Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698838047049.pdf (New Zealand)
Reprint as at 1 April 2005 Fishing Vessel Ownership Savings Act 1977 Public Act Date of assent Commencement 1977 No 62 25 November 1977 25 November 1977 Contents Title Short Title Interpretation Cessation of opening of new Fishing Vessel Ownership Accounts Part 1 Ordinary Fishing Vessel Ownership Accounts Eligible savings Notice of conditions Persons eligible to open Accounts Persons ineligible to receive grants Purchase grants Preservation of rights Aggregation of grants Acquisition of share in fishing vessel Page 3 3 3 5 6 7 7 8 9 10 10 10 1 2 2A Note Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this reprint.
A general outline of these changes is set out in the notes at the end of this reprint, together with other explanatory material about this reprint.

This Act is administered by the Treasury.
1 Fishing Vessel Ownership Savings Act 1977 Reprinted as at 1 April 2005 Joint Accounts Transferability of Ordinary Fishing Vessel Ownership Accounts Payment to Corporation Exemption from income tax Part 2 Special Fishing Vessel Ownership Accounts Special Fishing Vessel Ownership Accounts Existing Ordinary Fishing Vessel Ownership Accounts Transferability Withdrawal and transfers from Special Fishing Vessel Ownership Accounts Reopening of Special Fishing Vessel Ownership Accounts Withdrawal certificates Ineligible depositors Breach of fishing vessel ownership requirements Restrictions on use and dispositions Effect of dispositions within restriction period Charges Removal of criteria for payment of purchase grant or issue of withdrawal certificate Information to be supplied to Minister or Corporation Offences and penalties Regulations Consequential amendments Part 3 Closure of Fishing Vessel Ownership Accounts by 30 June 2001 All existing accounts to be closed as at 30 June 2001 Unrestricted withdrawals may be made by persons making no further deposits after 30 June 1998 Parts 1 and 2 to continue to apply to persons making deposits after 30 June 1998 Schedule 1 Charge under section 25(1)(a) of the Fishing Vessel Ownership Savings Act 1977 Schedule 2 Enactments amended 25A 26 27 28 29 30 31 32 2 Reprinted as at 1 April 2005 Fishing Vessel Ownership Savings Act 1977 s 2 An Act to encourage
 saving for fishing vessel ownership 1 2 (1) Short Title This Act may be cited as the Fishing Vessel Ownership Sav- ings Act 1977.
(c) Interpretation In this Act, unless the context otherwise requires,— authorised savings institution means— Post Office Bank Limited: (a) a trustee savings bank established under the Trustee (b) Savings Banks Act 1948: a building society which is an approved society under section 56D of the Building Societies Act 1965, or deemed to be an approved society, or any company deemed to be an approved society pursuant to section 113O of that Act [Repealed] (d) Commissioner means the Commissioner of Inland Revenue appointed under the State Sector Act 1988; and includes any person for the time being authorised (whether by delegation by him or otherwise) to exercise or perform any of his powers or functions Corporation means The National Bank of New Zealand Limited depositor means any individual or, in the case of a joint Ac- count, any 2 individuals for whose benefit a Fishing Vessel Ownership Account has been opened and maintained Farm Ownership Account means a Farm Ownership Ac- count as defined in section 2(1) of the Farm Ownership Sav- ing’s Act 1974 fishing vessel or vessel, in relation to any depositor, means a ship that has a length of not less than 6 metres and that is suit- able, in the opinion of the Corporation, for use solely or princi- pally for catching or taking at sea, fish, crustaceans, shellfish, or other living resources of the sea for profit; and includes a share or interest in a fishing vessel 3 s 2 Fishing Vessel Ownership Savings Act 1977 Reprinted as at 1 April 2005 Fishing Vessel Ownership
 Account means an Ordinary Fish- ing Vessel Ownership Account or a Special Fishing Vessel Ownership Account fishing vessel ownership requirements, in relation to a de- positor, means the use for fishing purposes of money with- drawn by him, pursuant to a withdrawal certificate, from his Special Fishing Vessel Ownership Account and the compli- ance by him with section 23 Home Ownership Account means a Home Ownership Ac- count as defined in section 2(1) of the Home Ownership Sav- ings Act 1974 Minister means the
 Minister of Finance Ordinary Farm Ownership Account means an Ordinary Farm Ownership Account as defined in section 2(1) of the Farm Ownership Savings Act 1974 Ordinary Fishing Vessel Ownership Account means a sav- ings account under that name with an authorised savings insti- tution Ordinary Home Ownership Account means an Ordinary Home Ownership Account as defined in section 2(1) of the Home Ownership Savings Act 1974 purchase grant means a grant payable under section 7 qualifying date, in relation to the Fishing Vessel Ownership Account of any depositor, means the date on which the bal- ance of the Account (including interest) reaches $250 or if, by reason of withdrawals from the Account, the balance reaches $250 more than once, the latest date on which the balance reaches $250 qualifying year, in relation to the Fishing Vessel Ownership Account of any depositor, means a period of 12 months end- ing on any anniversary of the qualifying date in respect of the Account Special Farm Ownership Account means a Special Farm Ownership Account as defined in section 2(1) of the Farm Ownership Savings Act 1974 Special Fishing Vessel Ownership Account means a savings account under that name with an authorised savings institution 4 Reprinted as at 1 April 2005 Fishing Vessel Ownership Savings Act 1977 s 2A (2) Special Home Ownership Account means a Special Home Ownership Account as defined in section 2(1) of the Home Ownership Savings Act 1974 terminating date, in relation to any depositor, means the date of payment of a purchase grant to the depositor withdrawal certificate means a certificate issued by the Cor- poration under section 20.
For the purposes of this Act a depositor may acquire a fishing vessel by the purchase or building of a vessel.

Section 2(1) authorised savings institution paragraph (a): substituted (with effect on 1 April 1987), on 1 July 1987, by section 11(1) of the State-Owned Enterprises Amendment Act 1987 (1987 No 117).

Section 2(1) authorised savings institution paragraph (c): substituted, on 1 September 1987, by section 41(3) of the Building Societies Amendment Act 1987 (1987 No 175).
Section 2(1) authorised savings institution paragraph (d): repealed, on 22 May 1998, by section 22(1) of the Private Savings Banks (Transfer of Undertakings) Act 1992 (1992 No 21).

Section 2(1) Commissioner: amended, on 1 April 1988, pursuant to section 90(a) of the State Sector Act 1988 (1988 No 20).

Section 2(1) Corporation: substituted, on 1 July 1994, by section 14 of the National Bank of New Zealand Limited Act 1994 (1994 No 3 (P)).
Section 2(1) fishing vessel or vessel: substituted, on 12 December 1983, by section 2 of the Fishing Vessel Ownership Savings Amendment Act 1983 (1983 No 74).

2A Cessation of opening of new Fishing Vessel Ownership Accounts Notwithstanding any other provision in this Act, no person shall open a Fishing Vessel Ownership Account on or after 1 January 1985.

Section 2A: inserted, on 21 December 1984, by section 2 of the Fishing Vessel Ownership Savings Amendment Act 1984 (1984 No 22).
5 Part 1 s 3 Fishing Vessel Ownership Savings Act 1977 Reprinted as at 1 April 2005 Part 1 Ordinary Fishing Vessel Ownership Accounts 3 (1) Eligible savings Subject to this section, for the purposes of this Act the amount of the eligible savings, in relation to the Ordinary Fishing Ves- sel Ownership Account of any depositor, at any date shall be— (a) (b) where that date is during any qualifying year, the lesser where that date is the qualifying date, $250: of— (i) (ii) the balance of the Account at that date: the sum of the amount of the eligible savings on the day immediately preceding the first day of that qualifying year and $5,000 (or such other amount as the Governor-General may, from time to time, by Order in Council declare).
(2) Notwithstanding anything in subsection (1), in no case shall the amount of the eligible savings, in relation to the Ordinary Fishing Vessel Ownership Account of any depositor, exceed $60,000 or such other amount as the Governor-General may, from time to time, by Order in Council declare.
[Repealed] (3) (4) Where any amount is withdrawn from the Ordinary Fishing Vessel Ownership Account of any depositor at any date the amount of the eligible savings in the Account at that date and at all earlier dates shall be reduced by the amount of the with- drawal as far as the amount of the eligible savings extends: provided that the amount of the eligible savings shall not be reduced to the extent that, before the amount of the withdrawal is taken into consideration, the balance of the Account at the date exceeds the amount of the eligible savings at that date.
(5) Where a depositor withdraws the whole or any part of the bal- ance in his Ordinary Fishing Vessel Ownership Account to be used as a deposit under a conditional agreement to acquire a fishing vessel, and the agreement fails to become binding and the depositor pays all or part of the amount withdrawn into that Account as soon as practicable, the amount of the withdrawal, to the extent that it has been paid into the Account, shall be 6 Reprinted as at 1 April 2005 Fishing Vessel Ownership Savings Act 1977 Part 1 s 5 4 5 deemed not to have been withdrawn for the purposes of calcu- lating the amount of the eligible savings of the depositor or for the purpose of determining the qualifying date of the Account.
Section 3(1)(b)(ii): amended, on 18 September 1980, by section 3(1) of the Fishing Vessel Ownership Savings Amendment Act 1980 (1980 No 13).

Section 3(2): amended, on 18 September 1980, by section 3(2) of the Fishing Vessel Ownership Savings Amendment Act 1980 (1980 No 13).

Section 3(3): repealed, on 18 September 1980, by section 3(3) of the Fishing Vessel Ownership Savings Amendment Act 1980 (1980 No 13).
Notice of conditions The terms and conditions upon which applications for pur- chase grants will be considered, purchase grants allowed and paid, and balances in Home Ownership Accounts and Farm Ownership Accounts transferred to Ordinary Fishing Vessel Ownership Accounts shall be in accordance with regulations made under this Act or, in default of any such regulations and so far as any such regulations do not extend, in accordance with the written directions of the Minister.
Persons eligible to open Accounts No person shall be entitled to open an Ordinary Fishing Vessel Ownership Account unless he has attained the age of 15 years and— (a) is a pupil at a secondary school in New Zealand and cer- tifies in writing that he intends to become a commercial fisherman; or is undertaking, at any university or other similar insti- tution in New Zealand or elsewhere, a course of study which will be of material assistance in enabling him to become a commercial fisherman; or is exclusively or principally engaged or employed as the master or a member of the crew of a fishing vessel; or has other relevant experience or has other relevant qualifications which will assist him or enable him to become an efficient commercial fisherman.
(b) (c) (d) Section 5: substituted, on 18 September 1980, by section 4(1) of the Fishing Vessel Ownership Savings Amendment Act 1980 (1980 No 13).

7 Part 1 s 6 Fishing Vessel Ownership Savings Act 1977 Reprinted as at 1 April 2005 6 (1) Persons ineligible to receive grants In this section the expression substantial interest in a ves- sel means a beneficial share or beneficial interest, at law or in equity, of more than one-half of the total property or total own- ership in the whole of any fishing vessel.
(1A) Where a depositor has entered into an unconditional contract to purchase a fishing vessel and it is a term of that contract that possession of the fishing vessel is not to be given until a spe- cified later date, being a date not later than 6 months after the date on which that contract becomes unconditional, then such depositor shall not be deemed to have acquired a substantial interest in a vessel for the purposes of this section until that later date.
Subject to subsection (3) and notwithstanding any other pro- vision in this Act, no depositor shall be eligible for a purchase grant where, in the opinion of the Corporation, at the time when the payment of the grant is sought, the depositor or, in the case of a joint Ordinary Fishing Vessel Ownership Account, either of the depositors: (a) (b) (2) (c) (d) (e) (f) is not a New Zealand citizen; or solely or jointly or in common with any other person owns or has owned a substantial interest in a vessel; or solely or jointly with any other person has or had at any time a controlling interest in any limited liability company or any other body corporate that at that time owned any substantial interest in a vessel; or solely or jointly with any other person has received a purchase grant; or is the spouse of any person to whom paragraph (b) or paragraph (c) or paragraph (d) would apply if that per- son were a depositor; or has not, since the opening of his Ordinary Fishing Ves- sel Ownership Account, had substantial practical ex- perience as the master or a member of the crew of a fishing vessel.
(3) Having regard to the special circumstances of any case, the Corporation may in its discretion grant, either wholly or partly, and conditionally or unconditionally, a purchase grant to any depositor of a class specified in subsection (2).

8 Reprinted as at 1 April 2005 Fishing Vessel Ownership Savings Act 1977 Part 1 s 7 Section 6(1A): inserted, on 18 September 1980, by section 5(1) of the Fishing Vessel Ownership Savings Amendment Act 1980 (1980 No 13).
Section 6(2): amended, on 18 September 1980, by section 5(2) of the Fishing Vessel Ownership Savings Amendment Act 1980 (1980 No 13).

Section 6(3): added, on 18 September 1980, by section 5(3) of the Fishing Vessel Ownership Savings Amendment Act 1980 (1980 No 13).
(c) 7 (1) Purchase grants Subject to this Act, where the Corporation is satisfied that the grant is to be used by a depositor in the acquisition of a fishing vessel, there shall, to the extent to which the Corporation is satisfied that the eligible savings of the depositor are to be used by the depositor in the acquisiton of the vessel, be paid by the Corporation to the depositor: (a) where the terminating date is not less than 3 years but less than 6 years from the qualifying date, a purchase grant equal to 25% of the depositor’s eligible savings: (b) where the terminating date is not less than 6 years but less than 7 years from the qualifying date, a purchase grant equal to 30% of the depositor’s eligible savings: where the terminating date is not less than 7 years but less than 8 years from the qualifying date, a purchase grant equal to 35% of the depositor’s eligible savings: (d) where the terminating date is not less than 8 years but less than 9 years from the qualifying date, a purchase grant equal to 40% of the depositor’s eligible savings: where the terminating date is not less than 9 years but less than 10 years from the qualifying date, a purchase grant equal to 45% of the depositor’s eligible savings: where the terminating date is on or after the tenth an- niversary of the qualifying date, a purchase grant equal to 50% of the depositor’s eligible savings.
(2) Notwithstanding anything in subsection (1), the percentages specified in any paragraph of that subsection may, from time to time, be varied by the Governor-General by Order in Council.

(3) No purchase grant shall be paid to any depositor in respect of any eligible savings withdrawn by him from his Ordinary Fishing Vessel Ownership Account earlier than 5 years after the qualifying date.
(e) (f) 9 Part 1 s 8 Fishing Vessel Ownership Savings Act 1977 Reprinted as at 1 April 2005 (4) Where a depositor dies before the depositor has been paid a purchase grant, the personal representatives of the depositor may, to provide a fishing vessel for the widow or widower or any dependant of the depositor, apply for a purchase grant and the Corporation may deal with the application in the same manner, with any necessary modifications, as if the depositor had made the application.
(5) No depositor shall be paid more than 1 purchase grant, or, sub- ject to section 9, have a purchase grant calculated by refer- ence to eligible savings in more than 1 Ordinary Fishing Ves- sel Ownership Account.

Section 7(1)(a): amended, on 18 September 1980, by section 6 of the Fishing Vessel Ownership Savings Amendment Act 1980 (1980 No 13).
Preservation of rights Where, by reason of an Order in Council made pursuant to sub- section (1)(b)(ii) or subsection (2) of section 3 or section 7(2), the purchase grants payable to depositors are reduced, in so far as those purchase grants are calculated by reference to the eligible savings of a depositor at the date the Order in Council comes in force, those purchase grants shall be calculated as if the Order in Council had not been made.
Aggregation of grants The purchase grant payable under this Act may be aggregated when 2 or more depositors who have separate Ordinary Fish- ing Vessel Ownership Accounts amalgamate their eligible sav- ings for the purpose of acquiring a fishing vessel to be owned by them jointly or in common and for use by them, jointly or in common, as commercial fishermen.
Acquisition of share in fishing vessel Without prejudice to section 9, with the prior written consent of the Corporation, a purchase grant may be paid to a depositor to enable him to acquire an undivided share or undivided in- terest in a fishing vessel either solely or jointly or in common with any other person.
8 9 10 10 Reprinted as at 1 April 2005 Fishing Vessel Ownership Savings Act 1977 Part 1 s 13 11 12 (1) (2) Joint Accounts Where 2 depositors have a joint Ordinary Fishing Vessel Own- ership Account and the Corporation is satisfied that by rea- son of circumstances that have arisen since the Account was opened it is impracticable for the depositors to acquire a fish- ing vessel for their joint or common ownership or use, it may in its discretion allow all or part of the money deposited in the Account to be transferred into a separate Ordinary Fishing Vessel Ownership Account in the name of either depositor and to treat the money so transferred as deposited in the separate Account as at the date or dates it considers equitable for the purpose of calculating the eligible savings of either depositor.
Transferability of Ordinary Fishing Vessel Ownership Accounts Subject to this Act, balances in an Ordinary Farm Ownership Account may be transferred to an Ordinary Fishing Vessel Ownership Account.

Balances in an Ordinary Fishing Vessel Ownership Account with any authorised savings institution may be transferred to an Ordinary Fishing Vessel Ownership Account with any other authorised savings institution.
(3) Any transfer of an Ordinary Fishing Vessel Ownership Ac- count 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.

Section 12 heading: substituted, on 19 June 1987, by section 2 of the Fishing Vessel Ownership Savings Amendment Act 1987 (1987 No 101).
Section 12(1): amended, on 22 May 1998, by section 6(a) of the Farm and Fishing Vessel Ownership Savings Schemes (Closure) Act 1998 (1998 No 22).

Section 12(2): substituted, on 19 June 1987, by section 2 of the Fishing Vessel Ownership Savings Amendment Act 1987 (1987 No 101).

Section 12(3): substituted, on 19 June 1987, by section 2 of the Fishing Vessel Ownership Savings Amendment Act 1987 (1987 No 101).
13 Payment to Corporation The Minister may from time to time, without further appropri- ation than this section, pay from a Crown Bank Account to the Corporation any amount required for the payment of purchase 11 Part 1 s 14 Fishing Vessel Ownership Savings Act 1977 Reprinted as at 1 April 2005 grants allowable under this Act and for the costs of adminis- tration and other proper disbursements.

Section 13: amended, on 25 January 2005, pursuant to section 83(7) of the Public Finance Act 1989 (1989 No 44).
14 Exemption from income tax All purchase grants shall be exempt from income tax.
Part 2 Special Fishing Vessel Ownership Accounts 15 (1) Special Fishing Vessel Ownership Accounts Subject to this Act, on and after 1 November 1977 any per- son who would be entitled to open an Ordinary Fishing Vessel Ownership Account may open in his own name and for his own use (but not jointly or in common with any other person) a Special Fishing Vessel Ownership Account and the provi- sions of the Income Tax Act 2004 relating to special accounts shall apply to that Account in accordance with their tenor.
(2) No person who has, in relation to an Ordinary Fishing Vessel Ownership Account, been paid either solely or jointly with any other depositor any purchase grant or who has, in relation to a Special Fishing Vessel Ownership Account, withdrawn any amount from that Account pursuant to a withdrawal certifi- cate (not being an amount which has subsequently been rede- posited in full and in respect of which the withdrawal certifi- cate has been cancelled pursuant to section 20(3)) shall open a Special Fishing Vessel Ownership Account.
(3) No person who is a depositor in relation to a Special Fishing Vessel Ownership Account or who has withdrawn any amount from a Special Fishing Vessel Ownership Account pursuant to a withdrawal certificate (not being an amount which has sub- sequently been redeposited in full and in respect of which the withdrawal certificate has been cancelled pursuant to section 20(3)) shall open an Ordinary Fishing Vessel Ownership Ac- count.
(4) No person who is a depositor in relation to an Ordinary Fishing Vessel Ownership Account with any authorised savings insti- 12 Reprinted as at 1 April 2005 Fishing Vessel Ownership Savings Act 1977 Part 2 s 17 tution shall open a Special Fishing Vessel Ownership Account with any other authorised savings institution.
(5) Where any person is a depositor in relation to an Ordinary Fishing Vessel Ownership Account jointly with any other per- son, he shall not open a Special Fishing Vessel Ownership Ac- count unless the other person has given up his interest in the joint Account or the joint Account is severed into separate Or- dinary Fishing Vessel Ownership Accounts: provided that where any Ordinary Fishing Vessel Ownership Account is so dealt with, the qualifying date (if any) of the sole Account or Accounts so created shall not, by reason thereof, be changed.
Section 15(1): amended, on 1 April 2005 (effective for 2005–06 tax year and later tax years, except when the context requires otherwise), by section YA 2 of the Income Tax Act 2004 (2004 No 35).

Section 15(1): amended, on 18 September 1980, by section 4(2) of the Fishing Vessel Ownership Savings Amendment Act 1980 (1980 No 13).
16 17 (1) Existing Ordinary Fishing Vessel Ownership Accounts Where at the time a depositor opens a Special Fishing Vessel Ownership Account he is also a depositor in relation to an Ordinary Fishing Vessel Ownership Account— (a) if there is in respect of the Ordinary Fishing Vessel Ownership Account a qualifying date, that date shall be the qualifying date in respect of the Special Fishing Ves- sel Ownership Account; and except for interest which may from time to time accrue and be payable in respect of the balance in the Ordinary Fishing Vessel Ownership Account, no other deposits shall be made thereafter in the Ordinary Fishing Vessel Ownership Account.
(b) Transferability Subject to this Act, balances in a Special Farm Ownership with an authorised savings institution may be transferred to a Spe- cial Fishing Vessel Ownership Account with any authorised savings institution: provided that this subsection shall not apply unless the whole of the balance in the Special Farm Ownership Account is trans- ferred and that Account is closed.
13 Part 2 s 18 Fishing Vessel Ownership Savings Act 1977 Reprinted as at 1 April 2005 (2) Where the balance in any Special Farm Ownership Account is transferred pursuant to subsection (1), the authorised savings institution shall forthwith inform the Commissioner accord- ingly.

Balances in a Special Fishing Vessel Ownership Account with any authorised savings institution may be transferred to a Spe- cial Fishing Vessel Ownership Account with any other author- ised savings institution.
(3) (4) Any transfer of a Special Fishing Vessel Ownership Account of any depositor from one authorised savings institution to an- other authorised savings institution shall not affect the calcu- lation of eligible savings or the rights of the depositor.

Section 17(1): substituted, on 19 June 1987, by section 3(1) of the Fishing Vessel Ownership Savings Amendment Act 1987 (1987 No 101).
Section 17(1): amended, on 22 May 1998, by section 6(b) of the Farm and Fishing Vessel Ownership Savings Schemes (Closure) Act 1998 (1998 No 22).

Section 17(1) proviso: amended, on 22 May 1998, by section 6(c) of the Farm and Fishing Vessel Ownership Savings Schemes (Closure) Act 1998 (1998 No 22).

Section 17(2): amended, on 22 May 1998, by section 6(d) of the Farm and Fishing Vessel Ownership Savings Schemes (Closure) Act 1998 (1998 No 22).
Section 17(3): substituted, on 19 June 1987, by section 3(2) of the Fishing Vessel Ownership Savings Amendment Act 1987 (1987 No 101).

Section 17(4): added, on 19 June 1987, by section 3(2) of the Fishing Vessel Ownership Savings Amendment Act 1987 (1987 No 101).
18 Withdrawal and transfers from Special Fishing Vessel (1) Ownership Accounts Subject to this section and to section 17, and to any relevant provisions in the Farm Ownership Savings Act 1974 or in the Home Ownership Savings Act 1974, no money shall be with- drawn or transferred from a Special Fishing Vessel Ownership Account.
(2) A depositor may at any time withdraw or transfer any amount from his Special Fishing Vessel Ownership Account if, after the amount is withdrawn or transferred, the balance of the Ac- count is not reduced to an amount less than the closing balance 14 Reprinted as at 1 April 2005 Fishing Vessel Ownership Savings Act 1977 Part 2 s 18 (3) of the Account at 31 March immediately preceding the date of that withdrawal or transfer: provided that a depositor who has deposited in his Special Fishing Vessel Ownership Account an amount in any one fi- nancial year in excess of the maximum amount of any increase in savings on which a rebate is allowable under section KG 1(1) of the Income Tax Act 2004 may withdraw or transfer such excess amount at any time during the next succeeding fi- nancial year, notwithstanding that the balance in his Account is thereby reduced to an amount less than the closing balance of the Account at 31 March immediately preceding the date of that withdrawal or transfer.
In the case of any withdrawal or transfer to which subsection (2) does not apply— (a) where the withdrawal or transfer (not being a transfer allowed under section 17) is made otherwise than pur- suant to a withdrawal certificate, the balance of the Spe- cial Fishing Vessel Ownership Account is to be with- drawn and the Account closed: (b) where the withdrawal or transfer is made pursuant to a withdrawal certificate, the amount of the balance of the Account is to be withdrawn and the Account closed unless by the terms and conditions of the withdrawal certificate a lesser amount is to be withdrawn and the Account is to remain open.
(4) Where any Special Fishing Vessel Ownership Account is closed pursuant to subsection (3), the authorised savings in- stitution with which the Account is held shall forthwith notify the Commissioner and the Corporation in writing, stating— (a) (b) the name of the depositor: the amount of the withdrawal that resulted in the closure of the Account: the closing balance of the Account as at 31 March im- mediately preceding the date of the closure: the amount stated in the withdrawal certificate (if any): provided that the authorised savings institution shall not notify the Corporation if the withdrawal was made otherwise than pursuant to a withdrawal certificate.
(c) (d) 15 Part 2 s 19 Fishing Vessel Ownership Savings Act 1977 Reprinted as at 1 April 2005 Section 18(2) proviso: added, on 18 September 1980, by section 7 of the Fishing Vessel Ownership Savings Amendment Act 1980 (1980 No 13).

Section 18(2) proviso: amended, on 1 April 2005 (effective for 2005–06 tax year and later tax years, except when the context requires otherwise), by section YA 2 of the Income Tax Act 2004 (2004 No 35).
Section 18(2) proviso: amended, on 1 April 1995 (applying with respect to the tax on income derived in 1995–96 and subsequent income years), by section YB 1 of the Income Tax Act 1994 (1994 No 164).
19 (1) Where— (a) Reopening of Special Fishing Vessel Ownership Accounts a Special Fishing Vessel Ownership Account is closed pursuant to a withdrawal certificate issued under section 20; and the amount withdrawn is used by the depositor as a de- posit under a conditional agreement to acquire a fishing vessel and the agreement fails to become binding,— (b) the Corporation may determine that the Account shall be re- opened, subject to the depositor paying into the Account the whole of the amount withdrawn or such part as the Corpor- ation determines, and the Corporation shall notify the author- ised savings institution and the Commissioner accordingly.
(2) Where any Special Fishing Vessel Ownership Account is re- opened pursuant to subsection (1), the authorised savings in- stitution shall notify the Corporation and the Commissioner accordingly.
20 Withdrawal certificates (1) Subject to this Act, the Corporation shall, on application made to it in writing by any depositor in relation to a Special Fish- ing Vessel Ownership Account not earlier than 3 years after the qualifying date of the Account, issue to him a withdrawal certificate for the balance of the Account or a specified amount to be stated in the certificate if it is satisfied that that balance or that amount is to be used by the depositor for the acquisition of a fishing vessel.
(2) Any withdrawal certificate may be issued subject to such terms and conditions as are set forth in the certificate that the Corpor- ation considers necessary or desirable to impose to ensure that any amount withdrawn from a Special Fishing Vessel Owner- 16 Reprinted as at 1 April 2005 Fishing Vessel Ownership Savings Act 1977 Part 2 s 22 ship Account pursuant to the certificate is used by the depositor for the purposes for which the certificate was issued.
(3) Where any depositor has, pursuant to a withdrawal certificate, withdrawn any amount from his Special Fishing Vessel Own- ership Account and redeposits the whole or any part of that amount in his Account, the withdrawal certificate shall be can- celled by the Corporation to the extent of the amount rede- posited and the Commissioner notified accordingly.
(4) Any withdrawal certificate shall cease to have any force or effect on or after any date that may be specified therein in that behalf or, if no such date is specified therein, on the expiration of 6 months after the date of the certificate.

Subject to section 18(3)(b), every withdrawal certificate shall require the authorised savings institution to close the Special Farm Ownership Account of the depositor.
Section 20(1): amended, on 18 September 1980, by section 8 of the Fishing Vessel Ownership Savings Amendment Act 1980 (1980 No 13).
(5) 21 22 Ineligible depositors Notwithstanding anything in this Act, no depositor shall be eligible to obtain a withdrawal certificate in respect of a Spe- cial Fishing Vessel Ownership Account if, in the opinion of the Corporation, the depositor would not be eligible for any bene- fits under Part 1 if the Special Fishing Vessel Ownership Ac- count were an Ordinary Fishing Vessel Ownership Account: provided that, having regard to the special circumstances of any case, the Corporation may, in its discretion, issue a with- drawal certificate, either in respect of the whole or part of the balance in the Account, and conditionally or unconditionally to any depositor.
Breach of fishing vessel ownership requirements Where the Corporation at any time knows or has reason to be- lieve or suspect that a depositor who has been issued with a withdrawal certificate has failed to comply with any fishing vessel ownership requirements to which he may be or may be- come subject, the Corporation shall forthwith in writing in- form the Commissioner accordingly.
17 Part 2 s 23 Fishing Vessel Ownership Savings Act 1977 Reprinted as at 1 April 2005 Restrictions on use and dispositions For the purposes of this Act, the term restriction period means: (a) in relation to an Ordinary Fishing Vessel Ownership Ac- count of any depositor, the period of 5 years commenc- ing on the date on which a purchase grant is paid to the depositor: in relation to a Special Fishing Vessel Ownership Ac- count of any depositor, the period of 5 years commenc- ing on the date on which the depositor, pursuant to a withdrawal certificate, withdrew any money from the Account.
(b) In relation to any fishing vessel for the purchase of which the depositor has received a purchase grant or been issued with a withdrawal certificate no depositor, without on each occa- sion the prior written consent of the Corporation, shall, prior to the expiration, with regard to that vessel, of the restriction period— (a) operate the vessel out of any port other than a New Zealand port; or land, at any place other than a New Zealand port any catch of any fish, crustaceans, shellfish, or other living resources of the sea taken by the vessel; or sell, lease, charter, part with the possession of, mort- gage, encumber, or otherwise alienate or dispose of (at law or in equity) the whole of or any share or interest in the vessel: provided that the foregoing provisions of this paragraph shall not apply to— (i) any memorandum of mortgage or other encum- brance granted by the depositor over his interest in any such vessel to secure any loan made to him by the Corporation; or any transmission of the depositor’s interest in any such vessel.
(ii) (b) (c) Effect of dispositions within restriction period If a depositor, contrary to section 23, and within the restric- tion period, sells, charters, leases, subleases, parts with the 23 (1) (2) 24 18 Reprinted as at 1 April 2005 Fishing Vessel Ownership Savings Act 1977 Part 2 s 25 possession of, mortgages, encumbers, or otherwise alienates or disposes of (at law or in equity) the whole or any interest in any vessel referred to in that section the depositor shall forth- with— (a) refund to the Corporation any purchase grant that he has received in respect of his deposits in his Ordinary Fishing Vessel Ownership Account; and pay to the Corporation any withdrawal tax that, under subpart ID of the Income Tax Act 2004, he is liable to pay in respect of amounts withdrawn from his Special Fishing Vessel Ownership Account: (b) 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) (b) refund any purchase grant under this section; or pay withdrawal tax which, under subpart ID of the In- come Tax Act 2004, he or she is liable to pay in respect of amounts withdrawn from his or her Special Fishing Vessel Ownership Account.
Section 24(b): amended, on 1 April 2005 (effective for 2005–06 tax year and later tax years, except when the context requires otherwise), by section YA 2 of the Income Tax Act 2004 (2004 No 35).

Section 24(b): amended, on 18 September 1980, by section 9 of the Fishing Vessel Ownership Savings Amendment Act 1980 (1980 No 13).

Section 24 proviso: added, on 19 June 1987, by section 4 of the Fishing Vessel Ownership Savings Amendment Act 1987 (1987 No 101).
Section 24 proviso paragraph (b): amended, on 1 April 2005 (effective for 2005–06 tax year and later tax years, except when the context requires other- wise), by section YA 2 of the Income Tax Act 2004 (2004 No 35).
25 (1) Charges To secure any money which may, pursuant to this Act or sub- part ID of the Income Tax Act 2004, be payable or become in the future payable to the Corporation or to the Commissioner by a depositor and otherwise to secure the due performance by the depositor of all obligations that are or may be imposed upon the depositor by or pursuant to this Act, the Corporation may— (a) where the relevant fishing vessel is, within the meaning of section 2(1) of the Maritime Transport Act 1994, a New Zealand ship, execute and register a charge, in the 19 Part 2 s 25 Fishing Vessel Ownership Savings Act 1977 Reprinted as at 1 April 2005 form set out in Schedule 1, to the intent that such charge shall, for the purposes of that Act, be and be deemed to be, in favour of the Corporation, a mortgage of the vessel: (c) (b) where the relevant fishing vessel is not, as aforesaid, a New Zealand ship, take such security over the vessel that the Corporation thinks necessary or desirable: in addition to or instead of executing any such charge or taking any such security, take such security over all or any of the land or chattels of the depositor pursuant to this section in such sum as the Corporation may con- sider appropriate.
(2) To register any such charge it shall not be necessary to produce to any Registrar of Ships any Certificate of Registration to the vessel concerned.

(4) (3) Where any such charge is so registered, it shall be the duty of the Registrar of Ships to enter a memorial in the Register (and in addition to any other memorial which, pursuant to any other Act he is required to enter thereon) that the vessel is subject to this Act.
Subject to section 23, while any vessel is, in accordance with the foregoing provisions of this section, subject to this Act, no dealing with such vessel shall be registered without, on each occasion, the Corporation’s prior written consent, which consent may be given either unconditionally or subject to such conditions as the Corporation may think fit to impose.
(5) No such charge shall be discharged, released, modified or varied except by the Corporation or pursuant to an order of the High Court of New Zealand.

(6) No registration fee shall be payable under any Act in respect of the execution or registration of any such charge or security or in respect of any such discharge, release, modification or variation thereof.
Section 25(1): amended, on 1 April 2005 (effective for 2005–06 tax year and later tax years, except when the context requires otherwise), by section YA 2 of the Income Tax Act 2004 (2004 No 35).

Section 25(1)(a): amended, on 1 February 1995, pursuant to section 202(1) of the Maritime Transport Act 1994 (1994 No 104).

Section 25(5): amended, on 1 April 1980, pursuant to section 12 of the Judica- ture Amendment Act 1979 (1979 No 124).
20 Reprinted as at 1 April 2005 Fishing Vessel Ownership Savings Act 1977 Part 2 s 25A Section 25(6): amended, on 20 May 1999, by section 7 of the Stamp Duty Abolition Act 1999 (1999 No 61).
25A Removal of criteria for payment of purchase grant or issue of withdrawal certificate (1) Notwithstanding any other provision in this Act, any Fishing Vessel Ownership Account depositor may withdraw the bal- ance of the Account and close the Account if after 18 June 1987 he or she either makes no further deposits in that Ac- count or makes deposits in that Account which, in the opinion of the Corporation, were made without knowledge of this sec- tion.
(2) Where the depositor exercises his or her rights under subsec- tion (1), the Corporation shall in respect of an Ordinary Fishing Vessel Ownership Account, on the application of a depositor, pay to the depositor a purchase grant pursuant to section 7 in respect of the amount of the depositor’s eligible savings on the close of 18 June 1987, notwithstanding that the depositor has not complied with the provisions of Part 1: provided that the purchase grant shall be calculated from the qualifying date until the close of 18 June 1987, and all Ordin- ary Fishing Vessel Ownership Accounts of under 3 years’ du- ration shall attract a purchase grant of 25% of the depositor’s eligible savings.
(3) Where the depositor exercises his or her rights under subsec- tion (1), the Corporation shall, in respect of a Special Fishing Vessel Ownership Account, issue to the depositor a withdrawal certificate pursuant to section 20 for the balance of the Account as at the close of 18 June 1987, notwithstanding that the de- positor has not complied with the provisions of Part 2.
(4) Notwithstanding the foregoing provisions of this section, no person shall be entitled to receive a purchase grant or a with- drawal certificate pursuant to this section where the Fishing Vessel Ownership Account was formerly a Home Ownership Account which was transferred to a Fishing Vessel Owner- ship Account pursuant to section 12(1) or section 17(1) after 18 June 1987.

Section 25A: inserted, on 19 June 1987, by section 5 of the Fishing Vessel Own- ership Savings Amendment Act 1987 (1987 No 101).
21 Part 2 s 26 Fishing Vessel Ownership Savings Act 1977 Reprinted as at 1 April 2005 26 27 (1) Information to be supplied to Minister or Corporation Notwithstanding anything in any other Act, every authorised savings institution shall furnish to the Minister or to the Cor- poration such information and particulars in relation to Fishing Vessel Ownership Accounts opened with the institution as the Minister may from time to time require to be furnished: provided that nothing in this section shall authorise the Min- ister to require any authorised savings institution to furnish any information which, in accordance with accepted banking practice, a banker is not obliged to disclose without the con- sent of the depositor concerned, unless that consent has been obtained.
Offences and penalties Every person commits an offence against this Act who— (a) makes any statement knowing it to be false in any mater- ial particular or otherwise wilfully misleads or attempts to mislead the Corporation or any officer of the Corpor- ation or any other person in relation to any application for a purchase grant for himself or any other person: being a person to whom a purchase grant has been paid under this Act— (i) (b) fails, within a reasonable time after being re- quired to do so, to supply in writing to the Corporation any information requested by the Corporation for the purpose of ascertaining whether or not the terms and conditions under which the purchase grant was paid have been fulfilled or whether or not any event has taken place by reason of which the purchase grant or any part thereof is repayable: provided that no person shall be required to sup- ply any information tending to incriminate him- self; or supplies any information knowing it to be false in any material particular.
(ii) (2) Any person who commits an offence under subsection (1) is liable on summary conviction— 22 Reprinted as at 1 April 2005 Fishing Vessel Ownership Savings Act 1977 Part 2 s 29 (a) (b) to imprisonment for a term not exceeding 6 months or to a fine not exceeding $1,000; and to repay in full to the Corporation any purchase grant wrongfully obtained.
28 (1) Regulations The Governor-General may from time to time, by Order in Council, make regulations in regard to any matter or for any purpose for which regulations are prescribed or contemplated by this Act or may be necessary for giving full effect to the provisions of this Act and for the due administration thereof.
(2) Without limiting the general power to make regulations con- ferred by subsection (1), regulations may be made under that subsection— (a) (b) (c) prescribing the mode of making application for pur- chase grants: prescribing the procedure for payment of purchase grants: prescribing offences in respect of the contravention of or non-compliance with any regulations made under this Act or any term or condition given pursuant to any such regulations, and prescribing penalties on summary conviction not exceeding $200 in respect of any such of- fences.
29 Consequential amendments The enactments specified in Schedule 2 are hereby amended in the manner specified in that schedule.

Part 3 Closure of Fishing Vessel Ownership Accounts by 30 June 2001 Part 3: added, on 22 May 1998, by section 7 of the Farm and Fishing Vessel Ownership Savings Schemes (Closure) Act 1998 (1998 No 22).
23 Part 3 s 30 Fishing Vessel Ownership Savings Act 1977 Reprinted as at 1 April 2005 All existing accounts to be closed as at 30 June 2001 30 (1) All Fishing Vessel Ownership Accounts in existence on 30 June 2001 are to be closed as at that date and their balances paid to their depositors.
(2) Where an Ordinary Fishing Vessel Ownership Account is closed under subsection (1)— (a) the Corporation must pay to the depositor a purchase grant under section 7 in respect of the depositor’s eli- gible savings on the close of 30 June 2001, notwith- standing that the depositor would not otherwise be en- titled to receive a purchase grant under Part 1; and nothing in sections 23 to 25 (which impose certain re- strictions where a purchase grant has been paid, and may require its repayment for breach of those restric- tions) applies in respect of that purchase grant.
(3) Where a Special Fishing Vessel Ownership Account is closed under subsection (1)— (a) the Corporation must issue to the depositor a with- drawal certificate under section 20 for the balance of the Account as at the close of 30 June 2001, notwith- standing that the depositor would not otherwise be entitled to receive a withdrawal certificate under Part 2; and nothing in sections 23 to 25 (which impose certain re- strictions where a withdrawal certificate has been is- sued, and may require the payment of withdrawal tax under Part 1 of the Income Tax Act 2004 if those restric- tions are breached) applies in respect of the withdrawal for which the withdrawal certificate is issued.
(b) (b) Section 30: added, on 22 May 1998, by section 7 of the Farm and Fishing Vessel Ownership Savings Schemes (Closure) Act 1998 (1998 No 22).

Section 30(3)(b): amended, on 1 April 2005 (effective for 2005–06 tax year and later tax years, except when the context requires otherwise), by section YA 2 of the Income Tax Act 2004 (2004 No 35).
31 Unrestricted withdrawals may be made by persons making no further deposits after 30 June 1998 (1) A Fishing Vessel Ownership Account depositor may withdraw the balance of the Account and close the Account if the depos- itor has made no deposit in the account after 30 June 1998.
24 Reprinted as at 1 April 2005 Fishing Vessel Ownership Savings Act 1977 Part 3 s 31 (2) (3) (4) If a depositor with an Ordinary Fishing Vessel Ownership Ac- count closes his or her Account under this section— (a) the Corporation must pay to the depositor a purchase grant under section 7 in respect of the depositor’s eli- gible savings on the close of 14 May 1998, notwith- standing that the depositor would not otherwise be en- titled to receive a purchase grant under Part 1; and nothing in sections 23 to 25 (which impose certain re- strictions where a purchase grant has been paid, and may require its repayment for breach of those restric- tions) applies in respect of that purchase grant.
If a depositor with a Special Fishing Vessel Ownership Ac- count closes his or her Account under this section— (a) (b) the Corporation must issue to the depositor a with- drawal certificate under section 20 for the balance of the Account (less the amount of any deposit referred to in subsection (4)) as at the time of its closure, not- withstanding that the depositor would not otherwise be entitled to receive a withdrawal certificate under Part 2; and nothing in sections 23 to 25 (which impose certain re- strictions where a withdrawal certificate has been is- sued, and may require the payment of withdrawal tax under Part 1 of the Income Tax Act 2004 if those restric- tions are breached) applies in respect of the withdrawal for which the withdrawal certificate is issued.
(b) If a person with a Special Fishing Vessel Ownership Account makes any deposit into that Account during the period 15 May 1998 to 30 June 1998 (both dates inclusive), the amount of the deposit, to the extent that it is not subsequently withdrawn in accordance with section 18(2) before the closure of the Ac- count under this section,— (a) is to be excluded from the withdrawal certificate given under subsection (3)(a); and falls to be treated as withdrawal income subject to with- drawal tax in accordance with Part IZ of the Income Tax Act 1996.
(b) Section 31: added, on 22 May 1998, by section 7 of the Farm and Fishing Vessel Ownership Savings Schemes (Closure) Act 1998 (1998 No 22).

25 Part 3 s 32 Fishing Vessel Ownership Savings Act 1977 Reprinted as at 1 April 2005 Section 31(3)(b): amended, on 1 April 2005 (effective for 2005–06 tax year and later tax years, except when the context requires otherwise), by section YA 2 of the Income Tax Act 2004 (2004 No 35).
32 Parts 1 and 2 to continue to apply to persons making deposits after 30 June 1998 If a depositor with a Fishing Vessel Ownership Account makes any deposit into that Account on or after 30 June 1998, the provisions of Parts 1 and 2 continue to apply to that depositor and that Account, unless and until the Account is closed under section 30.

Section 32: added, on 22 May 1998, by section 7 of the Farm and Fishing Vessel Ownership Savings Schemes (Closure) Act 1998 (1998 No 22).
26 Reprinted as at 1 April 2005 Fishing Vessel Ownership Savings Act 1977 Schedule 1 Schedule 1 Charge under section 25(1)(a) of the Fishing Vessel Ownership Savings Act 1977 To secure money Name of fishing vessel: Official No: Number, date and port of registry: Whether a sailing, steam or motor vessel: Horsepower of any engines: Length from forepart of stem to the aft side of the head of stern post: Main breadth to outside of flank or outside of hull: Depth from top of deck at side amidship to bottom of keel: Number of tons: (1) Gross: (2) Register: and as described in more detail in the certificate of the Sur- veyor and the Register book.
Pursuant to the Fishing Vessel Ownership Savings Act 1977 the above-mentioned ship is subject to a charge in the sum of $[amount] in favour of the Rural Banking and Finance Corporation of New Zealand.
Date: 27 Schedule 1 Fishing Vessel Ownership Savings Act 1977 Reprinted as at 1 April 2005 Signed by the Rural Banking and Finance Corporation of New Zealand by The Rural Banking and Fi- nance Corporation of New Zealand by: acting for the said Corporation pursuant to section 16 of the Rural Banking and Finance Corporation Act 1974 in the presence of: Witness: Occupation: Address: 28 Reprinted as at 1 April 2005 Fishing Vessel Ownership Savings Act 1977 Schedule 2 Schedule 2 Enactments amended s 29 Farm Ownership Savings Act 1974 (1974 No 55) Amendment(s) incorporated in the Act(s).
Home Ownership Savings Act 1974 (1974 No 51) Amendment(s) incorporated in the Act(s).

29 Notes Fishing Vessel Ownership Savings Act 1977 Reprinted as at 1 April 2005 Contents 1 2 3 4 General Status of reprints How reprints are prepared Changes made under section 17C of the Acts and Regulations Publication Act 1989 List of amendments incorporated in this reprint (most recent first) General This is a reprint of the Fishing Vessel Ownership Savings Act 1977.
The reprint incorporates all the amendments to the Act as at 1 April 2005, as specified in the list of amendments at the end of these notes.

Relevant provisions of any amending enactments that contain transitional, savings, or application provisions that cannot be compiled in the reprint are also included, after the principal enactment, in chronological order.

For more information, see http://www.pco.parliament.govt.nz/reprints/.
Status of reprints Under section 16D of the Acts and Regulations Publication Act 1989, reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by the amendments to that enactment.

This presumption applies even though editorial changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in the reprint.
This presumption may be rebutted by producing the official volumes of statutes or statutory regulations in which the principal enactment and its amendments are contained.

How reprints are prepared editorial A number in the preparation of enacting words are of conventions reprints.

not included are For example, in Acts, followed the and 5 Notes 1 2 3 30 Reprinted as at 1 April 2005 Fishing Vessel Ownership Savings Act 1977 Notes that are repealed or revoked are omitted.
provisions For a detailed list of see http://www.pco.parliament.govt.nz/editorial-conventions/ or Part 8 of the Tables of New Zealand Acts and Ordinances and Statutory Regulations and Deemed Regulations in Force.
the editorial conventions, 4 Changes made under section 17C of the Acts and Regulations Publication Act 1989 Section 17C of the Acts and Regulations Publication Act 1989 authorises the making of editorial changes in a reprint as set out in sections 17D and 17E of that Act so that, to the extent permitted, the format and style of the reprinted enactment is consistent with current legislative drafting practice.

Changes that would alter the effect of the legislation are not permitted.
A new format of legislation was introduced on 1 January 2000.

Changes to legislative drafting style have also been made since 1997, and are ongoing.

To the extent permitted by section 17C of the Acts and Regulations Publication Act 1989, all legislation reprinted after 1 January 2000 is in the new format for legislation and reflects current drafting practice at the time of the reprint.
In outline, the editorial changes made in reprints under the authority of section 17C of the Acts and Regulations Publication Act 1989 are set out below, and they have been applied, where relevant, in the preparation of this reprint: • omission of unnecessary referential words (such as “of this section” and “of this Act”) typeface and type size (Times Roman, generally in 11.5 point) layout of provisions, including: • • indentation position of section headings (eg, the number and heading now appear above the section) format of definitions (eg, the defined term now appears in bold type, without quotation marks) format of dates (eg, a date formerly expressed as “the 1st day of January 1999” is now expressed as “1 January 1999”) 31 • • • • Notes Fishing Vessel Ownership Savings Act 1977 Reprinted as at 1 April 2005 • • • • • • • position of the date of assent (it now appears on the front page of each Act) punctuation (eg, colons are not used after definitions) Parts numbered with roman numerals are replaced with arabic numerals, and all cross-references are changed accordingly case and appearance of letters and words, including: • followed by small capital format of headings (eg, headings where each word formerly appeared with an initial capital letter letters are amended so that the heading appears in bold, with only the first word (and any proper nouns) appearing with an initial capital letter) small capital letters in section and subsection references are now capital letters • schedules are renumbered (eg, Schedule 1 replaces First Schedule), and all cross-references are changed accordingly running heads (the information that appears at the top of each page) format of amendments, and schedules of are rearranged into alphabetical order, chronological).
two-column schedules of consequential they rather than repeals (eg, 5 List of amendments incorporated in this reprint (most recent first) Income Tax Act 2004 (2004 No 35): section YA 2 Stamp Duty Abolition Act 1999 (1999 No 61): section 7 Farm and Fishing Vessel Ownership Savings Schemes (Closure) Act 1998 (1998 No 22): sections 6, 7 Income Tax Act 1994 (1994 No 164): section YB 1 Maritime Transport Act 1994 (1994 No 104): section 202(1) National Bank of New Zealand Limited Act 1994 (1994 No 3 (P)): section 14 Private Savings Banks (Transfer of Undertakings) Act 1992 (1992 No 21): section 22(1) Public Finance Act 1989 (1989 No 44): section 83(7) State Sector Act 1988 (1988 No 20): section 90(a) Building Societies Amendment Act 1987 (1987 No 175): section 41(3) State-Owned Enterprises Amendment Act 1987 (1987 No 117): section 11(1) 32 Reprinted as at 1 April 2005 Fishing Vessel Ownership Savings Act 1977 Notes Fishing Vessel Ownership Savings Amendment Act 1987 (1987 No 101) Fishing Vessel Ownership Savings Amendment Act 1984 (1984 No 22) Fishing Vessel Ownership Savings Amendment Act 1983 (1983 No 74) Fishing Vessel Ownership Savings Amendment Act 1980 (1980 No 13) Judicature Amendment Act 1979 (1979 No 124): section 12 12 Wellington, New Zealand: Published under the authority of the New Zealand Government—2011 33