Finance Act (No 2) 1990

1: Short Title and commencement
1: This Act may be cited as the Finance Act (No 2) 1990.
2: Except as provided in sections 10(2) 11(2) 12(2)
2: Interpretation
In this Act, unless the context otherwise requires,— appointed day section 5 the Bank Companies Act 1955 section 2(5) of the Companies Act 1955 bonus bonds Public Finance Act 1989 section 4 the Crown Minister Post Office bonus bonds Post Office Act 1959
3: Meaning of approved unit trust
1: In this Act approved unit trust (within the meaning of section YA 1 unit trust Gazette
2: The Minister shall not approve, under subsection (1), a unit trust that makes provision for interests to be held by persons who become unit holders by reason only of having been the holders of bonus bonds or Post Office bonus bonds unless—
a: the Minister is satisfied that the rights conferred on those persons are not, subject to this Act, substantially different from the rights which those persons had as the holders of those bonds; and
b: the unit trust deed provides that, for at least 2 years after the appointed day, the unit trust is required, if requested to do so, to buy back or redeem those interests deemed to have been issued to those persons.
3: For the purposes of the distribution of prizes retaining the characteristics of a lottery no unit in an approved unit trust shall have a better chance of winning a prize than 1 in 9 600. Section 3(1) amended 24 February 2016 section 301 Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016 Section 3(3) substituted 8 August 1991 section 28 Finance Act 1991
4: Changes to prize structure
1: The Governor-General may from time to time, by Order in Council
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 4(1) amended 28 October 2021 section 3 Secondary Legislation Act 2021 Section 4(2) inserted 28 October 2021 section 3 Secondary Legislation Act 2021
5: Holders of bonus bonds and Post Office bonus bonds to become unit holders in approved unit trust
1: On a date to be appointed by the Governor-General by Order in Council every person who, immediately before the date appointed, is the holder of a bonus bond or a Post Office bonus bond shall become the holder of a unit or units in an approved unit trust specified in the order corresponding in number to the number of units representing each dollar evidenced by the bond subject to all the rights and obligations attaching to that unit or those units by virtue of the unit trust as if that person had become the holder by subscription.
2: On the appointed day all rights and interests existing under and by virtue of bonus bonds or Post Office bonus bonds shall cease.
3:
4: Nothing in this section limits or prevents the issue of units in an approved unit trust to persons other than persons previously holding bonus bonds or Post Office bonus bonds.
5: 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 5(3) repealed 1 December 2014 section 150 Financial Markets (Repeals and Amendments) Act 2013 Section 5(5) inserted 28 October 2021 section 3 Secondary Legislation Act 2021
6: Guarantee by Crown
1: The Crown hereby guarantees, for a period of 2 years commencing on the appointed day, the performance of all obligations arising under an approved unit trust in respect of units deemed to have been issued to persons who were previously the holders of bonus bonds and Post Office bonus bonds.
2: Any money that is required to be paid by the Crown under subsection (1) shall be paid out of a Crown Bank Account
3: Any money required to be paid by the Crown under subsection (1) shall constitute a debt due to the Crown by the unit trust and shall be recoverable as such in any court of competent jurisdiction. Section 6(2) amended 25 January 2005 section 65R(3) Public Finance Act 1989
7: Use of term bonus bonds
1: On and after the appointed day the Bank shall have the sole and exclusive right to use of the term bonus bonds
2: Except as provided in subsection (1), no person shall use the words bonus bond bonus bonds
8: Application of section 11(2) of Unit Trusts Act 1960 from 1 October 1997
Section 8 repealed 1 December 2014 section 150 Financial Markets (Repeals and Amendments) Act 2013
9: Application of
Gambling Act 2003 Nothing in the Gambling Act 2003
a: the purchase or subscription of units in an approved unit trust; or
b: any cash prize payable to the holders of such units; or
c: the holding of ballots for the distribution of prizes to the holders of such units. Section 9 heading amended 1 July 2004 section 374 Gambling Act 2003 Section 9 amended 1 July 2004 section 374 Gambling Act 2003
9A: Application of Securities Act 1978
Section 9A repealed 1 December 2014 section 150 Financial Markets (Repeals and Amendments) Act 2013
10: Amendment to Income Tax Act 1976
Section 10 repealed 1 April 2005 section YA 2 Income Tax Act 2004
11: Amendments to Post Office Bank Act 1987
1: Amendment(s) incorporated in the Act(s)
2: This section shall come into force on the appointed day. Section 11(2) this section brought into force 1 October 1990 (SR 1990/255).
12: Revocation
1: The Post Office Bonus Bonds Interest Notice 1981 (SR 1981/315) is hereby revoked.
2: This section shall come into force on the appointed day. Section 12(2) this section brought into force 1 October 1990 (SR 1990/255).