Fishing Vessel Ownership Savings Act 1977

1: Short Title
This Act may be cited as the Fishing Vessel Ownership Savings Act 1977.
2: Interpretation
1: In this Act, unless the context otherwise requires,— authorised savings institution
a: Post Office Bank Limited:
b: a trustee savings bank established under the Trustee Savings Banks Act 1948
c: a building society which is an approved society under section 56D section 113O
d: Commissioner State Sector Act 1988 Corporation depositor Farm Ownership Account section 2(1) fishing vessel vessel Fishing Vessel Ownership Account fishing vessel ownership requirements section 23 Home Ownership Account section 2(1) Minister Ordinary Farm Ownership Account section 2(1) Ordinary Fishing Vessel Ownership Account Ordinary Home Ownership Account section 2(1) purchase grant section 7 qualifying date qualifying year Special Farm Ownership Account section 2(1) Special Fishing Vessel Ownership Account Special Home Ownership Account section 2(1) terminating date withdrawal certificate section 20
2: 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 substituted 1 July 1987 State-Owned Enterprises Amendment Act 1987 Section 2(1) authorised savings institution substituted 1 September 1987 section 41(3) Building Societies Amendment Act 1987 Section 2(1) authorised savings institution repealed 22 May 1998 section 22(1) Private Savings Banks (Transfer of Undertakings) Act 1992 Section 2(1) Commissioner amended 1 April 1988 section 90(a) State Sector Act 1988 Section 2(1) Corporation substituted 1 July 1994 section 14 National Bank of New Zealand Limited Act 1994 Section 2(1) fishing vessel vessel substituted 12 December 1983 Fishing Vessel Ownership Savings Amendment Act 1983
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 21 December 1984 Fishing Vessel Ownership Savings Amendment Act 1984
1: Ordinary Fishing Vessel Ownership Accounts
3: Eligible savings
1: Subject to this section, for the purposes of this Act the amount of the eligible savings, in relation to the Ordinary Fishing Vessel Ownership Account of any depositor, at any date shall be—
a: where that date is the qualifying date, $250:
b: where that date is during any qualifying year, the lesser of—
i: the balance of the Account at that date:
ii: the sum of the amount of the eligible savings on the day immediately preceding the first day of that qualifying year and $5,000
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
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 withdrawal 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 balance 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 deemed not to have been withdrawn for the purposes of calculating 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 18 September 1980 Fishing Vessel Ownership Savings Amendment Act 1980 Section 3(2) amended 18 September 1980 Fishing Vessel Ownership Savings Amendment Act 1980 Section 3(3) repealed 18 September 1980 Fishing Vessel Ownership Savings Amendment Act 1980
4: Notice of conditions
The terms and conditions upon which applications for purchase 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.
5: 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 certifies in writing that he intends to become a commercial fisherman; or
b: is undertaking, at any university or other similar institution in New Zealand or elsewhere, a course of study which will be of material assistance in enabling him to become a commercial fisherman; or
c: is exclusively or principally engaged or employed as the master or a member of the crew of a fishing vessel; or
d: has other relevant experience or has other relevant qualifications which will assist him or enable him to become an efficient commercial fisherman. Section 5 substituted 18 September 1980 Fishing Vessel Ownership Savings Amendment Act 1980
6: Persons ineligible to receive grants
1: In this section the expression substantial interest in a 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 specified 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.
2: Subject to subsection (3) and notwithstanding any other provision in this Act
a: is not a New Zealand citizen; or
b: solely or jointly or in common with any other person owns or has owned a substantial interest in a vessel; or
c: 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
d: solely or jointly with any other person has received a purchase grant; or
e: is the spouse of any person to whom paragraph (b) or paragraph (c) or paragraph (d) would apply if that person were a depositor; or
f: has not, since the opening of his Ordinary Fishing Vessel Ownership Account, had substantial practical experience 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). Section 6(1A) inserted 18 September 1980 Fishing Vessel Ownership Savings Amendment Act 1980 Section 6(2) amended 18 September 1980 Fishing Vessel Ownership Savings Amendment Act 1980 Section 6(3) added 18 September 1980 Fishing Vessel Ownership Savings Amendment Act 1980
7: Purchase grants
1: 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 acquisition of the vessel, be paid by the Corporation to the depositor:
a: where the terminating date is not less than 3 years
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:
c: 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:
e: 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:
f: where the terminating date is on or after the tenth anniversary 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.
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, subject to section 9 Section 7(1)﻿(a) amended 18 September 1980 Fishing Vessel Ownership Savings Amendment Act 1980
8: Preservation of rights
Where, by reason of an Order in Council made pursuant to subsection (1)﻿(b)﻿(ii) or subsection (2) of section 3 section 7(2)
9: Aggregation of grants
The purchase grant payable under this Act may be aggregated when 2 or more depositors who have separate Ordinary Fishing Vessel Ownership Accounts amalgamate their eligible savings 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.
10: Acquisition of share in fishing vessel
Without prejudice to section 9
11: Joint Accounts
Where 2 depositors have a joint Ordinary Fishing Vessel Ownership Account and the Corporation is satisfied that by reason of circumstances that have arisen since the Account was opened it is impracticable for the depositors to acquire a fishing 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.
12: Transferability of Ordinary Fishing Vessel Ownership Accounts
1: Subject to this Act, balances in an Ordinary Farm Ownership Account
2: 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 Account 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 19 June 1987 Fishing Vessel Ownership Savings Amendment Act 1987 Section 12(1) amended 22 May 1998 section 6(a) Farm and Fishing Vessel Ownership Savings Schemes (Closure) Act 1998 Section 12(2) substituted 19 June 1987 Fishing Vessel Ownership Savings Amendment Act 1987 Section 12(3) substituted 19 June 1987 Fishing Vessel Ownership Savings Amendment Act 1987
13: Payment to Corporation
The Minister may from time to time, without further appropriation than this section, pay from a Crown Bank Account Section 13 amended 25 January 2005 section 83(7) Public Finance Act 1989
14: Exemption from income tax
All purchase grants shall be exempt from income tax.
2: Special Fishing Vessel Ownership Accounts
15: Special Fishing Vessel Ownership Accounts
1: Subject to this Act, on and after 1 November 1977 any person who would be entitled to open an Ordinary Fishing Vessel Ownership Account Income Tax Act 2004
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 certificate (not being an amount which has subsequently been redeposited in full and in respect of which the withdrawal certificate has been cancelled pursuant to section 20(3)
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 subsequently been redeposited in full and in respect of which the withdrawal certificate has been cancelled pursuant to section 20(3)
4: No person who is a depositor in relation to an Ordinary Fishing Vessel Ownership Account with any authorised savings institution 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 person, he shall not open a Special Fishing Vessel Ownership Account unless the other person has given up his interest in the joint Account or the joint Account is severed into separate Ordinary 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 1 April 2005 section YA 2 Income Tax Act 2004 Section 15(1) amended 18 September 1980 Fishing Vessel Ownership Savings Amendment Act 1980
16: 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 Vessel Ownership Account; and
b: 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.
17: Transferability
1: Subject to this Act, balances in a Special Farm Ownership with an authorised savings institution may be transferred to a Special 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
2: Where the balance in any Special Farm Ownership Account
3: Balances in a Special Fishing Vessel Ownership Account with any authorised savings institution may be transferred to a Special Fishing Vessel Ownership Account with any other authorised savings institution.
4: Any transfer of a Special Fishing Vessel Ownership Account 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 17(1) substituted 19 June 1987 Fishing Vessel Ownership Savings Amendment Act 1987 Section 17(1) amended 22 May 1998 section 6(b) Farm and Fishing Vessel Ownership Savings Schemes (Closure) Act 1998 Section 17(1) amended 22 May 1998 section 6(c) Farm and Fishing Vessel Ownership Savings Schemes (Closure) Act 1998 Section 17(2) amended 22 May 1998 section 6(d) Farm and Fishing Vessel Ownership Savings Schemes (Closure) Act 1998 Section 17(3) substituted 19 June 1987 Fishing Vessel Ownership Savings Amendment Act 1987 Section 17(4) added 19 June 1987 Fishing Vessel Ownership Savings Amendment Act 1987
18: Withdrawal and transfers from Special Fishing Vessel Ownership Accounts
1: Subject to this section and to section 17 Farm Ownership Savings Act 1974 Home Ownership Savings Act 1974
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 Account is not reduced to an amount less than the closing balance 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 financial year in excess of the maximum amount of any increase in savings on which a rebate is allowable under section KG 1(1) Income Tax Act 2004
3: 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
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 institution with which the Account is held shall forthwith notify the Commissioner and the Corporation in writing, stating—
a: the name of the depositor:
b: the amount of the withdrawal that resulted in the closure of the Account:
c: the closing balance of the Account as at 31 March immediately preceding the date of the closure:
d: 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. Section 18(2) added 18 September 1980 Fishing Vessel Ownership Savings Amendment Act 1980 Section 18(2) proviso amended 1 April 2005 section YA 2 Income Tax Act 2004 Section 18(2) proviso amended 1 April 1995 Income Tax Act 1994
19: Reopening of Special Fishing Vessel Ownership Accounts
1: Where—
a: a Special Fishing Vessel Ownership Account is closed pursuant to a withdrawal certificate issued under section 20
b: the amount withdrawn is used by the depositor as a deposit under a conditional agreement to acquire a fishing vessel and the agreement fails to become binding,— the Corporation may determine that the Account shall be reopened, subject to the depositor paying into the Account the whole of the amount withdrawn or such part as the Corporation determines, and the Corporation shall notify the authorised savings institution and the Commissioner accordingly.
2: Where any Special Fishing Vessel Ownership Account is reopened pursuant to subsection (1), the authorised savings institution 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 Fishing Vessel Ownership Account not earlier than 3 years
2: Any withdrawal certificate may be issued subject to such terms and conditions as are set forth in the certificate that the Corporation considers necessary or desirable to impose to ensure that any amount withdrawn from a Special Fishing Vessel Ownership 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 Ownership Account and redeposits the whole or any part of that amount in his Account, the withdrawal certificate shall be cancelled by the Corporation to the extent of the amount redeposited 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.
5: Subject to section 18(3)﻿(b) Section 20(1) amended 18 September 1980 Fishing Vessel Ownership Savings Amendment Act 1980
21: Ineligible depositors
Notwithstanding anything in this Act, no depositor shall be eligible to obtain a withdrawal certificate in respect of a Special Fishing Vessel Ownership Account if, in the opinion of the Corporation, the depositor would not be eligible for any benefits under Part 1 provided that, having regard to the special circumstances of any case, the Corporation may, in its discretion, issue a withdrawal certificate, either in respect of the whole or part of the balance in the Account, and conditionally or unconditionally to any depositor.
22: Breach of fishing vessel ownership requirements
Where the Corporation at any time knows or has reason to believe 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 become subject, the Corporation shall forthwith in writing inform the Commissioner accordingly.
23: Restrictions on use and dispositions
1: For the purposes of this Act, the term restriction period
a: in relation to an Ordinary Fishing Vessel Ownership Account of any depositor, the period of 5 years commencing on the date on which a purchase grant is paid to the depositor:
b: in relation to a Special Fishing Vessel Ownership Account of any depositor, the period of 5 years commencing on the date on which the depositor, pursuant to a withdrawal certificate, withdrew any money from the Account.
2: 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 occasion 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
b: 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
c: sell, lease, charter, part with the possession of, mortgage, 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 encumbrance granted by the depositor over his interest in any such vessel to secure any loan made to him by the Corporation; or
ii: any transmission of the depositor's interest in any such vessel.
24: Effect of dispositions within restriction period
If a depositor, contrary to section 23
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
b: pay to the Corporation subpart ID 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: refund any purchase grant under this section; or
b: pay withdrawal tax which, under subpart ID Section 24(b) amended 1 April 2005 section YA 2 Income Tax Act 2004 Section 24(b) amended 18 September 1980 Fishing Vessel Ownership Savings Amendment Act 1980 Section 24 added 19 June 1987 Fishing Vessel Ownership Savings Amendment Act 1987 Section 24 amended 1 April 2005 section YA 2 Income Tax Act 2004
25: Charges
1: To secure any money which may, pursuant to this Act or subpart ID
a: where the relevant fishing vessel is, within the meaning of section 2(1) Maritime Transport Act 1994 Schedule 1
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:
c: 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 consider 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.
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.
4: Subject to section 23
5: No such charge shall be discharged, released, modified or varied except by the Corporation or pursuant to an order of the High Court
6: No Section 25(1) amended 1 April 2005 section YA 2 Income Tax Act 2004 Section 25(1)﻿(a) amended 1 February 1995 section 202(1) Maritime Transport Act 1994 Section 25(5) amended 1 April 1980 section 12 Judicature Amendment Act 1979 Section 25(6) amended 20 May 1999 section 7 Stamp Duty Abolition Act 1999
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 balance of the Account and close the Account if after 18 June 1987 he or she either makes no further deposits in that Account or makes deposits in that Account which, in the opinion of the Corporation, were made without knowledge of this section.
2: Where the depositor exercises his or her rights under subsection (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 Part 1 provided that the purchase grant shall be calculated from the qualifying date until the close of 18 June 1987, and all Ordinary Fishing Vessel Ownership Accounts of under 3 years' duration shall attract a purchase grant of 25% of the depositor's eligible savings.
3: Where the depositor exercises his or her rights under subsection (1), the Corporation shall, in respect of a Special Fishing Vessel Ownership Account, issue to the depositor a withdrawal certificate pursuant to section 20 Part 2
4: Notwithstanding the foregoing provisions of this section, no person shall be entitled to receive a purchase grant or a withdrawal certificate pursuant to this section where the Fishing Vessel Ownership Account was formerly a Home Ownership Account which was transferred to a Fishing Vessel Ownership Account pursuant to section 12(1) section 17(1) Section 25A inserted 19 June 1987 Fishing Vessel Ownership Savings Amendment Act 1987
26: 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 Corporation 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 Minister 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 consent of the depositor concerned, unless that consent has been obtained.
27: Offences and penalties
1: Every person commits an offence against this Act who—
a: makes any statement knowing it to be false in any material particular or otherwise wilfully misleads or attempts to mislead the Corporation or any officer of the Corporation or any other person in relation to any application for a purchase grant for himself or any other person:
b: being a person to whom a purchase grant has been paid under this Act—
i: fails, within a reasonable time after being required 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 supply any information tending to incriminate himself; or
ii: supplies any information knowing it to be false in any material particular.
2: Any person who commits an offence under subsection (1) is liable on
a: to imprisonment for a term not exceeding 6 months or to a fine not exceeding $1,000; and
b: to repay in full to the Corporation any purchase grant wrongfully obtained. Section 27(2) amended 1 July 2013 section 413 Criminal Procedure Act 2011
28: Regulations
1: 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 conferred by subsection (1), regulations may be made under that subsection—
a: prescribing the mode of making application for purchase grants:
b: prescribing the procedure for payment of purchase grants:
c: 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 Section 28(2)﻿(c) amended 1 July 2013 section 413 Criminal Procedure Act 2011
29: Consequential amendments
The enactments specified in Schedule 2
3: Closure of Fishing Vessel Ownership Accounts by 30 June 2001
Part 3 added 22 May 1998 section 7 Farm and Fishing Vessel Ownership Savings Schemes (Closure) Act 1998
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 1 of the Income Tax Act 2004 Section 30 added 22 May 1998 section 7 Farm and Fishing Vessel Ownership Savings Schemes (Closure) Act 1998 Section 30(3)﻿(b) amended 1 April 2005 section YA 2 Income Tax Act 2004
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 1 of the Income Tax Act 2004
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 1994 Section 31 added 22 May 1998 section 7 Farm and Fishing Vessel Ownership Savings Schemes (Closure) Act 1998 Section 31(3)﻿(b) amended 1 April 2005 section YA 2 Income Tax Act 2004
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 2 section 30 Section 32 added 22 May 1998 section 7 Farm and Fishing Vessel Ownership Savings Schemes (Closure) Act 1998