Finance Act 1986

1: Short Title
This Act may be cited as the Finance Act 1986.
1: Substantive provision
2: Buildings hired by Crown to remain property of Crown
1: Notwithstanding anything to the contrary in any enactment or rule of law, any building hired by the Crown to—
a: a person—
i: whose principal occupation is the carrying out of agricultural, horticultural, or pastoral operations, or the keeping of bees, poultry, or other livestock (whether personally or by a manager or other person on that person's behalf) on land used exclusively or principally for 1 or more of those purposes and owned or leased by that person; and
ii: whose income, or a substantial part of it, is derived from the use of that land for 1 or more of those purposes; or
b: the personal representatives of such a person who is deceased,— for removal to that land for the purpose of providing accommodation for any other person whose principal occupation is working on that land for wages, or of sharemilking or sharecropping on that land, shall remain the property of the Crown until the Housing Corporation of New Zealand or the Rural Banking and Finance Corporation of New Zealand (as the case may be) issues a certificate under its common seal that the Crown's ownership has ceased; and that building may at any time be removed by that Corporation after the termination of the hiring concerned, or otherwise pursuant to that hiring, without liability for payment of compensation to the owner of the land on which it is situated or to any other person, even if it has been so attached to that land as to form part of it.
2: 1940 No 10 s 9 Section 2(2) repealed 1 April 2005 section 139 Credit Contracts and Consumer Finance Act 2003
2: Repeal of Rural Housing Act 1939
3: Repeal of Rural Housing Act 1939
1: The following enactments are hereby repealed:
a: the Rural Housing Act 1939 (hereafter in this section referred to as the principal Act
b: the Rural Housing Amendment Act 1940:
c: Amendment(s) incorporated in the Act(s)
d: the Rural Housing Amendment Act 1956:
e: the Rural Housing Amendment Act 1968:
f: the Rural Housing Amendment Act 1970:
g: Amendment(s) incorporated in the Act(s)
2: The Rural Housing Regulations 1975 are hereby revoked.
3: Terms defined in section 2 of the principal Act shall in this section have the meanings there specified.
4: Notwithstanding subsections (1) and (2),—
a: a Council that has before the commencement of this Act agreed to make an advance to a farmer under section 3 of the principal Act may do so; and
b: a Council that has made such an advance may recover the amount of it and interest on it; and
c: fees shall be charged in respect of the matters referred to in section 5 of the principal Act; and
d: a charge in respect of an advance under the principal Act may be registered under the Statutory Land Charges Registration Act 1928
e: a memorial of a charge so registered shall be recorded; and
f: every advance made, before or after the commencement of this Act, under section 3 of the principal Act shall be a charge, and the amount of it shall, together with interest on it, be recoverable and applicable; and
g: Housing New Zealand Corporation
h: every debenture or other document or instrument of security or charge given by a Council to the said Corporation in respect of money lent or to be lent to that Council under section 9 of the principal Act shall have effect; and
i: every agreement under regulation 5 of the Rural Housing Regulations 1975 shall have effect; and
j: every written agreement entered into before the commencement of this Act pursuant to which the said Corporation agreed to advance money to a Council pursuant to section 9 of the principal Act and that Council agreed to give that Corporation security for that money shall have effect (and in that case that Corporation may advance money under the said section 9 accordingly); and
k: a Council may give security for money so advanced; and
l: every charge created, before or after the commencement of this Act, by section 6 of the principal Act shall have priority over any mortgage to the Crown; and
m: a trustee who does not object to the making of an advance under section 3 of the principal Act shall not be liable for breach of trust; and
n: the existence of a charge under the principal Act shall be taken into account in determining whether or not any mortgage or proposed mortgage of any land is or would be an investment authorised by a trust instrument or by the general law for the investment of trust funds; and
o: a Council that has made an advance under section 3 of the principal Act shall be entitled to receive insurance money; and
p: amounts recoverable in respect of an advance made under section 3 of the principal Act may be recovered from any person from whom rates may be recovered,— in the same manner, and to the same extent, as if the enactments specified in subsection (1) and the regulations specified in subsection (2) were still in force. Section 3(4)﻿(g) amended 1 July 2001 section 24(1) Housing Corporation Amendment Act 2001
3: Validations, repeals, and savings
Part 3 repealed 18 December 1987 section 19(1) Finance Act 1987
4: Validating acquisition of share by Minister of Finance
Section 4 repealed 18 December 1987 section 19(1) Finance Act 1987
5: Validating unlawful payment of fees to doctors
Section 5 repealed 18 December 1987 section 19(1) Finance Act 1987
6: Validating certain payments of forestry encouragement grants
Section 6 repealed 18 December 1987 section 19(1) Finance Act 1987
7: Confirmation of Order in Council apportioning excise duty
Section 7 repealed 18 December 1987 section 19(1) Finance Act 1987
8: Repeals and savings
Section 8 repealed 18 December 1987 section 19(1) Finance Act 1987