This Act may be cited as the New Zealand Government Property Corporation Act 1953.

In this Act, unless the context otherwise requires,—

There is hereby established a corporation, to be called the New Zealand Government Property Corporation.

The Corporation shall consist of all Ministers of the Crown who are for the time being members of the Executive Council of New Zealand.

The Corporation shall be a body corporate with perpetual succession and a common seal, and shall be capable of holding real and personal property, and of suing and being sued, and of doing and suffering all such other acts and things as bodies corporate may lawfully do and suffer.

The Corporation is, for the purposes of subpart 2 of Part 5 of the Public Finance Act 1989, an organisation named or described in Schedule 4 of that Act.

It shall be lawful for the Corporation—

Notwithstanding anything to the contrary in any Act, it shall be lawful for any property vested in or held on behalf of the Sovereign in right of New Zealand, whether held in the name of the Sovereign, or the Crown, or the Government of New Zealand, or any Minister, or in any other name, to be transferred, conveyed, or assigned to or otherwise vested in the Corporation, and for any property which can lawfully be vested in or granted to the Sovereign in right of New Zealand, or any person on behalf of the Sovereign in right of New Zealand, to be vested in or granted to the Corporation.

Without limiting the generality of subsection (1), it is hereby declared that it shall be lawful for the Corporation to transfer, convey, or assign to itself, or otherwise to vest in itself, any property outside New Zealand vested in or held on behalf of the Sovereign in right of New Zealand, whether held in the name of the Sovereign, or the Crown, or the Government of New Zealand, or any Minister, or in any other name. A document purporting to be executed by or on behalf of the Corporation pursuant to this subsection in relation to any property shall be deemed to have been duly executed on behalf of, and shall bind, the Sovereign and the legal owner of the property.

Where any property outside New Zealand is held by or on behalf of the Sovereign in right of New Zealand, whether held in the name of the Sovereign, or the Crown, or the Government of New Zealand, or any Minister, or in any other name other than the name of the Corporation, the Corporation may from time to time, on behalf of the Sovereign and the legal owner of the property, exercise any powers, functions, and rights (including any power of disposal) and undertake and perform any liabilities in respect of or in connection with the property which could be exercised, undertaken, or performed by the Sovereign or the legal owner of the property.

A document purporting to be executed by or on behalf of the Corporation pursuant to this section in relation to any property shall be deemed to have been duly executed on behalf of, and shall bind, the Sovereign and the legal owner of the property.

The Corporation may, for the purpose of obtaining funds to be used in the exercise, in respect of property outside New Zealand, of any of the powers conferred on it by section 4 or section 6, borrow money outside New Zealand by way of overdraft or otherwise and issue debentures or other securities or mortgage or charge any of its property and any property in respect of which the Corporation has power under section 6 to execute a document binding the Sovereign and the legal owner of the property.

The Minister of Finance may from time to time on behalf of the Crown give in respect of any advances made to the Corporation any guarantee, indemnity, or security on and subject to such terms and conditions as that Minister thinks fit.

Any money required to be paid by the Minister of Finance by virtue of any guarantee, indemnity, or security given by him under subsection (2) shall, without further appropriation than this section, be paid out of a Crown Bank Account.

The Corporation is hereby declared to be an instrument of the Executive Government of New Zealand, and a government department within the meaning of the Crown Proceedings Act 1950.

The Corporation shall not be bound by any Act that is not binding on the Sovereign in right of New Zealand, and shall be entitled to all rights, privileges, exemptions, and immunities of the Sovereign in right of New Zealand (including exemptions from taxation and rates).

Where any estate or interest in any property is vested in the Corporation and any other estate or interest in the same property is held by or on behalf of the Sovereign, whether vested in the Corporation or not, there shall be no merger unless the contrary intention is expressed.

Any licence or authority granted by or on behalf of the Sovereign may lawfully be granted to or vested in the Corporation, notwithstanding that the Corporation is an instrument of the Executive Government; and where any such licence or authority is granted to or vested in the Corporation it shall not be deemed to be surrendered or relinquished by reason only of the Corporation being an instrument of the Executive Government.

Any contract which, if made between private persons, must be by deed shall, if made by the Corporation, be in writing under the common seal of the Corporation.

Any contract which, if made between private persons, must be in writing signed by the parties to be charged therewith shall, if made by the Corporation, be either under the common seal of the Corporation or signed on behalf of the Corporation by a Minister or by any person authorized in that behalf by a Minister.

Any contract which, if made between private persons, may be made orally may be similarly made by or on behalf of the Corporation by any person acting under its authority, express or implied.

Every document to which the common seal of the Corporation is affixed shall be signed by a Minister and shall be countersigned by the Clerk of the Executive Council or by some other person acting for the Clerk.

Any document which, if executed by a private person, would not require to be executed as a deed may be signed on behalf of the Corporation by a Minister or by any person authorized in that behalf by a Minister.

The Corporation may, by writing under its common seal, empower any person, either generally or in respect of any specified matters, as its attorney, to execute documents on its behalf, including documents executed pursuant to section 6.

A document executed by such an attorney on behalf of the Corporation shall bind the Corporation, and if executed as a deed shall have the same effect as if it were under the common seal of the Corporation.

Every document purporting to be a document executed by or on behalf of the Corporation in a manner provided by section 10 or section 11 shall be received in evidence and be deemed to be so executed in the absence of proof to the contrary.

All moneys required to be expended to enable effect to be given to the provisions of this Act shall be paid out of moneys to be appropriated by Parliament for the purpose.