Finance Act (No 2) 1989

1: Short Title
This Act may be cited as the Finance Act (No 2) 1989.
1: Transfer of assets to Radio New Zealand Limited and Television New Zealand Limited
2: Interpretation
In this Part, unless the context otherwise requires,— assets section 29(1) Broadcasting Corporation liabilities section 29(1) Ministers State enterprise section 2 transfer section 29(1)
3: Transfer of assets to State enterprises
1: The Ministers may, from time to time, prepare a list or lists specifying the assets and liabilities vested in the Crown by section 5 of the Broadcasting Amendment Act (No 2) 1988 State-Owned Enterprises Act 1986
a: Radio New Zealand Limited; or
b: Television New Zealand Limited.
2: Every list prepared under subsection (1) shall—
a: contain a description of each asset and liability, either individually or as a group or class; and
b: state the value attributed by the Ministers to each asset and liability, either individually or as a group or class; and
c: be signed by the Ministers; and
d: be laid before the House of Representatives by the Minister for State Owned Enterprises within 12 sitting days after the date on which it is signed.
3: The Governor-General may, at any time or times, by Order in Council, vest in Radio New Zealand Limited or Television New Zealand Limited or both on a date specified in the order, any assets or liabilities specified in a list prepared pursuant to subsection (1) and referred to in the order.
4: Issue of equity securities and debt securities
1: Every Order in Council made under section 3(3)
a: the kind, number, nominal value, and terms of any—
i: equity securities; and
ii: debt securities— that shall be issued by Radio New Zealand Limited or Television New Zealand Limited consequent upon the transfer to it of the assets and liabilities specified in the order; and
b: the date on which the equity securities and debt securities shall be issued.
2: On the date specified in each Order in Council pursuant to subsection (1)﻿(b) Radio New Zealand Limited or Television New Zealand Limited, as the case may require, shall issue to the Ministers in equal proportions—
a: fully paid up equity securities of such kind, number, nominal value, and terms as are specified in the order:
b: debt securities of such kind, number, nominal value, and terms as are specified in the order.
3: Nothing in subsections (1)﻿(b) and (2) of section 60 of the Companies Act 1955 shall apply in respect of equity securities issued pursuant to subsection (2).
5: Application of State-Owned Enterprises Act 1986
1: The State-Owned Enterprises Act 1986 section 3(3)
a: that vesting were the transferring of assets and liabilities pursuant to section 23(1)
b: the terms and conditions under which the assets and liabilities were vested were agreed between the Ministers and the State enterprise in which they were vested.
2: For the purpose of section 23(2) and (5)﻿(c) section 3(3)
6: Additional provisions relating to vesting of assets and liabilities of Broadcasting Corporation in the Crown
1: Nothing effected or authorised by this Part—
a: shall be regarded as placing the Crown, the Broadcasting Corporation, any State enterprise, or any other person in breach of contract or confidence or as otherwise making any of them guilty of a civil wrong; or
b: shall be regarded as giving rise to a right for any person to terminate or cancel any contract or arrangement or to accelerate the performance of any obligation; or
c: shall be regarded as placing the Crown, the Broadcasting Corporation, any State enterprise, or any other person in breach of any enactment or rule of law or contractual provision prohibiting, restricting, or regulating the assignment or transfer of any property or the disclosure of any information; or
d: shall release any surety from any obligation; or
e: shall invalidate or discharge any contract or security.
2: District Land Registrars are hereby authorised to make such entries in their respective registers and do everything necessary to give effect to the vesting of any land or any estate or interest in land under this Part.
3: A certificate, signed by the Chief Surveyor for the land district in which the land is situated, that any land described in the certificate, or described in any document on which the certificate appears, is land that was vested in the Crown by section 5 of the Broadcasting Amendment Act (No 2) 1988
4: Where, by virtue of this Part, any land vests in a State enterprise, the land shall vest in the State enterprise subject to all leases, agreements to lease, easements, and encumbrances existing in respect of any part of that land immediately before the land vests in the State enterprise but otherwise freed and discharged from all trusts and reservations affecting it.
5: All land vested in the Crown by section 5 of the Broadcasting Amendment Act (No 2) 1988 Land Act 1948
7: Application of Goods and Services Tax Act 1985
For the purposes of the Goods and Services Tax Act 1985 section 3(3)
2: Miscellaneous provisions
Part 2 repealed 31 August 1990 section 9(1)﻿(b) Finance Act (No 3) 1990 National Roads Fund Heading repealed 31 August 1990 section 9(1)﻿(b) Finance Act (No 3) 1990
8: Transfer from National Roads Fund to Crown Bank Account
Section 8 repealed 31 August 1990 section 9(1)﻿(b) Finance Act (No 3) 1990 Confirmation of Social Security (Rates of Benefits and Rate of Allowance) Order 1989 Heading repealed 19 December 1989 Subordinate Legislation (Confirmation and Validation) Act 1989
9: Order validated and confirmed
Section 9 repealed 19 December 1989 Subordinate Legislation (Confirmation and Validation) Act 1989 Confirmation of War Pensions (Rates of Pensions and Allowances) Order 1989 Heading repealed 31 August 1990 section 9(1)﻿(b) Finance Act (No 3) 1990
10: Order validated and confirmed
Section 10 repealed 31 August 1990 section 9(1)﻿(b) Finance Act (No 3) 1990