reserve bank amendment act 1936

8/6/2019 Reserve Bank Amendment Act 1936

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IJEDW.VIII.] Reserve Bank of New Zealand [1936. No. 1.Amendment

N e w Z e a l a n d .

Title.1. Short Title and commencem ent.

Cancellation of Share Capital.

2. Cancellation of shares in ReserveBank and provis ion f o rpayment to shareholders ofvalue of shares and accrueddividends.

3. Amount of for me r share cap italto be transferred to GeneralReserve Fund.

4. Corporate identity of ReserveBank not af fected hv cancella-tion of shares.

Beconstitution of Board of

Directors of Reserve Bank.

5. Interpretation.6. Prov isions fo r reconstitute on of

Boar d of Directors.7. Appointment of new directors.8. Acts of B oard not af fected by

vacancy in membership.

Consequential Amendm ents ofExisting Acts.

9. Consequential amen dmen ts ofpr inc ipal Act .

Miscellaneous Amendm ents ofExisting Acts.

10. Restatement of general func tionsof Reserve Bank . Repeal .

11. Extending authority of ReserveBank to discount bi l ls .

12. Bank may gran t accom mod ation

by way o f overdra f t f o r

purchase and marketin g of

New Zealand produce.

1 *

A N A L Y S I S .

13. Extending author i ty o f ReserveBank to buy and sel l Govern-ment securities .

14. Reserve B ank may underwriteGovernment loans.

15. Increa sing auth ority of R eserveBank to grant accom modationto Treasury.

16. Pow er to suspend the oper ation

of subsection (1) o f section16 o f pr inc ipal A ct .

17. Secretary to the Treasu ry, asmember of Board, entitled tovote at meetings.

18 . As to fu ture appo intments o fGovernor and Deputy Governoro f Bank.

19 . As to appo intm ent o f Act i ngGovernor o r Act ing DeputyGovernor .

20. Ann ual report o f B oar d to bela id be fo re Par l iament .

21 . Appo intm ent and remunerat iono f Audi to rs . Repeal .

22. Repea l o f provision s relating tocompulsory l iqu idat ion o fB a n k .

23. Requirem ents o f section 45 ofpr inc ipal Act (as to balancesto be maintained in ReserveBank by trading banks ) maybe varied.

24. Am endi ng provision s as tomonthly returns to be fur-nished by trading banks toReserve Bank.

Repeal of Expired Provisions.

25. Repea l o f exp ired p rovisions.Schedules.



4 1936, No. 1.] Reserve Bank of New Zealand [1 EDW. VIII.

Amendment

Tit le .

Short Ti t l eand

commencement .

1933, No. 11

Cancellationof shares inReserve Bankand provisionfor paymentto shareholdersof value

of sharesand accrueddividends.

1936, No. 1.

AN ACT to amend the Re serv e Bank of New Zealand

Act , 1933. [8th April, 1936.

B E I T E N A C T E D b y t he G e n e ra l A s s e m b l y o f N e w

Zealan d in Par l iame nt assem bled , and by the author i ty

o f t he s a m e , a s f o l l ow s :—

1. (1 ) This Act may be c i t ed as the Reserve Bank

of N ew Ze aland A me ndm ent A ct , 1936 , and shal l be readtogeth er wi th and deem ed part o f the Re ser ve Bank of

New Zealand Act , 1933 (hereinaf ter re ferred t o as the

p r i n c i p a l A c t ) .

(2 ) This Ac t shall be deem ed to have come into f or ce

on the f irst day of Apri l , nineteen hundred and thirty-six .

Cancellation of Share Capital.

2. (1 ) On the comm encem ent o f this Ac t a l l shares

in the capital of the Reserve Bank shal l be deemed to be

cancel l ed , and thereu pon the severa l reg is tered share-

holders of the Bank, as on the thirty- f irst day of March,

nineteen hundred and thirty-six , shal l , in respect of the

shares held by them on that date, be ent it led, at their

opt ion, t o rece ive for every such share e i ther the sum

of six pounds f ive shi l l ings in cash or a l ike amount in

Ne w Zealan d Gov ernm ent s tock . I f any inst rument

purport ing t o t rans fer any shares o f the Bank

is presen ted t o the Ban k for re g is t rat ion a f t er

the thirty- f irst day of March, nineteen hundred

and thirty-six , and before the f irst day of May.

nineteen hundred and thirty-six (whether such in-

s t rument was executed on, before , or a f t er the sa i c

thi r ty - f i rs t day o f M arc h) , the Bank may accept anc

regi ster such instru me nt as i f i t we re a val id tran sfei

of the shares to which i t relates, execu ted and presenteefor reg is t rat ion before the sa id thi r ty - f i rs t day o f March

nineteen hu ndr ed and thirty-s ix . In any such case, th<

person named in the instrument as the transferee shal l

for the purposes of this sect ion, be deemed to be th

reg iste red h olde r of the shares as on the thirty- f irst da;

o f March, n ineteen hundred and thi r ty -s ix .

(2) There shal l also on the commencement of thi

A ct be pa yab le to or on accou nt of the sh areholde r

registered as on the thirty- f irst day of March, ninetee



1 EDW. VI II.] Reserve Bank of New Z ealand [1936, No. 1.Amendment

5

hundred and thirty-six , the dividend for the year ended

on that date (being- a dividend of f ive per centum on the

paid-up capi ta l ) .

(3 ) A n y cash payable by the Ban k under the

prov ision s of subse ct ion one here of shal l be pai d by the

Bank out of i ts funds.

(4) Al l stock issued und er subs ect ion one he reo f shal l

be created and i ssued sub jec t t o the fo l l owing spec ia l

condi t ions , nam ely :—

(a ) It shall be rede em abl e at pa r either on the first

day o f Apr i l , n ineteen hund red and for ty -s ix ,

or , at the opt ion of the registered holder, on

any earl ier date that may be f ixed by him on

givin g to the Re gis tra r of S tock not less than

fourte en da ys ' not i ce in wr i t in g o f h is intent ion

to require redemption of such stock on the date

so fixed:

(b ) D ur ing the cur ren cy of such stock i t shal l bea r

interest at the rate of fou r per cen tum pe r

annum, to be payable hal f -yearly , on the f irst

day of Apri l and the f irst day of October, in

ea c h a nd ev er y y ea r :

(c) No t ransfer o f any such s tock shal l be reg is teredand no stock cert i f icate shal l at any t ime be

issued in respect thereof .

(5) Th is sect ion , in so fa r as i t relates to the

creat ion or i ssue o f Governm ent s tock , sha ll be d eem ed

to be an au tho riz ing A ct w ithin the me an ing of the N ew 1932, No. 23

Zealand Loa ns A ct , 1932, and , except as o therwise

provided by the last preceding subsect ion, al l such stock

shal l be created and issued subject to the provisions of

that Act ,

3 . ( 1 ) For thw ith a f t e r the pass ing o f this Ac t the Amount o f

Ba nk sh all tr a n sf e r to its G en er al R e s e rv e F u n d th e su m JJJJJJJJJ tJT™

of f ive hundred thousand pounds (be ing the nominal be trans ferredamount o f i ts share cap i ta l ) , and the Min is ter o f F ina nce

shal l , as soon as pract icable thereafter , pay to the Bank

an amo unt equal to the total amo unt paid b y the Ba nk

to i ts shar eho lders in resp ect of their shares, p urs ua nt

to subsect ion three of the last pre ced ing sect ion.

(2 ) The prov is ion s o f sec t ion e leven o f the pr in c ipa l

Act shal l ap ply w ith resp ect to al l mo ne ys p aid by the

Minister of Finance to the Bank pursuant to this sect ion



6 1936, No . 1.] Reserve Bank of N ew Zealand [1 Edw. VIII.

Amendment

Cor p or ateid ent i ty o fR e s e r v e B a n knot a f fec tedby cancel lationof shares.

Inter p r eta t i on .

P r o v i s i o n s f o rr ec onst i tut i onof Boar d o fDi r ec tor s .

in the same manner and to the same extent as they

app ly wi th respe ct to the paym ents r e ferr ed t o in the

said sect ion.

4. Notwithstanding the cancel lat ion o f i t s shares in

accor dan ce wi th the for eg oin g prov is io ns o f this Ac t , the

Bank, on and a f t er the commencement o f this Act , sha l l

be and shal l cont inue t o be the same bo dy corpo rate as

that which was const ituted by sect ion seven of the

p r i nc i p a l Ac t ( b e i ng a b od y c or p or a t e w i t h p er p e t ua lsuccess ion and a common sea l , and being capable o f

hold ing rea l and personal property , o f suing and being

sued, and of d oin g and su ffe rin g al l such othe r acts

and things as bodies corporate may lawful ly do and

s u f f e r ) .

Reconstitution of Board of Directors of Reserve Bank

5. In the prov is ions o f this Act re lat ing t o the Boarc

of D irec tor s , the expre ss ion " ord inary mem bers o f th<

Bo ar d " mean s the Dire c tors o f the Ban k other thai

t he G ov e r nor , t he D ep ut y G ov er nor , a nd t he S ec r e t a r

t o t he T r ea s ur y .

6. (1 ) The or d ina ry me mbe rs o f the Bo ard c

Di re cto rs in of f ice on the comm ence me nt of this A<

shal l cont inue to be members of that Board, an

shal l the rea fter hold of fice du rin g the pleas ure of t l

G ov er nor - G ener a l i n Counc i l :

Prov ided that , unless they sooner vacate the

res pec t ive of f ices , they shal l ret ire in acco rda nce wi

t he f o l l ow i ng p r ov i s i ons , n a m el y :—

(a ) Tw o shal l ret ire on the thirty- f irst day of Ju1

nineteen hundred and thi r ty -s ix ;

(b) One shal l ret ire on the thirty- f irst day of Ju

nineteen hundred and thi r ty -seven:

(c ) Two shal l ret ire on the thirty- f irst day of Junineteen hundred and thi r ty -e ight ;

(d ) One shal l ret ire on the thirty- f irst day of Jn

nineteen hund red and thi r ty -nin e ; and

(e) One shal l ret ire on the thirty- f irst day of Ji

nineteen hundred and for ty .

(2 ) T he mem ber s so to ret ire in any year shal l

determined by the Board by ba l lot .

(3 ) I f any ord in ary m emb er o f the Bo ard in oi

on the commencement of this Act vacates his o:



1 EDW. VI II. ] Reserve Bank of New Zealand [1936, No. 1.Amendment

7

otherwise than by ret i remen t in accord ance w i th the

prov is ions o f subsect ion one o f this sec t ion, the Governor -

Genera l in Counc i l may appoint some person in his

stead, to hold of f ice on the same terms as his predecessor

in of fice. Th e pro vis ion s of this subs ect ion shal l app ly

in the event of any perso n ap po inte d und er this sub-

sect ion vacat ing his of f ice otherwise than by ret irement

in accordance wi th the for eg oin g prov is ions o f this

section.

(4 ) The d is t inct ion between State d i rec tor s andshareho lders ' d i rec tors i s here by ab ol i shed .

7 . ( 1 ) On the ret i rement o f any ord i nar y mem ber A p p o i n t m e n t

of the Board in accordance with the provisions of Sectors

subsect ion one of the last pr ece din g sect ion , and

thereaf ter f rom t ime to t ime as an ord inary vacancy

occurs in the ord inar y mem bersh ip o f the Bo ard , the

Govern or -Genera l in Coun c i l ma y app oint some per son

in his stead, to hold of fice du rin g ple as ur e:

Prov ided that no member o f the Board appointed

under this sec t ion shal l cont inue wi thout reappointment

to hold of fice con t inu ou sly fo r a lon ger p eri od than

five years.

( 2 ) Any o r d i na r y m em b er o f t he Boa r d m a y f r omtime to t ime be reappointed.

8. Th e val id ity of the acts of the Bo ar d of A c t s o f B o a r d

Directors shal l not be af fe cte d by an v va can cv in the K - o t j S 5 t d« / « / • D >• VdCdllC V

membership of the Board. in membership.

Consequential A mendments of Existing Acts.

9 . I n c ons eq uenc e o f t he f o r eg o i ng p r ov i s i ons o f Consequential

this Act relat ing to the cancel lat ion of share capital p™nc^ienACt°f

and to the tenu re of of f ice of m em ber s of the Bo ar d, the

pr inc ipa l Act i s hereby amended in the manner indicated

in the Fir st Sc hedu le h ereto .

Miscellaneous A mend ments of Existing Acts.

1 0 . (1) I t shal l be the gene ral fun ct io n of the Restatement

Reserve Bank , within the l imits of i ts po we rs, to g ive

ef fect as far as ma y be to the m on eta ry p ol i cy of the Reserve Bank.

Government , as communicated t o i t f rom t ime to t ime by

the Minis ter o f F inance . F or this purpo se , and to the

end that the econo mic and so c ia l we l fare o f Ne w Zealan d

may be prom oted and mainta ined , the Bank shal l



8 1936, No. 1.] Reserve Bank of New Zealand [1 EDw. VII I.

Amendment

Rep ea l .

E x t e n d i n gauthor i tyo f Reser veB a n k t odiscount bi l ls.

1934, No. 2

B a n k m a yg r a n t

a c c o m m o d a t i o nby way o fo v e r d r a f t f o rp ur c hase andmar ket ing o fNew Zea landp r od uc e .

regulate and contro l c red i t and currency in New

Zealand, the t rans fer o f moneys t o or f rom New

Zeala nd, and the d i sposa l o f mone ys that are d er ived

fr om the sa le o f any Ne w Zealand produ cts and fo r

the t ime being are held overseas .

(2 ) F o r the pur pos e o f enabl ing the Rese rve B ank

to ful f i l i t s func t ions the Gov erno r -Gen era l m ay by

•Order in Counci l make al l such regulat ions, not incon-

s i s tent wi th the pr inc ipa l Act or this Act , as he f rom

t ime to t ime cons iders ne cessary , and ma y pr escr ibetherein such penalt ies as he thinks f i t for the breach

of any such regulat ions, not exceeding in any case a

f ine o f one thousand pounds for any o f fence , or , in the

case o f a cont inuing o f fenc e , not exceeding a f ine o f f ive

hundred pounds for every day on which the o f fence i s

commit ted or cont inued .

(3 ) Al l regulat ions made under the author i ty o f this

sec t ion shal l be la id befo re Pa r l iamen t wi thin twenty -

e ight days a f t er the making thereof i f Par l iament i s then

in session, and i f not , then within twenty-eig ht days aft er

the commencement o f the next ensuing sess ion thereof .

(4) This sect ion is in subst itut ion for sect ion twelveof the prin cipa l Ac t , and that sect ion is her eby

a c c or d i ng l y r ep ea l ed .

11. Sect ion thi r teen o f the pr inc ipa l Act , as amended

by sect ion six of the Fin anc e Ac t , 1934, is hereby

f ur t he r a m end ed a s f o l l ow s :—

(a ) B y insert ing befo re the wor ds " bear ing two o i

mo re good s ignatures " in par agra ph (d ) and

also in pa ra gr ap h (e ) th ere of , as set out in the

said sect ion six , the words " (except in the case

of b i l l s , notes , or other documents as a fore

said signed on behalf of the New Zealarn

G o v e r n m e n t ) " :

(b ) B y re peal in g the prov i so t o the sa id para

g r a p h ( e ) .

12. Sect io n thirteen of the prin cipa l A ct is hereb

furth er amended by insert ing , a f t e r para graph (g ) o

s ub s ec t ion one , t he f o l l ow i n g new p a r a g r a p h :—

" (gg) Grant accom mo dat ion by wa y o f ov erdra l

to the Govern men t o f Ne w Zealand or t

any Board or other author i ty hav in

statutory powers in re lat ion t o the market i r



1 EDW. VII I.] Reserve Bank of New Zealand [1936, No. 1.Amendment

9

o f a ny New Zea l a nd p r od u c e , f o r the p ur p os e

of f inancing the pu rch ase and ma rke t ing of

a n y s uc h p r o d u c e . "

1 3 . Sect ion thi r teen o f the pr inc ipa l Act , as amended E x t e n d i n g

by sect ion six of the Fin an ce Ac t , 1934, is he reb y furt he r j j^ J^g 7 o f

a m end ed b y om i t t ing f r om p a r a g r a p h ( h ) o f s ub s ec ti on Bank to

one thereof , as set out in the said sect ion six , al l words a n d s®u\rOV6rniQeiLt

af ter the word s " the Gove rnm ent o f the U ni ted securities .

K in gd om ' ' ; and by ad din g to the said pa ra gr ap h as so 1934, No. 2

amended the words " or secur i t i es guaranteed by theGovernment o f New Zealand or by the Government o f

t he Uni t ed K i ng d o m

1 4 . ( 1 ) Sect ion thi r teen o f the pr inc ip a l A ct i s Reserve Bank

her eby fur the r am end ed by inse rt ing , aft er p ar a- ^y^nderwrite

gra ph ( i ) of sub sect ion one ther eof , the fo l lo w in g ne w loans,

p a r a g r a p h : —

" (it) Bv author i ty o f the Governor -Genera l in

Counc i l , und erwri te an y l oan prop os ed t o be

r a i s ed b y t he New Zea l a nd G o v er nm en t . "

(2) Pa ra gr ap h (•/') of s ubse ct ion one of sect ion

thir teen o f the pr inc ipa l Ac t i s here by consequ ent ia l ly

amended by omitt ing the words " but i t shal l not be

lawfu l f o r the Re serv e Bank to und erw ri te any such

loan " .

1 5 . (1 ) Sect ion four teen o f the pr inc ipa l A ct i s i n c r e a s i n g

her eb y a m end ed b y om i t t i ng f r om p a r a g r a p h (i) t her eo f

the wor ds " one-ha lf of " be fo re the wor ds " the Bank to grant

revenue or es t imated reven ue " . a c c o m m o d a t i o n. to Treasu ry.

(2 ) In comp ut ing the t ota l amount that ma y be

granted by the Bank by way o f accommodat ion t o the

Treasury , as f ixed by paragraph (i) of sec t ion fourteen

of the prin cipa l A ct , no accoun t shal l be taken of a ny

secur i t i es acquired by the Bank under paragraph (J i ) o f

sec t ion thi r teen o f that Act or o f any accommodat ion by

way o f overdraf t granted by the Bank pursuant t o

p a r a g r a p h (gg) of the said sect ion thirteen (as enacted

in sect ion twelve of this A ct ) .

1 6 . (1 ) The Minis ter o f F inance may at any t ime Po w e r to

and from t ime to t ime by not ice publ ished in the Gazette operation^

suspend, either absolutely or subject to such condit ions subsect ion ( i )

as he thinks fit , the du ty im po se d on the R es er ve B an k of principal6

by subsect ion one of sect ion sixteen of the principal Act . A c t -




Amendment

Secre tary tothe Treasury ,as mem ber ofBoard , ent i t l ed

to vote atmeet ings .

As to fu tureappo intmentsof Governorand DeputyGovernor ofB a n k .

Cf . 1933,No . 11 ,s . 32 (2 )

As toappo intment o fA c t i n g

Governoror Act ingD e p u t yGovernor .

Annual reporto f Board tobe la id be fo rePar l iament .

(2 ) A n y not i ce under this sec t ion may be at any t ime

in l ike man ner amend ed or rev oked .

(3 ) Du r ing an y per iod o f suspens ion (whethe r

abso lute or con dit io na l) the notes of the Ban k shal l

cont inue t o be l ega l t ender , notwi thstanding anything t o

the con trary in sec t ion twen ty o f the pr inc ipa l A ct .

17. Sect ion twenty - three o f the pr inc ipa l Act i s

hereby amended by omit t ing f rom subsect ion two the

w or d s '4 but shal l not be ent it led to vote at any meet ing

o f t he Boa r d " .18. (1) Sect ion twenty - f ive o f the pr inc ipa l Act i s

hereby amended by omit t ing f rom subsect ion two the

wo rds " on the recomm enda t ion o f the Bo ard o f

D i r ec t or s " .

(2 ) I f the Go vern or or the De pu ty Gove rnor o f the

Ban k, dur ing his t erm of o f f ice , becom es perm anent ly

incapable o f p er for m in g the dut ies o f h i s of fi ce , he may

be remo ved f ro m of fi ce by the Govern or -Ge nera l in

Counc i l , on the recommendat ion o f the Board .

19. Sect ion twe nty -seven o f the pr inc ipa l Act i s

h e r e b y a m e n d e d a s f o l l o w s : —

(a ) By om i t t i ng f r om s ub s ec t i on f our t he w or d s" Bo ar d o f Dire c tors and subst i tut ing the

wo rds " Min is ter o f F inan ce and by

insert ing after the words " an of f icer of the

Re ser ve B ank " in the same subsect ion the

w or d s " o r s om e o ther p er s on " :

(b ) By omit t ing f rom subsect ion f ive the words

" of f icer of the Re ser ve Ba nk " , and sub st itut -

ing the wo rds " person , not be ing a mem ber o f

t he Boa r d

20. (1 ) Within three months a f t er the c lose o f each

financial yea r the B oa rd shal l fur nis h to the Min ister

of F inan ce a gene ra l report on the operat ions o f the

Bank dur ing that year , t ogether wi th such part i culars

as he ma y re quire .

(2 ) The re port shal l be s igned by the Gov erno r and

the D eputy Go vern or , and shall be la id bef ore Par l iam ent

within fou rtee n days a f t er the rece ipt thereof by the

said Minister i f Parl iament is then sit t ing, or , i f

Par l iam ent i s not s i t ting , sha l l be la id be fore Par l iamen t

within fourtee n days a f t e r the comm encem ent o f the

next ensuing sess ion thereof .



1 EDW. VI II.] Reserve Bank of New Zealand [1936, No. 1.

Amendment 11

21. ( 1 ) T he G ov er no r - G ener a l i n Counc i l m a y f r o m

time to t ime appoint one or more qual i f ied persons to

be the Au di to r or the Au di to rs o f the Ban k. Ev er y such

appointment shal l be f or a t erm not exceed ing two year s ,

b ut a ny p er s on a p p o i n t ed a s Aud i t o r m a y b e r ea p p o i nt ed

on the exp iry o f any t erm of appo intmen t . Th e Au di t or

or Aud i tors so appointed shal l be ent it l ed to rece ive f ro m

the funds o f the Bank such fees as the Governor -Genera l

in Counc i l f rom t ime to t ime prescr ibes .

(2 ) The per son s in o ff ice as the Au di to rs o f the Ban k

on the comm encem ent o f this Ac t shal l ther eaf te r h oldof fice as i f they were a ppo inte d und er this sect ion.

(3 ) Sect ion for t y -on e o f the pr inc ipa l Act is hereby

repealed .

22. S ec t ions f o r t y - t hr ee a nd f o r t y - f o ur o f t he

pr inc ipa l Ac t are here by re pealed .

23. Sect ion for ty - f ive o f the pr inc ipa l Act i s hereby

amended by adding t o subsect ion two the fo l l owing

p r ov i s o :— -

" P rov ided that the requirem ents o f this subsect ion

as to the maintenance o f ba lances in the Re serv e Ban k

may f rom t ime to t ime, by not i ce publ i shed in the Gazette,

be var ied b y the Go ver nor o f the Ban k act ing wi th theauth ority of the Min ister o f Fin an ce, but so that the

balance required to be maintained by any bank shal l not

at any t ime be less than the balance required by this

s ub s ec t i on t o b e m a i nt a i ned . "

24. Sect ion for ty -s ix o f the pr in c ipa l A ct i s here by

amended by repea l ing para gra ph (h) o f subsect ion one

t her eo f , a nd s ub st it u t ing t he f o l l ow i ng p a r a g r a p hs :—

" (7 i ) The amounts , separate ly , o f i t s agg reg ate

advan ces and i t s agg rega te d i scoun ts in N ew

Z e a l a n d :

" (hh) T he a g g r eg a t e o f the unex er c i s ed ov e r d r a f t

a ut hor i t i e s o f i t s c us t om er s . "

A p p o i n t m e n tan dremunerationo f Audi to rs .

Repeal .

Repeal o fprovis ionsrelating tocompulsoryl iqu idat iono f Bank.

Requirementsof section 45o f pr inc ipalAc t (as tobalances to bemaintained inReserve Bankby tradingb a n k s )m a y b evar ied .

A m e n d i n gprovisions asto month lyreturns to befurn ished bytrading banksto ReserveB a n k .

Repeal of Expired Provisions.

2 5 . The enactments spec i f i ed in the Second Schedule Repeal o f

hereto are hereby repealed, as spent .expiredprovisions.




Amendment

Sc hed ules .

Number of Sectionaffected.

Section 3

Section 5

Section 8Section 10Section 14Section 18Section 19Section 23

Section 27

Section 28Section 29Section 30Section 31

Section 32

Section 33

Section 36

S C H E D U L E S .

F I R S T S C H E D U L E .

C O N S E Q U E N T I A L A M E N D M E N T S O E P R I N C I P A L A C T .

Natur e o f Amend ment .

By omitting fr om subsection one the words " wThich shall be abody corporate limited by shares in accordance with this Act ".

By omitting from subsection two the words " The Board mayfrom time to time, with the approval of the Governor-Generalin Council and with the concurrence of the shareholders, expressedat a general meeting of shareholders bu t not otherwise " , andsubstituting the words " The Governor-General may from timeto time by Order in Council " ; and by omitting from the samesubsec tion the words " it thinks fit", and substituting thewords " he thinks fit

By repealing this section.By repealing this section.

By omitting from paragraph (c) the words <: its own shares orBy repealing subsections two and three.By repealing this section.By omitting from subsection one the words " or elected ".By omitting from paragraph (/) of subsection three the words

" for presentation to general meetings ".By omitting from subsection one the words " o r to the general

meeting of shareholders ".By repealing this section.By repealing this section.By repealing this section.By omitting all words after the words " a breach of the provisions

of this subsection ".By omitting fro m subsection one the words " or elected " ; and

by repealing subsection two.By omitting the words " Board and sanctioned at a general meeting

of shareholders and substituting the words " Governor-Generalin Council ".

By omitting the words " as the Board thinks proper has beenmade " , and substituting th e words " has been made as the

Board, with the approval of the Minister of Finance, thinksproper " ; by omitting the words " and after payment out of thenet profits of a cum ulative dividend of five per centum per annumon the pa id-up capital " ; by omitting from paragraph (a) thewords " the paid-up capital of the Bank ", and substituting thewords " five hundred thousand pounds " ; by omitting fromparagraph (b) the words " the paid-up capital of the Bank, but isless than twice the paid-up capital ", and substituting the words" five hundred thousand pounds, but is less than one millionpounds " ; bv om itting from paragraph (c) the wrords " twicethe paid-up capital of the Bank and substituting the words" one million pounds ".



1 EDW. VI I I . ] Reserve Bank of New Zealand [1936, No . 1 . 13

Amendment

Number of Sectionaffected.

Nature of Amendment.

Section 39

Section 40

Section 47

Section 48

Section 50

First Schedule ..

Second Schedule..

By repealing this section.

By repealing subsection one ; by om itting fro m subsection tw o

the words " the said s e c t i o n s a n d substi tut ing the words

" thi s A ct " .




By repealing clauses one to seven, and clauses eleven to thirteen.

By omitting the reference to paid-up capital in the column relatingto the liabilities of the Bank.

S E C O N D S C H E D U L E .

E X P I R E D P R O V I S I O N S R E P E A L E D .

Name of Act. Provisions repealed.

The Reserve Bank of New Zealand Act, 1933 (No. 11) Sections 6, 7, 9, 26 (2).

The Finance Act, 1933 (No. 2), (No. 41) Section 6.

The Finance Act, 1934, (No. 2) Sections 3, 9, 10.

reserve bank amendment act 1936

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