Farm Ownership Savings Amendment Act 1987
Farm Ownership Savings Amendment Act 1987
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Farm Ownership Savings Amendment Act 1987
Farm Ownership Savings Amendment Act 1987
Public Act |
1987 No 100 |
|
Date of assent |
19 June 1987 |
|
Contents
An Act to amend the Farm Ownership Savings Act 1974
BE IT ENACTED by the Parliament of New Zealand as follows:
1 Short Title and commencement
(1)
This Act may be cited as the Farm Ownership Savings Amendment Act 1987, and shall be read together with and deemed part of the Farm Ownership Savings Act 1974 (hereinafter referred to as the principal Act).
(2)
This Act shall come into force on the 19th day of June 1987.
2 Cessation of opening of new Farm Ownership Accounts
The principal Act is hereby amended by inserting, after section 2, and before Part I, the following section:
“2a
Notwithstanding any other provisions in this Act, no person shall open a Farm Ownership Account on or after the 19th day of June 1987.”
3 Transferability of Ordinary Farm Ownership Accounts
Section 12 of the principal Act is hereby amended by repealing subsections (2) and (3), and substituting the following subsections:
“(2)
Balances in an Ordinary Farm Ownership Account with any authorised savings institution may be transferred to an Ordinary Farm Ownership Account with any other authorised savings institution.
“(3)
Any transfer of an Ordinary Farm Ownership Account of any depositor from one authorised savings institution to another authorised savings institution shall not affect the calculation of eligible savings or the rights of the depositor.”
4 Transferability
(1)
Section 14c of the principal Act (as inserted by section 7 of the Farm Ownership Savings Amendment Act 1976 and amended by section 29 of the Fishing Vessel Ownership Savings Act 1977) is hereby amended by repealing subsection (1), and substituting the following subsection:
“(1)
Subject to this Act, balances in a Special Home Ownership Account or in a Special Fishing Vessel Ownership Account with an authorised savings institution may be transferred to a Special Farm Ownership Account with any authorised savings institution:
“Provided that this subsection shall not apply unless the whole of the balance in the Special Home Ownership Account or the Special Fishing Vessel Ownership Account is transferred and the Account is closed.”
(2)
Section 14c of the principal Act (as so inserted) is hereby further amended by repealing subsection (3), and substituting the following subsections:
“(3)
Balances in a Special Farm Ownership Account with any authorised savings institution may be transferred to a Special Farm Ownership Account with any other authorised savings institution.
“(4)
Any transfer of a Special Farm Ownership Account of any depositor from one authorised savings institution to another authorised savings institution shall not affect the calculation of eligible savings or the rights of the depositor.”
(3)
The Fishing Vessel Ownership Savings Act 1977 is hereby consequentially amended by repealing so much of the Second Schedule as relates to section 14c(1) of the principal Act.
5 Effect of dispositions within restriction period
Section 14j of the principal Act (as inserted by section 8(1) of the Farm Ownership Savings Amendment Act 1976) is hereby amended by adding the following proviso:
“Provided that, having regard to the special circumstances of any case, the Corporation may, in its discretion, waive, either wholly or partly, the depositor’s obligation to—
“(a)
Refund any purchase grant under this section; or
“(b)
Pay withdrawal tax which, under Part X of the Income Tax Act 1976, he or she is liable to pay in respect of amounts withdrawn from his or her Special Farm Ownership Account.”
6 Effect of cessation of sharefarming
Section 14k of the principal Act (as inserted by section 8(1) of the Farm Ownership Savings Amendment Act 1976) is hereby amended by adding the following proviso:
“Provided that, having regard to the special circumstances of any case, the Corporation may, in its discretion, waive, either wholly or partly, the depositors obligation to—
“(a)
Refund any purchase grant under this section; or
“(b)
Pay withdrawal tax which, under Part X of the Income Tax Act 1976, he or she is liable to pay in respect of amounts withdrawn from his or her Special Farm Ownership Account.”
7 Removal of criteria for payment of purchase grant or issue of withdrawal certificate
The principal Act is hereby amended by inserting, after section 14l (as inserted by section 8(1) of the Farm Ownership Savings Amendment Act 1976), the following section:
“14m
“(1)
Notwithstanding any other provision in this Act, any Farm Ownership Account depositor may withdraw the balance of the Account and close the Account if, after the 18th day of June 1987, he or she either makes no further deposits in that Account or makes deposits in the Account which, in the opinion of the Corporation, were made without knowledge of this section.
“(2)
Where the depositor exercises his or her rights under subsection (1) of this section, the Corporation shall, in respect of an Ordinary Farm Ownership Account, on the application of a depositor, pay to the depositor a purchase grant pursuant to either section 7 or section 7a of the principal Act, whichever is applicable, in respect of the amount of the depositor’s eligible savings on the close of the 18th day of June 1987, notwithstanding that the depositor has not complied with the provisions of Part I of this Act:
“Provided that the purchase grant shall be calculated from the qualifying date until the close of the 18th day of June 1987, and all Ordinary Farm Ownership Accounts of under 3 years duration shall attract a purchase grant of 25 percent of the depositor’s eligible savings.
“(3)
Where the depositor exercises his or her rights under subsection (1) of this section, the Corporation shall, in respect of a Special Farm Ownership Account, issue to the depositor a withdrawal certificate pursuant to section 14f of this Act for the balance of the Account as at the close of the 18th day of June 1987, notwithstanding that the depositor has not complied with the provisions of Part II of this Act.
“(4)
Notwithstanding the foregoing provisions of this section, no person shall be entitled to receive a purchase grant or a withdrawal certificate pursuant to this section where the Farm Ownership Account was formerly a Home Ownership Account which was transferred to a Farm Ownership Account pursuant to section 12(1) or section 14c(1) of this Act after the close of the 18th day of June 1987.”
This Act is administered in the Rural Banking and Finance Corporation of New Zealand.
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Versions
Farm Ownership Savings Amendment Act 1987
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