Finance Act 1990

1: Short Title and commencement
1: This Act may be cited as the Finance Act 1990.
2: Except as provided in Part 1 Part 2
2: Act binds the Crown
This Act binds the Crown.
1: Application of State-Owned Enterprises Act 1986 and other Acts to Telecom Corporation of New Zealand Limited
3: Commencement of this Part
1: This Part shall come into force on a date to be appointed by the Governor-General by Order in Council; and 1 or more Orders in Council may be made bringing different provisions of this Part into force on different dates.
2: An order under this section is secondary legislation ( see Part 3 The following table is small in size and has 3 columns that are grouped under the heading Legislation Act 2019 requirements for secondary legislation made under this section. Legislation Act 2019 requirements for secondary legislation made under this section Publication PCO must publish it on the legislation website and notify it in the Gazette LA19 s 69(1)﻿(c) Presentation The Minister must present it to the House of Representatives LA19 s 114 cl 32(1)﻿(a) Disallowance It may be disallowed by the House of Representatives LA19 ss 115 116 This note is not part of the Act. Section 3(1) brought into force 14 June 1990 clause 2 Finance Act Commencement Order 1990 Section 3(1) brought into force 12 September 1990 clause 2 Finance Act Commencement Order (No 3) 1990 Section 3(2) inserted 28 October 2021 section 3 Secondary Legislation Act 2021
4: Amendment to State-Owned Enterprises Act 1986
1: Amendment(s) incorporated in the Act(s)
2: Notwithstanding the coming into force of subsection (1), section 22 the Corporation
a: the Corporation were a State enterprise; and
b: the Minister of Finance and the Minister for State Owned Enterprises were the shareholding Ministers for the Corporation.
3: Amendment(s) incorporated in the Act(s)
4: Notwithstanding the coming into force of subsection (3) and whether or not all or any of the shares in the Corporation are held by Ministers of the Crown on behalf of the Crown, sections 23 to 30
a: the Corporation were a State enterprise and a company named in Schedule 2
b: the Minister of Finance and the Minister for State Owned Enterprises were the shareholding Ministers for the Corporation.
5: Each Minister of the Crown who holds shares in the Corporation on behalf of Her Majesty the Queen may exercise all or any of Her Majesty's rights and powers as the holder of those shares.
5: Amendment to Official Information Act 1982
Amendment(s) incorporated in the Act(s)
6: Amendment to Ombudsmen Act 1975
Amendment(s) incorporated in the Act(s)
7: Amendment to Income Tax Act 1976
Section 7 repealed 1 April 2005 section YA 2 Income Tax Act 2004
8: Amendment to State Sector Act 1988
Amendment(s) incorporated in the Act(s)
2: New Zealand Railways Corporation
9: Commencement of this Part
This Part shall be deemed to have come into force on 21 March 1990.
10: Loan and swap obligations of New Zealand Railways Corporation guaranteed by the Crown
1: All obligations of the New Zealand Railways Corporation (in this section called the Corporation New Zealand Railways Corporation Act 1981
2: If any default is made by the Corporation in the payment of any principal, interest or other money payable in respect of an obligation of the Corporation described in subsection (1), such principal, interest or other money, as the case may be, shall be paid out of a Crown Bank Account
3: All money paid under the authority of subsection (2) on account of an obligation of the Corporation described in subsection (1) shall constitute a debt due by the Corporation to the Crown and may be recoverable accordingly. Section 10(2) amended 25 January 2005 section 65R(3) Public Finance Act 1989
11: Certain matters not affected by legislation relating to New Zealand Railways Corporation
Neither the introduction into the House of Representatives of any Bill that relates to the restructuring of the New Zealand Railways Corporation (in this section called the Corporation
a: shall be regarded as placing the Corporation or any other person in breach of, or default under, any contract or in breach of confidence or as otherwise making any of them guilty of a civil wrong:
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:
c: shall be regarded as placing the Corporation 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:
d: shall release any surety wholly or in part from all or any obligation:
e: shall invalidate or discharge any contract or security. 1986 No 129 s 6(g)