

An Act to amend the Costley Training Institution Act 1885

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 Costley Training Institution Amendment Act 1979, and shall be read together with and deemed part of the Costley Training Institution Act 1885 (hereinafter referred to as the principal Act).

2 Further purposes for which funds may be expended

Section 4A of the principal Act (as inserted by section 2 of the Costley Training Institution Amendment Act 1975) is hereby amended by omitting the words “Trustees may expend money, the property of the Costley Training Institution Trust Board,”, and substituting the words “Costley Training Institution Trust Board may expend money”.

3 Board may borrow on overdraft

(1)

The principal Act is hereby further amended by adding the following section:

“13

The Costley Training Institution Trust Board may from time to time, in anticipation of its revenue, borrow from its bankers by way of overdraft such sum or sums as it thinks necessary for more effectually carrying out the purposes of the trust, but so that the total amount so borrowed and remaining unpaid shall not at any time exceed an amount equal to one half of the Board’s income during the previous year.”

(2)

The Finance Act 1932 (No. 2) is hereby consequentially repealed.

This Act is administered in the Department of Social Welfare.

Sort by

Costley Training Institution Amendment Act 1979