An Act to empower the Masterton Borough Council to establish a Staff Retiring Fund, to appropriate money from its General Account for that purpose, to make payments therefrom to certain employees, and to validate the payment of money already made to such Fund and the payments made therefrom

Preamble

Whereas in the year ended on 31 March 1955, the Masterton Borough Council established a special fund known as the Masterton Borough Council Staff Retiring Fund with the intention of accumulating therein sufficient money to make payments therefrom to certain of its employees pursuant to section 6 of the Finance Act (No 2) 1941:

And whereas in the year ended on 31 March 1955, and in each subsequent year the Council has appropriated and paid from its General Account certain money into the said Staff Retiring Fund, and has in certain years made payments from such Fund to certain persons retiring from the service of the Council:

And whereas doubts have arisen as to the validity of such appropriations and payments, and it is desirable to validate the same:

And whereas the Council wishes to continue the Fund on the terms hereinafter appearing, and it is desirable that the Council should be authorised to do so.

1 Short Title

This Act may be cited as the Masterton Borough Council Staff Retiring Fund Act 1962.

2 Interpretation

In this Act, unless the context otherwise requires,—

Council means the Masterton Borough Council; and includes the body corporate known as the Mayor, Councillors, and Citizens of the Borough of Masterton

employee means a person—

(a)

who was on 1 September 1954 in the permanent employment of the Council; and

(b)

who has remained continuously in such employment from that date until 31 March 1962; and

(c)

who is not a contributory to the Council’s National Provident Fund Superannuation Scheme; and

(d)

whose total length of service with the Council, whether before or after the passing of this Act, has been not less than 10 years

Fund means the Staff Retiring Fund of the Council established under section 3.

3 Staff Retiring Fund

(1)

The Council is hereby authorised, and shall be deemed always to have been authorised, to establish a trust fund to be called the Staff Retiring Fund.

(2)

The Fund shall consist of—

(a)

the money heretofore paid into the Fund, the payment of which is by section 4 declared to have been validly made:

(b)

interest which has heretofore accrued and shall from time to time hereafter accrue from the investment of money in the Fund:

(c)

the money from time to time hereafter paid into the fund by the Council as hereinafter provided.

4 Validation of past payments to the Fund

The payments made to the Fund by the Council from its General Account and specified in Schedule 1 are hereby validated and declared to have been lawfully made.

5 Validation of past payments from the Fund

The payments made by the Council from the Fund and specified in Schedule 2 are hereby validated and declared to have been lawfully made.

6 Investment of the Fund

All money belonging to the Fund and available for investment may be invested by the Council in the following manner:

(a)

in New Zealand Government securities; or

(b)

on deposit in any bank lawfully carrying on the business of banking in New Zealand; or

(c)

in the Common Fund of Public Trust; or

(d)

in the debentures or stock of any local authority; or

(e)

in the National Provident Fund.

Section 6: replaced, on 30 January 2021, by section 161 of the Trusts Act 2019 (2019 No 38).

7 Cost of administering the Fund

Any costs or expenses incurred in administering the Fund shall be paid by the Council out of its General Account.

8 Payments into the Fund

The Council may from time to time appropriate from its General Account, and pay into the Fund, such sum or sums of money as the Council shall think fit:

provided that such sum or sums shall not in any 1 year exceed in the aggregate 1,000 pounds:

provided also that the Council shall not make any such payment which, when added to the money then in the Fund, would make the total money in the Fund exceed 6,500 pounds.

9 Payments to employees or their dependants

(1)

On the retirement from the service of the Council of any employee to whom this Act applies, the Council may pay to him by way of gratuity an amount from the Fund not exceeding an amount equal to 6 months’ pay at the rate payable to him at the time of his retirement.

(2)

On the death of any such employee (whether before or after his retirement, but before he has received a gratuity under subsection (1)) the Council may pay to his dependants or any of them by way of gratuity an amount from the Fund not exceeding an amount equal to 6 months’ pay at the rate payable to him at the time of his retirement or (if he died before retirement) at the time of his death.

10 Act not to affect Council’s authority otherwise

Nothing in this Act shall be deemed to prevent the Council from making any payment from its General Account which it is authorised to make pursuant to section 6 of the Finance Act (No 2) 1941:

provided that if the Council makes any payment to an employee pursuant to this Act it shall not make any additional payment to that employee pursuant to the said section 6, and if the Council makes any payment to an employee pursuant to the said section 6 it shall not make any additional payment to that employee pursuant to this Act.

11 Payments to employees or their dependants not to affect independent liability

No payment made to an employee or his dependants under section 9 shall affect or in any way derogate from any right which such employee or his dependants may have to claim from the Council compensation under the Workers’ Compensation Act 1956 or damages at common law, and the amount of any such payment shall not be taken into account in assessing compensation or damages.

12 Act not to confer right on employees or their dependants to claim gratuity

Nothing in this Act shall be deemed to confer on any employee or his dependants any right to claim from the Council any compensation, gratuity, damages, or other money on the retirement or death of such employee.

13 Winding-up of the Fund

Not later than 6 months after the retirement from the service of the Council or the death (if he died before retirement) of the last employee to whom the Council may make a payment from the Fund pursuant to section 9, the Council shall pay any money then in the Fund into the General Account of the Council.

14 Offences

(1)

If the Council at any time—

(a)

makes any payment into the Fund otherwise than in accordance with section 8; or

(b)

makes any payment from the Fund in excess of or otherwise than in accordance with the provisions of this Act in that behalf,—

every member of the Council who consents thereto commits an offence, and is liable on conviction to a fine not exceeding 100 pounds.

(2)

The Auditor-General shall, if he or she considers that the circumstances warrant it, institute the necessary proceedings against any member liable to any such penalty.

(3)

All costs incurred by the Auditor-General in any such proceedings shall be paid by the Council out of its General Account; and, subject to the provisions of section 109 of the Public Revenues Act 1953 (as substituted by section 3 of the Public Revenues Amendment Act 1958), all money recovered for fines and costs shall be deemed to be part of the General Account of the Council, and shall be paid into the General Account accordingly.

Section 14(1): amended, on 1 July 2013, by section 413 of the Criminal Procedure Act 2011 (2011 No 81).

Section 14(2): amended, on 1 July 2001, pursuant to section 52 of the Public Audit Act 2001 (2001 No 10).

Section 14(3): amended, on 1 July 2001, pursuant to section 52 of the Public Audit Act 2001 (2001 No 10).

Schedule 1 Payments to the Fund declared to have been lawfully made

s 4

Payment made during the year ended 31 March	Amount of payment (£)
1955	2,000
1956	1,000
1957	1,000
1958	1,000
1959	1,000
1960	1,000
1961	1,000

Schedule 2 Payments from the Fund declared to have been lawfully made

s 5

Date of payment	Amount of payment
Date of payment	£	s	d
26 November 1954	181	16	0
29 April 1955	256	8	6
1 September 1957	1,540	0	0
7 August 1958	473	0	0
23 November 1961	367	5	0
20 June 1962	327	16	4

Reprints notes

1 General

This is a reprint of the Masterton Borough Council Staff Retiring Fund Act 1962 that incorporates all the amendments to that Act as at the date of the last amendment to it.

2 Legal status

Reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by any amendments to that enactment. Section 18 of the Legislation Act 2012 provides that this reprint, published in electronic form, has the status of an official version under section 17 of that Act. A printed version of the reprint produced directly from this official electronic version also has official status.

3 Editorial and format changes

Editorial and format changes to reprints are made using the powers under sections 24 to 26 of the Legislation Act 2012. See also http://www.pco.parliament.govt.nz/editorial-conventions/.

4 Amendments incorporated in this reprint

Trusts Act 2019 (2019 No 38): section 161

Criminal Procedure Act 2011 (2011 No 81): section 413

Public Audit Act 2001 (2001 No 10): section 52