Finance Act 1962

1: Short Title
This Act may be cited as the Finance Act 1962.
2: Minister of Finance may borrow from International Bank for Reconstruction and Development for making loans to local authorities
Section 2 repealed 1 April 1978 Public Finance Act 1977
3: Sessional allowances to members of Parliament
1: For the avoidance of doubt as to the members of Parliament entitled to the sessional allowance payable under clauses 10, 12, 13, 14, and 15 of the Parliamentary Salaries and Allowances Order 1961, it is hereby declared—
a: that the said sessional allowance shall not be payable to any member by reason only of his attendance at a meeting of a Select Committee of Parliament, unless he is a member of that Committee:
b: that the said sessional allowance shall not be payable to the member for any of the following electorates, namely, Heretaunga, Hutt, Island Bay, Karori, Miramar, Onslow, Petone, and Wellington Central, and any other electorate which, after the passing of this section, the Representation Commission declares to be a Wellington Urban Electorate:
c: that, subject as aforesaid, while the Parliamentary Salaries and Allowances Order 1961 remains in force, the said sessional allowance shall be payable at the rate and in the circumstances specified in subclause (1) of clause 17 of that order.
2: Amendment(s) incorporated in the order(s)
3: This section shall be deemed to have come into force on 1 July 1961: provided that nothing in this section shall affect any payment of the said sessional allowance that has been made before the passing of this section.
4: Acquisition of shares in saleyard and topdressing airstrip companies
The Minister of Finance may from time to time, on behalf of Her Majesty the Queen, subscribe for or otherwise acquire, out of money appropriated by Parliament, shares or interests in any company incorporated in New Zealand and having among its objects the construction or maintenance or operation of stock saleyards or of airstrips for aerial topdressing purposes, and may from time to time exercise on behalf of Her Majesty all Her Majesty's rights and powers as the holder of any such shares or interests or as a member of any such company.
5: Timber Workers' Housing Pool Account
Section 5 repealed 19 November 1971 section 6(2) Finance Act 1971
6: Exempting gift to Crown from duties
Whereas by a deed made on 23 May 1962, Frank Crossley Mappin of Auckland, Baronet (in this section referred to as the donor
1: Notwithstanding anything in the Stamp Duties Act 1954, no conveyance or other stamp duty shall be payable or shall be deemed at any time to have been payable in respect of the said deed or of any memorandum of transfer pursuant to the said deed, and no person shall be bound to present any such document for stamping.
2: Notwithstanding anything in the Estate and Gift Duties Act 1955, no gift duty shall be payable or shall be deemed at any time to have been payable in respect of any gift made or evidenced by the said deed, and no such gift shall be aggregated with any other gift for the purpose of determining the gift duty on the other gift, and neither the donor nor any beneficiary under the said deed shall be bound to deliver to the Commissioner of Inland Revenue any statement in respect of any gift made or evidenced by the said deed or to include any such gift in any statement otherwise deliverable to that Commissioner.
3: Notwithstanding anything in the Estate and Gift Duties Act 1955, and notwithstanding the interests in the said pieces of land reserved to the donor and his wife by the said deed, and irrespective of when the donor dies, the said pieces of land shall not be included in the dutiable estate of the donor for the purposes of any estate duty or other death duties payable thereon.
4: The pieces of land to which this section relates are particularly described as follows: All those pieces of land situated in the City of Auckland containing together 11 acres 3 roods 35.1 perches be the same a little more or less, being part of the lands on Deposited Plans 3025 and 3789 and Part of Lot 1 on Deposited Plan 4122, which said pieces of land are Allotments 97, 97A, and 98 and portion of Allotments 37, 99, and 100 of Section 6 of the Suburbs of Auckland, and are all the lands comprised and described in certificates of title, Volume 404, folio 36, and Volume 617, folio 238, of the register books of the Land Registry Office at Auckland.
7: Empowering certain local authorities to expend money in connection with North Otago centennial celebrations
It shall be lawful and be deemed always to have been lawful for any local authority or public body whose district lies wholly or partly within the area comprised by the County of Waitaki and the Borough of Oamaru to expend money out of its general fund or account towards celebrating and commemorating the 100th anniversary of the settlement of North Otago, and in connection with the establishment of a centennial memorial or centennial memorials, and to make grants to the body known as the North Otago Centennial Committee for any such purpose.
8: Unauthorised expenditure of Hop Marketing Committee
The Hop Marketing Committee established by the Hop Marketing Regulations 1939
9: Stallions Act 1938 repealed
1), (2: Amendment(s) incorporated in the Act(s).
3: Amendment(s) incorporated in the regulations.
10: Validating agreement between the King George the Fifth Memorial Children's Health Camps Board, the Wanganui Health Camp Trust Board, and the Wanganui City Council
Section 10 repealed 1 March 2002 section 170(1) Public Trust Act 2001
11: Liability of shareholders of Bank of New South Wales
Section 11 repealed 1 October 1982 section 19 Westpac Banking Corporation Act 1982
12: Section 6 of Counties Amendment Act 1962 repealed
Section 12 repealed 1 April 1974 Counties Amendment Act 1974