Finance Act 1987

1: Short Title and commencement
1: This Act may be cited as the Finance Act 1987.
2: Sections 2 13
3: Sections 8 11 14
4: Subject to subsections (2) and (3), this Act shall come into force on the day on which it receives the Governor-General's assent.
1: Substantive provisions
2: Repeal of Building Performance Guarantee Corporation Act 1977
1: The following enactments are hereby repealed:
a: the Building Performance Guarantee Corporation Act 1977
b: so much of Schedule 3 of the State Services Act 1962 section 3(1) of the Building Performance Guarantee Corporation Act 1977
c: so much of Schedule 3 Building Performance Guarantee Corporation Act 1977
d: subsections (3)﻿(b) and (5) of section 24
e: so much of Part 2
2: The Building Performance Guarantee Corporation Commencement Order 1978
3: The Guarantee Corporation is hereby abolished.
4: All rights, assets, liabilities, and debts that the Guarantee Corporation had immediately before the commencement of this section shall, on that commencement, be deemed to have become rights, assets, liabilities, and debts of Housing New Zealand Corporation
5: Without limiting the generality of subsection (4), the Housing Corporation may, in its discretion, do anything in respect of any land, residential building, or other property, that it considers necessary or desirable to do to mitigate its liability or contingent liability under any indemnity given by the Guarantee Corporation under the Building Performance Guarantee Corporation Act 1977
6: Notwithstanding subsection (1)﻿(a), Part 4 of the Building Performance Guarantee Act 1977 Building Performance Guarantee Corporation Act 1977 Section 2(4) amended 1 July 2001 section 24(1) Housing Corporation Amendment Act 2001
3: Authorising Crown shareholding in Maori Development Corporation Limited
1: In this section, the Corporation
2: The Ministers of Finance and Maori Affairs may from time to time—
a: on behalf of Her Majesty the Queen, subscribe for or otherwise acquire shares in the Corporation:
b: either—
i: by forgiving the Corporation money owed by the Corporation to Her Majesty; or
ii: from the Consolidated Account or the Loans Account, out of money appropriated by Parliament for the purpose,— pay for any such shares so acquired:
c: on behalf of Her Majesty, exercise all or any of Her Majesty's rights as the holder of any shares in the Corporation.
3: The number of shares in the Corporation held by each Minister pursuant to subsection (2) shall be the same.
4: Exchange of shares between the Crown and Equiticorp Holdings Limited
The Minister of Finance may,—
a: on behalf of Her Majesty, acquire in exchange for the shares in New Zealand Steel Limited held on behalf of Her Majesty by the responsible Minister
b: exercise any of Her Majesty's rights or powers in respect of the shares acquired. Section 4(a) amended 1 December 1988 section 3(1) Trade and Industry Act Repeal Act 1988
5: Crown may dispose of certain shares by way of exchange
1: The Minister of Finance may,—
a: on behalf of Her Majesty, acquire in exchange for any shares held by any Minister or Ministers of the Crown in—
i: Air New Zealand Limited; or
ii: DFC New Zealand Limited; or
iii: any shares in any other company:
b: exercise any of Her Majesty's rights or powers in respect of any shares so acquired.
2: The Minister of Finance shall dispose of all shares acquired under the authority of subsection (1) within 18 months of acquiring them. Section 5(1)﻿(a)﻿(iii) repealed 30 June 1988 section 3(5) Finance Act 1988
6: Petrocorp losses
1: For the purposes of this section,— Petrocorp subsidiary
2: Sections IA 5 IZ 5 for the purpose of determining the entitlement to carry forward under that section any net loss for the tax year tax year tax year tax year
a: of Petrocorp; or
b: if at the end of that other tax year
3: In calculating the net income for any tax year tax year Income Tax Act 2007 section IC 5 tax year tax year
4: This section shall be interpreted as if it is part of the Income Tax Act 2007 Section 6(2) amended 1 April 2008 section ZA 2(1) Income Tax Act 2007 Section 6(2) amended 1 April 2005 section YA 2 Income Tax Act 2004 Section 6(2) amended 26 July 1996 Taxation (Core Provisions) Act 1996 Section 6(2)﻿(b) amended 1 April 2005 section YA 2 Income Tax Act 2004 Section 6(3) substituted 26 July 1996 Taxation (Core Provisions) Act 1996 Section 6(3) amended 1 April 2008 section ZA 2(1) Income Tax Act 2007 Section 6(3) amended 1 April 2005 section YA 2 Income Tax Act 2004 Section 6(4) amended 1 April 2008 section ZA 2(1) Income Tax Act 2007
7: Amendment to Public Finance Act 1977
Section 7 repealed 26 July 1989 section 87 Public Finance Act 1989
8: Amendment to Building Research Levy Act 1969
1: This section shall be read together with and be deemed part of the Building Research Levy Act 1969.
2: Amendment(s) incorporated in the Act(s)
3: The Building Research Levy Amendment Act 1982
9: State-owned enterprises
1:
2: Sections 3(4) 6(1) 7(1) 12 20
a: the Minister of Finance and the Minister responsible for the Corporation acting on behalf of Her Majesty the Queen in right of New Zealand; and
b: the Corporation.
3: Section 9(1) repealed 1 April 1993 section 173(1) Electricity Act 1992 Section 9(3) repealed 1 April 1998 section 62(2)﻿(c) Postal Services Act 1998
10: Interim provisions relating to appeals to Social Security Appeal Authority against decisions made pursuant to delegation, etc
Section 10 repealed 1 October 1998 section 11 Employment Services and Income Support (Integrated Administration) Act 1998
11: Amendment to State-Owned Enterprises Act 1986
Section 11 repealed 8 August 1991 section 9(2) Finance Act 1991
2: Validations and repeals
Part 2 repealed 30 June 1988 section 20(1) Finance Act 1988
12: Air New Zealand Limited
Section 12 repealed 30 June 1988 section 20(1) Finance Act 1988
13: Repeal of Liquid Fuels Trust Act 1978
Section 13 repealed 30 June 1988 section 20(1) Finance Act 1988
14: Repeal of National Housing Commission Act 1972
Section 14 repealed 30 June 1988 section 20(1) Finance Act 1988
15: Tokelau 1983 Souvenir $5 coin
Section 15 repealed 30 June 1988 section 20(1) Finance Act 1988
16: Validating unlawful borrowing by New Zealand Kiwifruit Authority
Section 16 repealed 30 June 1988 section 20(1) Finance Act 1988
17: Validating unlawful loan by Agricultural Pests Destruction Council
Section 17 repealed 30 June 1988 section 20(1) Finance Act 1988
18: Validating unlawful collection of coal research levy association levy
Section 18 repealed 30 June 1988 section 20(1) Finance Act 1988
19: Repeals and savings
Section 19 repealed 30 June 1988 section 20(1) Finance Act 1988
20: Repeal of spent provincial enactments
Section 20 repealed 30 June 1988 section 20(1) Finance Act 1988