Farm and Fishing Vessel Ownership Savings Schemes (Closure) Act 1998

1: Short Title and commencement
1: This Act may be cited as the Farm and Fishing Vessel Ownership Savings Schemes (Closure) Act 1998.
2: This Act comes into force on the day on which it receives the Royal assent.
1: Amendments to Farm Ownership Savings Act 1974
2: Part to be part of Farm Ownership Savings Act 1974
This Part is part of the Farm Ownership Savings Act 1974
3: Balance in Home Ownership Account no longer transferable to Farm Ownership Account
The principal Act is amended—
a: By omitting from section 12(1) an Ordinary Home Ownership Account or
b: By omitting from section 14C(1) in a Special Home Ownership Account or
c: By omitting from the proviso to section 14C(1) the Special Home Ownership Account or
d: By omitting from section 14C(2) Special Home Ownership Account or the
4: New Part 4 added
The principal Act is amended by adding the following Part:
4: Closure of Farm Ownership Accounts by 30 June 2001
19: All existing accounts to be closed as at 30 June 2001
1: All Farm 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 Farm Ownership Account is closed under subsection (1)—
a: The Corporation must pay to the depositor a purchase grant under either section 7 or section 7A Part 1
b: Nothing in sections 14I to 14L
3: Where a Special Farm Ownership Account is closed under subsection (1)—
a: The Corporation must issue to the depositor a withdrawal certificate under section 14F Part 2
b: Nothing in sections 14I to 14L Part I of the Income Tax Act 1994
20: Unrestricted withdrawals may be made by persons making no further deposits after 30 June 1998
1: A Farm Ownership Account depositor may withdraw the balance of the Account and close the Account if the depositor has made no deposits in the Account after 30 June 1998.
2: If a depositor with an Ordinary Farm Ownership Account closes his or her Account under this section—
a: The Corporation must pay to the depositor a purchase grant under either section 7 or section 7A Part I
b: Nothing in sections 14I to 14L
3: If a depositor with a Special Farm Ownership Account closes his or her Account under this section—
a: The Corporation must issue to the depositor a withdrawal certificate under section 14F subsection (4) Part 2
b: Nothing in sections 14I to 14L Part I of the Income Tax Act 1994
4: If a person with a Special Farm 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 14D(2)
a: Is to be excluded from the withdrawal certificate given under subsection (3)﻿(a); and
b: Falls to be treated as withdrawal income subject to withdrawal tax in accordance with Part IZ of the Income Tax Act 1996
21: Parts 1 to 3 to continue to apply to persons making deposits after 30 June 1998
If a depositor with a Farm Ownership Account makes any deposit into that Account on or after 30 June 1998, the provisions of Parts 1 to 3 section 19
2: Closure of Fishing Vessel Ownership Savings Scheme
5: Part to be part of Fishing Vessel Ownership Savings Act 1977
This Part is part of the Fishing Vessel Ownership Savings Act 1977
6: Balance in Home Ownership Account no longer transferable to Fishing Vessel Ownership Account
The principal Act is amended—
a: By omitting from section 12(1) or in an Ordinary Home Ownership Account
b: By omitting from section 17(1) or in a Special Home Ownership Account
c: By omitting from the proviso to section 17(1) or the Special Home Ownership Account
d: By omitting from section 17(2) or Special Home Ownership Account
7: New Part 3 inserted
The principal Act is amended by inserting, after section 29
3: Closure of Fishing Vessel Ownership Accounts by 30 June 2001
30: All existing accounts to be closed as at 30 June 2001
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 Part 1
b: Nothing in sections 23 to 25
3: Where a Special Fishing Vessel Ownership Account is closed under subsection (1)—
a: The Corporation must issue to the depositor a withdrawal certificate under section 20 Part 2
b: Nothing in sections 23 to 25 Part I of the Income Tax Act 1994
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 depositor has made no deposit in the account after 30 June 1998.
2: If a depositor with an Ordinary Fishing Vessel Ownership Account closes his or her Account under this section—
a: The Corporation must pay to the depositor a purchase grant under section 7 Part 1
b: Nothing in sections 23 to 25
3: If a depositor with a Special Fishing Vessel Ownership Account closes his or her Account under this section—
a: The Corporation must issue to the depositor a withdrawal certificate under section 20 Part 2
b: Nothing in sections 23 to 25 Part I of the Income Tax Act 1994
4: 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)
a: Is to be excluded from the withdrawal certificate given under subsection (3)﻿(a); and
b: Falls to be treated as withdrawal income subject to withdrawal tax in accordance with Part IZ of the Income Tax Act 1996
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 section 30