Where in this Act or any other Act the Minister is authorized to borrow any money on the security of and charged upon the public revenues of New Zealand, he may borrow that money by the issue of securities under this Act in New Zealand or elsewhere on such terms as he thinks fit, and either at one time or in several sums from time to time.

The authority to borrow any money shall be deemed to include authority to borrow also such additional sums as the Minister thinks necessary to provide for all costs, charges, and expenses connected with the borrowing.

All principal and interest payable under any Government security are hereby declared to be a charge upon and to be payable out of the public revenues of New Zealand without further appropriation than this Act.

All money borrowed or purporting to be borrowed, and all securities issued or converted, or purporting to be issued or converted, under this Act shall, so far as concerns the lender or holder, be deemed to have been lawfully borrowed, issued, or converted within the powers by this Act conferred in that behalf, and no such lender or holder shall be concerned to inquire whether or to what extent authority has been given or occasion has arisen for the exercise of any such powers.

All debentures and Treasury bills issued under this Act shall bear on the face thereof as authority for the issue thereof the words “Issued under the New Zealand Loans Act 1953”, and it shall not be necessary to cite on any such securities any other authority than this Act.

Neither the authority to borrow any money given by any authorizing Act nor the exercise of any such authority under this Act shall alter or affect or vary any Government security theretofore issued.

Nothing in this Act and nothing done under this Act, except by agreement, shall take away, abridge, or prejudicially affect any right or interest, by way of priority or otherwise, of any person in or against the Consolidated Fund, or the public revenues of New Zealand, or any of them, or any remedy which any person would have had or might have exercised in respect of any such right or interest if this Act had not been passed.

All debentures and Treasury bills issued under this Act shall be signed by the Minister or, in the case of money borrowed outside New Zealand, by the Loan Agents raising the loan, and shall be countersigned by the Controller and Auditor-General or by any person appointed for that purpose by the Controller and Auditor-General either generally or in a particular case. The fact that any person so countersigns shall be sufficient evidence of authority to do so, in the absence of proof to the contrary.

It shall be sufficient compliance with the provisions of this section requiring any securities to be signed by the Minister if the name and designation of the Minister are stamped on the securities.

The Minister may from time to time issue in New Zealand or elsewhere, and on such terms as he thinks fit, new securities for such amount as may be necessary for the purpose of redeeming or converting any Government securities; and may from time to time, by agreement with the holders, renew any Government securities by extending the currency thereof for such period as he thinks fit.

The currency of any Treasury bill may be extended by endorsement thereon, signed and countersigned in the manner provided by section eight of this Act for the signature and countersignature of debentures and Treasury bills.

The Minister may, without further appropriation than this section, pay to the holder of any Government securities being converted such amount by way of premium or bonus as may be necessary to effect the conversion. Every such premium or bonus shall be deemed to be part of the costs, charges, and expenses of the conversion.

In every case where money is borrowed under this section it shall be applied exclusively in redeeming or converting the securities for which it was borrowed and defraying the costs, charges, and expenses incurred in connection with the borrowing and the redemption or conversion:

Provided that nothing in this subsection shall be construed to prevent the temporary investment of any such money pending its application to the purpose aforesaid.

Trustees and other persons acting in a fiduciary capacity are hereby expressly authorized to convert under this section any Government securities held by them, and shall not be liable for any loss resulting from any such conversion.

The Treasury shall from time to time notify the Audit Office of all securities intended to be issued, redeemed, converted, or renewed under this Act, and the Audit Office shall thereupon satisfy itself that the issue, redemption, conversion, or renewal is according to law.

Where in any Act any money is authorized to be transferred in any financial year from the National Development Loans Account to any other fund or account, the Minister may in that financial year borrow that money on the security of and charged upon the public revenues of New Zealand.

In anticipation of the passing of the Appropriation Act for any financial year, the Minister, at any time after the passing of the Appropriation Act for the preceding financial year, may borrow under this section such sums of money as he thinks fit, not exceeding in the aggregate the total amount authorized to be transferred from the National Development Loans Account by the last-mentioned Appropriation Act. All money borrowed under this subsection shall be included in the amounts to be authorized to be transferred from the National Development Loans Account by the next Appropriation Act to be passed after the money is borrowed.

All money borrowed under this section shall, as and when borrowed, be paid into the Public Account to the credit of the National Development Loans Account.

Where the Appropriation Act passed in any financial year has authorized the transfer from the National Development Loans Account to any fund or account of any amount (in this section referred to as the authorized amount), there may from time to time during the first three months of the next succeeding financial year, without further authority than this section, be transferred from the National Development Loans Account to that fund or account such money as the Minister may direct, not exceeding in the aggregate so much of the authorized amount as has not been transferred during the year in which the Appropriation Act was passed together with a further amount equal to one-fourth of the authorized amount.

All moneys transferred under this section in any financial year shall be included in the amounts to be authorized to be transferred from the National Development Loans Account by the Appropriation Act passed in that year.

If in the opinion of the Minister the amount authorized by the Appropriation Act passed in any financial year to be transferred from the National Development Loans Account to any fund or account is not sufficient for the purposes of that fund or account, there may from time to time during that year, without further authority than this section, be transferred from the National Development Loans Account to that fund or account, in addition to the amount so authorized, such further money as the Minister may direct:

Provided that the money transferred from the National Development Loans Account under this section in any financial year shall not exceed in the aggregate ten per cent of the total amount authorized to be transferred from that account by the Appropriation Act passed in that year.

A statement showing the amounts transferred under this section in any financial year and the funds or accounts to which they have been transferred shall be included in the public accounts for that year.

Subject to the provisions of this section and of section fifteen of this Act, the following amounts shall constitute a capital liability of the appropriate fund or account to the Consolidated Fund until they are repaid out of that fund or account:

If any question arises as to which is the appropriate fund or account to bear any capital liability under this section it shall be determined by the Minister, and his decision shall be final.

The Minister may from time to time transfer all or any part of the capital liability of any fund or account to any other fund or account as he thinks fit to enable the true financial position of the funds or accounts concerned to be disclosed.

If the Minister is satisfied at any time that there is available in any fund or account which has a capital liability under this section any money in excess of the amount reasonably required for the purposes of that fund or account, he may direct that the whole or any part of the excess be transferred without further appropriation than this section from that fund or account to the Loans Redemption Account to be used for the redemption of Government securities. All money so transferred shall be deemed to be repaid in reduction of the capital liability of that fund or account to the Consolidated Fund.

Interest on the amount of the capital liability of any fund or account under this section shall, without further appropriation than this section, be paid out of that fund or account to the Consolidated Fund at such rate or rates and at such times as are from time to time prescribed. Different rates may be prescribed in respect of different funds or accounts or in respect of different moneys, and the Minister may determine that no interest shall be payable on such moneys for such periods as he thinks fit.

Where the Minister is satisfied that sufficient money is not likely to be available in any fund or account to meet in full any liability of that fund or account to the Consolidated Fund, whether for capital or for interest and whether arising under section fourteen of this Act or otherwise, the Minister may direct that the whole or any part of the liability be remitted, and in any such case, without further authority than this section, the amount so directed shall be remitted accordingly, and all necessary adjustments shall be made in the appropriate accounts or records.

Every amount remitted under this section shall be recorded in the published accounts of the fund or account concerned.

Except as provided in Part IV of this Act, this Part of this Act shall apply to all money borrowed under this Act by the issue of stock.

The Reserve Bank of New Zealand shall be the Registrar of Stock under this Part of this Act (in this Part referred to as the Registrar).

The provisions of sections forty-one and forty-three of this Act shall, as far as they are applicable apply for the purposes of this Part of this Act with the substitution of references to the Reserve Bank of New Zealand for the references to the Bank of England and with all other necessary modifications.

The Registrar shall keep a register of stock in such form as may from time to time be prescribed.

The Registrar shall cause to be entered in the register, with respect to every holder of stock under this Part of this Act, the following particulars:

No notice of any trust in respect of any stock, or in respect of any stock certificate or certificate of title to stock, shall be entered in the register or receivable by the Registrar; and no liability shall attach to Her Majesty the Queen, or to the Government of New Zealand, or to the Registrar, by reason of any express, implied, or constructive notice of any trust affecting any such stock or certificate as aforesaid.

Any extract from the register, certified as correct by an officer of the Reserve Bank of New Zealand purporting to act in the course of his duties as such, shall, for all purposes and in all Courts, be conclusive evidence of the entry in the register to which the extract relates as on the date when the extract was so certified.

Any person who desires to lend to the Minister any money on the security of stock under this Part of this Act may apply accordingly to the Registrar in the prescribed form, and the Registrar may, on payment of the price of the stock as determined by the Minister, and subject to the provisions of this Part of this Act, register the name of that person in the register as the holder of the stock accordingly.

Of the money which the Minister is authorized by any authorizing Act to borrow, he may borrow such amount as he thinks fit by the issue of death duty stock.

The administrator of the estate of any deceased person, or other person by whom death duties may be payable in respect of that estate, may pay the whole or any part of the death duties payable by him in respect of that estate by means of death duty stock issued to the deceased, and the Commissioner of Inland Revenue shall accept any such stock accordingly in satisfaction in whole or in part, as the case may be, of the amount of death duties payable as aforesaid.

If provision in that behalf has been made in the prospectus or terms of issue of the stock, the Minister may issue death duty stock that is available for the payment of income tax and social security charge, as well as death duties. In any such case the administrator of the estate of any deceased person may pay the whole or any part of the income tax and social security charge payable in respect of income derived by the deceased before his death by means of any such death duty stock issued to the deceased, and the Commissioner of Inland Revenue shall accept any such stock accordingly in satisfaction in whole or in part, as the case may be, of the amount of income tax and social security charge payable as aforesaid. This subsection shall be deemed to have come into force on the first day of April, nineteen hundred and fifty-three.

All death duty stock transferred to the Commissioner of Inland Revenue under this section shall be deemed to mature for payment, and to be accepted by the Commissioner in satisfaction of death duties, income tax, or social security charge as aforesaid, on the date of execution of the memorandum of transfer by the transferor; and all such stock shall for the purposes of this section be deemed to be of the nominal value thereof and shall carry interest till that date.

No transfer of any death duty stock shall be registered, and no stock certificate shall be issued in respect of any death duty stock, during the lifetime of the registered holder.

If on the death of the registered holder of any death duty stock the whole or any part of that stock is not used for the payment of death duties in respect of the estate of the deceased or in the payment of income tax or social security charge payable by the deceased, the stock so remaining unused shall cease to be death duty stock, and may be dealt with accordingly.

Where any corporation that carries on business or is incorporated in New Zealand advances money to any person for investment in stock under this Part of this Act the Minister may, on the application of the Corporation, register the stock in the name of the corporation, and the corporation shall be deemed to be the registered holder of the stock so registered.

Any death duty stock so registered may be at any time transferred by the corporation to the person on whose behalf the advance was made, or, if he is deceased, to the administrator of his estate or other person by whom death duties may be payable in respect of that estate, and, shall thereupon be available for payment of death duties in respect of that estate as if it had been issued to the deceased.

Any infant of the age of ten years or upwards may be registered as the holder of any stock under this Part of this Act, and may apply for the issue of stock certificates or of certificates of title in relation to stock, or may execute a memorandum of transfer of any stock as effectually in all respects as if he were of the age of twenty-one years.

Subject to the provisions hereinafter contained as to the issue of stock certificates, every person whose name is for the time being on the register as the holder of any stock shall be deemed to be the holder of that stock for the amount standing to his credit in the register, with the right, subject to the provisions of this Act, to receive the interest thereon.

The interest payable on any stock under this Part of this Act shall be computed from such date as the Minister may in his discretion determine.

The Registrar may, on application in writing in the prescribed form by the registered holder of any stock under this Part of this Act, issue to him a stock certificate in the prescribed form for the whole or any part of the stock held by him:

Provided that no stock certificate shall be issued for any amount that is less than fifty pounds or is not a multiple of five pounds:

Provided also that no stock certificate shall be issued unless provision for the issue of stock certificates has been made in the prospectus or terms of issue of the stock.

Every stock certificate shall have coupons annexed entitling the bearer to the interest payable on the stock described in the certificate.

A stock certificate, until the name of some person is inserted therein as the holder, shall entitle the bearer to the stock therein described, and shall be transferable by delivery. The bearer of a stock certificate may convert it into a nominal certificate by inserting therein the name, address, and description of some person. When a stock certificate becomes nominal, it shall not be transferable, and the person named therein (in this section referred to as the nominee) or some person deriving title from him by devolution by law shall alone be recognized by the Registrar as entitled to the stock described in the certificate.

The nominee in a nominal stock certificate shall not be entitled to have it renewed as nominal, but he shall, on delivery to the Registrar of his certificate and of all unpaid coupons belonging thereto, be entitled to receive in exchange from the Registrar a stock certificate to bearer.

The nominee in a nominal stock certificate and the bearer of a stock certificate to bearer may, on delivery to the Registrar of the stock certificate and of all unpaid coupons belonging thereto, require to be registered as the holder of the stock described in the stock certificate, and thereupon the stock certificate shall be cancelled, and the stock shall be re-entered in the register, and shall become transferable, and the interest thereon shall be payable as if no certificate had been issued in respect of the stock.

The Registrar shall enter in the register such particulars as may be prescribed with respect to the issue of stock certificates under this section.

The Registrar shall, on application in writing in the prescribed form by the registered holder of any stock under this Part of this Act, issue to him a certificate of title in the prescribed form certifying that the applicant is the registered holder of the stock referred to therein (being the whole or any part of the amount of stock of which he is the registered holder and in respect of which no stock certificate under section twenty-seven of this Act is outstanding).

Any such certificate of title shall be conclusive evidence of the ownership of the stock to which it relates by the person named therein as the holder, and that no stock certificate is outstanding in respect of that stock.

The transfer, whether by delivery or otherwise, of any such certificate of title shall not operate as a transfer of the legal or equitable interest of the holder in the stock to which it relates. No dealings with any stock to which any such certificate of title relates shall be recorded by the Registrar, and no stock certificate in respect thereof shall be issued by him unless and until the certificate of title has been produced to the Registrar and cancelled by him:

Provided that where any such certificate of title has been lost or destroyed, the Registrar, on receiving evidence to his satisfaction of the loss or destruction, may, on such terms and subject to such conditions as may be prescribed, issue a substitute certificate of title with the word “Substituted” stamped or written thereon, and shall record the issue thereof in the register accordingly.

Every such substituted certificate of title shall have the same effect to all intents and purposes as the original certificate of title for which it is substituted.

The Registrar shall enter in the register such particulars as may be prescribed with respect to the issue of certificates of title under this section.

The Registrar may from time to time issue warrants for the payment of interest on any stock registered under this Part of this Act in respect of which a stock certificate is not outstanding, or for the payment of interest on so much of any stock as is for the time being unrepresented by stock certificates.

Every such warrant shall be in the name of the registered holder of the stock to which it relates, or in the case of stock held jointly or otherwise by two or more persons may be in the name of the stockholder first named in the register.

Every such warrant shall be transferable as if it were a cheque payable to order within the meaning of the Bills of Exchange Act 1908, and the provisions of sections seventy-six to eighty-two of that Act shall apply to every such warrant as if it were a cheque.

Nothing in this section shall preclude the Registrar from paying interest otherwise than by interest warrant if he thinks fit, or from accepting a direction from a stockholder or stockholders, as the case may be, for payment to be made to an agent.

The registered holder of any stock under this Part of this Act may, by memorandum of transfer in the prescribed form, transfer to any other person the whole of the stock or any part thereof, being an amount of five pounds or a multiple of five pounds or such other amount as the Registrar may in any particular case agree to.

On application in that behalf to the Registrar, either by the registered holder or by the transferee, and on production to him of a duly executed memorandum of transfer, the Registrar shall enter in the register the name of the transferee as the registered holder of the stock to which the memorandum of transfer relates.

Every such entry shall operate as a transfer of the stock to which it relates, and shall vest that stock in the transferee.

No transfer of stock shall be made under this section while any stock certificate or certificate of title is outstanding in respect of the stock, unless the amount of the stock proposed to be transferred is not more than the amount standing on the register and unaffected by the outstanding certificate or certificates.

Every memorandum of transfer of stock under this section shall be exempt from stamp duty.

When the right to any stock under this Part of this Act is acquired by any person on the death or bankruptcy of the registered holder, or under a writ of execution, or in any manner other than by way of a transfer under section thirty of this Act, the Registrar on application by or on behalf of the person entitled, and on being satisfied that he is legally entitled to be registered as the holder of the stock, shall enter his name in the register as the holder of the stock accordingly.

Where the registered holder of any stock under this Part of this Act has died, whether before or after the commencement of this Act, and the total nominal amount of the stock does not exceed two hundred pounds, the Registrar may in his discretion, and without requiring the production of probate or letters of administration, register as the holder of the stock any person who proves to the satisfaction of the Registrar—

Notice of any exercise of the powers conferred by this section shall within fourteen days thereafter be given by the Registrar to the Commissioner of Inland Revenue.

Any person may, by power of attorney in the prescribed form, appoint any other person to be his attorney for any purpose in relation to stock under this Part of this Act.

Every power of attorney under this section shall be deposited in the office of the Registrar.

Every such power of attorney that is so deposited shall be valid and effectual for all the purposes therein mentioned until notice in writing of its revocation, or of the death, disability, bankruptcy, winding up, or dissolution of the principal has been received in the office of the Registrar.

Every power of attorney under this section shall be exempt from stamp duty.

The Supreme Court, on the application of any interested person made either ex parte or on notice to any other person as the Court may direct, may make an order prohibiting, for the time and subject to the conditions specified in the order, any dealings with any stock specified in the order, and may discharge any such order, with or without costs, and generally act in the premises in such manner as in the opinion of the Court the justice of the case requires.

The Registrar of Stock, without being made a party to the proceedings, shall, on being served with any such order, obey it, and make an entry of the order in the register.

No liability shall attach to Her Majesty, or to the Government of New Zealand, or to the Registrar, for any entry made or thing done by the Registrar pursuant to an order under this section.

The Registrar shall from time to time furnish to the Treasury certified statements as to the amount of stock registered under this Part of this Act, with such other particulars relating thereto as the Treasury may require, and the Audit Office may for all purposes accept any such certified statements as correct.

If the Minister thinks it convenient that any loans authorized to be raised, or any securities authorized to be issued, under this Act should be raised or issued outside New Zealand, the Minister may from time to time, by warrant under his hand, appoint any two or more persons (of whom the High Commissioner for New Zealand shall, where the loans are to be raised or the securities are to be issued in the United Kingdom, be one) as joint Loan Agents for raising the loans or issuing the securities, and may also in like manner confer upon them all such powers as he thinks necessary in order to carry into effect the purposes of this Act and any authorizing Act:

Provided that in the United Kingdom the High Commissioner and one other Loan Agent acting jointly shall have all the powers of the joint Loan Agents.

All or any of the powers conferred upon the Loan Agents by this Act or by the Minister may be delegated by them from time to time, in all or in part, to two or more other persons as delegated Loan Agents, in such manner and subject to such conditions as the delegating Loan Agents think fit.

The Minister may from time to time remove or accept the resignation of any Loan Agent, whether appointed by him or by delegating Loan Agents; and in any such case, or if any Loan Agent dies, the Minister may appoint another person in his stead.

Notice of any appointment of Loan Agents may be given by telegraphic message from the Minister, and the fact that any powers in relation to New Zealand Government loans or securities are exercised by the Loan Agents or the High Commissioner for New Zealand shall be conclusive evidence of their or his authority to exercise them.

The authority of the Minister himself to raise the whole or any part of the loans authorized to be raised, and generally to exercise all the powers conferred on him by this Act, shall be in no way limited or affected by the fact that he has made any appointment as aforesaid.

The Governor-General in Council may from time to time enter into any such agreement with the Bank of England as the Governor-General in Council thinks fit providing for all or any of the following things:

Any agreement which by virtue of section forty-one of this Act may be entered into with the Bank of England may, if the Governor-General in Council thinks fit, be entered into with any other bank carrying on business in the United Kingdom or elsewhere outside New Zealand, and in any such case the references in this Act to the Bank of England shall be deemed to be references to the bank with which the agreement is made.

Every agreement made with the Bank of England under this Act shall be as valid and effectual as if the terms thereof had been set forth and enacted in this Act, and all remuneration payable under any such agreement to the Bank of England shall be a charge on and paid out of the Consolidated Fund without further appropriation than this section.

Subject to such conditions and on payment of such fees as may from time to time be prescribed, the holder of any Government securities repayable in a country other than New Zealand may transfer the securities from the register kept in that country to the register kept in New Zealand.

After the registration in New Zealand of any such securities so transferred, the securities shall at maturity be redeemable in New Zealand, and all interest falling due thereon after the date of that registration shall be payable in New Zealand, notwithstanding anything to the contrary printed on the securities, or contained in a prospectus issued in connection with the raising of the loan.

Any securities so transferred to the register kept in New Zealand shall not at any later date be transferred to any register kept outside New Zealand.

Where any New Zealand Government stock is, pursuant to an agreement under section forty-one or section forty-two of this Act, inscribed or registered in a register kept in the United Kingdom by the Bank of England or by any other bank (in this section referred to as the registrar), and is registered under the Colonial Stock Acts 1877 to 1948 of the Parliament of the United Kingdom, or any Acts amending them or substituted therefor, regulations may be made by the registrar under section sixteen of the Colonial Stock Act 1877, as extended by the Colonial Stock Act 1948, for the purpose of providing that the stock shall be transferable by instrument in writing in accordance with the regulations and in no other manner.

This section applies to stock issued before, as well as after, the commencement of this Act, and accordingly, in relation to stock issued before the first day of December, nineteen hundred and fifty (being the date of the passing of the Finance Act 1950), so much of the said section sixteen as requires regulations thereunder to be made before the issue of the stock shall not apply to regulations made for the purpose specified in subsection one of this section, and the regulations, when made, shall have effect notwithstanding anything in any previous regulations applicable to the stock and notwithstanding anything in the terms on which the stock was issued.

This Part of this Act applies to all New Zealand Government securities, as defined in section two of this Act.

Whenever by the final judgment, decree, rule, or order of any Court of competent jurisdiction in the United Kingdom any sum of money is adjudged or declared to be payable by the Government of New Zealand in respect of any New Zealand Government securities, the Minister shall forthwith pay the same out of the New Zealand Public Account in London without further appropriation than this section.

For the purposes of this section the expression “final judgment, decree, rule, or order” means in case of appeal the final judgment, decree, rule, or order of the ultimate Court hearing the appeal.

Without in any way limiting the foregoing provisions of this section, it is hereby declared that, in the case of such New Zealand Government securities as are colonial stock to which the Colonial Stock Acts 1877 to 1948 of the United Kingdom Parliament apply, the Minister shall, without further appropriation than this section, forthwith pay out of the New Zealand Public Account in London whatever sums may from time to time be required in order to enable the registrar of the stock forthwith to comply with any judgment, decree, rule, or order with which, under section twenty of the Colonial Stock Act 1877, the registrar is required to comply.

In order to enable every such payment to be made out of the New Zealand Public Account in London, the warrant of the Minister or of the High Commissioner for New Zealand, specifying the sum to be paid, shall be sufficient authority to the Audit Office and the Commissioners or other officers having the control of that account to cause the requisite money to be issued out of that account.

Whereas, in order to ensure that New Zealand Government securities registered in the United Kingdom under the Colonial Stock Acts 1877 to 1948 shall be recognized as trustee securities in the United Kingdom, Her Majesty’s Government in New Zealand has undertaken that legislation which appears to Her Majesty’s Government in the United Kingdom to alter any of the provisions affecting any such registered securities to the injury of the holders thereof, or to involve a departure from the original contract in regard to the securities, shall not be submitted for the Royal Assent except after agreement with Her Majesty’s Government in the United Kingdom, and that, if attention is drawn to any such legislation after the passing thereof by the Parliament of New Zealand, Her Majesty’s Government in New Zealand will take the necessary steps to ensure such amendment as may be requested by Her Majesty’s Government in the United Kingdom: Be it therefore enacted as follows:

The said undertaking is hereby confirmed.

In this Part of this Act, unless the context otherwise requires,—

For the purposes of this Part of this Act there shall be a Commission to be called the Public Debt Commission.

The Commission shall consist of—

The Minister shall be the Chairman of the Commission.

In the absence of the Chairman from any meeting of the Commission the members present shall appoint one of their number to be the Chairman of that meeting.

Three members shall form a quorum at any meeting of the Commission.

At all meetings of the Commission the Chairman shall have a deliberative vote and, in the case of an equality of votes, shall also have a casting vote.

Subject to the provisions of this Act, the Commission may regulate its procedure in such manner as it thinks fit.

In the absence of the Minister from any meeting of the Commission, any other Minister may attend the meeting in his stead, and while so attending shall be deemed to be a member of the Commission and to be the Chairman thereof.

In the absence from any meeting of the Commission of any member being an officer of the Government Service, any officer of his Department having authority to act in his place during his absence from duty may attend the meeting in his stead, and while so attending shall be deemed to be a member of the Commission.

The fact that any such officer so attends and acts shall be sufficient evidence of his authority to do so.

Within ninety days after the end of each financial year the Controller and Auditor-General shall furnish to the Commission a certificate showing—

There is hereby established within the Public Account a separate account to be called the Loans Redemption Account, which shall for all purposes be deemed to be the same account as the Loans Redemption Account established under section ten of the New Zealand Loans Amendment Act 1947.

There shall be payable into the Loans Redemption Account from time to time the amounts following:

The money standing to the credit of the Loans Redemption Account shall from time to time, without further appropriation than this section, be applied as follows:

There shall in each financial year be paid out of the Consolidated Fund to the credit of the Loans Redemption Account, without further appropriation than this section, the amounts following:

Provided that, if for any financial year the Minister so directs, the amount required to be paid under this section may be reduced by the amount of any money paid into the Loans Redemption Account under paragraph (c) of section fifty-seven of this Act, but the amount payable under paragraph (c) of this section in any subsequent year shall be computed as if no such reduction had been made.

An annual statement for each financial year, containing a report of the proceedings of the Commission, the Controller and Auditor-General’s certificate, an account showing the amount of the public debt repaid under paragraph (b) of section fifty-eight of this Act, and such other information as the Commission considers necessary, shall be laid before Parliament not later than the thirty-first day of July next following the end of the financial year, if Parliament is then in session, and, if not, shall be laid before Parliament within twenty-eight days after the date of the commencement of the next ensuing session.

Where one class of Government securities is issued in exchange for the same or another class of securities but the currency and rate of interest remain the same, or where a loan is renewed, whether by endorsement or otherwise, and the only variation is an extension of the currency by not more than two years, it shall not be necessary to record the transaction in the Loans Redemption Account.

In every case where the Minister is authorized to borrow any money or to issue any securities under this Act, the following provisions shall apply:

In every case where Government securities are disposed of in order to provide money to redeem outstanding securities, interest shall be payable under the securities so disposed of notwithstanding that interest is still payable under the outstanding securities.

Notwithstanding anything to the contrary in any authorizing Act, no Government securities shall be issued with the condition that the interest derived therefrom shall be exempt from income tax or social security charge:

Provided that nothing in this section shall be deemed to prohibit the issue of securities in replacement of or in exchange for existing securities, whether lost or otherwise, where the new securities to be issued are of equal value and of similar currency to the securities proposed to be replaced or exchanged and where the condition of exemption from taxation attaching to the existing securities is by virtue of the transaction to remain unchanged.

Nothing in this section shall be construed to render liable to income tax or social security charge any interest that is exempt from that tax or charge otherwise than by reason of the issue of securities with a condition of exemption as aforesaid.

At the request of the holder of any Government security the Minister may in his discretion direct that payment of the principal or any interest (including arrears) payable thereunder shall be made at a place or places, in New Zealand or elsewhere, other than the place or places theretofore provided for the payment of that principal or interest, as the case may be, and may from time to time revoke any such direction and give other directions, and all such directions shall have effect according to their tenor.

The Minister may, without further appropriation than this section, redeem any Government securities—

Whenever any Government securities are cancelled by the Reserve Bank of New Zealand after being discharged by payment, exchange, conversion, or otherwise, the Bank shall furnish to the Treasury certified statements as to the cancellation of the securities, with such particulars as the Treasury may require, and the Audit Office may for all purposes accept any such certified statements as correct.

Whenever any Treasury bill is discharged by payment, exchange, conversion, or otherwise it shall be cancelled and destroyed in the presence of two persons, one authorized by the Secretary to the Treasury and the other authorized by the Controller and Auditor-General.

The costs, charges, and expenses incurred in connection with raising any loan under this Act or converting, redeeming, or renewing any Government securities may, at the discretion of the Minister, and without further appropriation than this section, be charged to and paid out of the Consolidated Fund or such other fund or account as the Minister thinks fit.

The cost of composition of any stamp duty payable in the United Kingdom or elsewhere in respect of transfers of any Government stock issued upon the raising of any loan or upon the conversion of any securities shall be deemed, for the purposes of this Act, to be part of the costs, charges, and expenses of raising the loan or issuing the stock.

In any case where the stamp duty in respect of such transfers is not compounded the Minister may estimate the amount required for the payment of the stamp duty during the first twelve months after the raising of the loan or the issuing of the stock, and the amount so estimated shall be deemed, for the purposes of this Act, to be part of the costs, charges, and expenses of raising the loan or issuing the stock.

All sums paid as stamp duty on transfers in excess of the amount estimated under subsection two of this section, and all other sums so paid in cases where no estimate is made, shall be paid out of the Consolidated Fund without further appropriation than this section.

Where any Government security being a debenture, Treasury bill, or stock certificate is lost or destroyed during its currency or while it remains unpaid, the Minister, on receiving evidence to his satisfaction of the loss or destruction, may, on such terms and subject to such conditions as may be prescribed,—

Subject to this Act and any regulations under this Act, the Minister may from time to time, in such manner as he thinks fit,—

The Governor-General may from time to time, by Order in Council, make all such regulations as may be deemed necessary or expedient for giving full effect to the provisions of this Act and for the due administration thereof, and in particular for all or any of the following purposes:

The enactments specified in the Schedule to this Act are hereby repealed.

Without limiting the provisions of the Acts Interpretation Act 1924, it is hereby declared that the repeal of any provision by this Act shall not affect any document made or any thing whatsoever done under the provisions so repealed or under any corresponding former provision, and every such document or thing, so far as it is subsisting or in force at the time of the repeal and could have been made or done under this Act, shall continue and have effect as if it had been made or done under the corresponding provision of this Act and as if that provision had been in force when the document was made or the thing was done.

Section one hundred and eighty-six of the Coal Mines Act 1925 is hereby consequentially amended by omitting the words “Except as provided by sections one hundred and seventy-nine to one hundred and eighty-two hereof”.