Farm Ownership Savings Amendment Act 1980
Farm Ownership Savings Amendment Act 1980
Farm Ownership Savings Amendment Act 1980
Farm Ownership Savings Amendment Act 1980
Public Act |
1980 No 14 |
|
Date of assent |
18 September 1980 |
|
Contents
An Act to amend the Farm Ownership Savings Act 1974
BE IT ENACTED by the General Assembly of New Zealand in Parliament assembled, and by the authority of the same, as follows:
1 Short Title
This Act may be cited as the Farm Ownership Savings Amendment Act 1980, and shall be read together with and deemed part of the Farm Ownership Savings Act 1974 (hereinafter referred to as the principal Act).
2 Interpretation
Section 2(1) of the principal Act is hereby amended by adding to the definition of the expression “authorised savings institution”
the following paragraph:
“(d)
A private savings bank established under the Private Savings Bank Act 1964:”.
3 Eligible savings
(1)
Section 3(1)(a)(ii) of the principal Act is hereby amended by omitting the expression “$3,000”
, and substituting the expression “$5,000”
.
(2)
Section 3(2) of the principal Act is hereby amended by omitting the expression “$30,250”
, and substituting the expression “$60,000”
.
(3)
Section 3(3) of the principal Act is hereby repealed.
4 Persons eligible to open accounts
(1)
The principal Act is hereby further amended by repealing section 5, and substituting the following section:
“5
No person shall be entitled to open an Ordinary Farm Ownership Account unless he has attained the age of 15 years and—
“(a)
Is a pupil at a secondary school in New Zealand and certifies in writing that he intends to become a farmer in New Zealand; or
“(b)
Is undertaking, at any university or other similar institution in New Zealand or elsewhere, a course of study which will be of material assistance in enabling him to become an efficient farmer; or
“(c)
Is exclusively or principally engaged or employed in the farming industry in New Zealand or in any associated industry servicing the farming industry in New Zealand; or
“(d)
Has had other relevant experience or has other relevant qualifications which will assist him or enable him to become an efficient farmer; or
“(e)
Is the spouse of a depositor.”
(2)
Section 2(2) of the Farm Ownership Savings Amendment Act 1978 is hereby consequentially repealed.
5 Persons ineligible to receive grants
(1)
Section 6 of the principal Act is hereby amended by inserting, after subsection (1), the following subsection:
“(1a)
Where a depositor has entered into an unconditional contract to purchase a farm and it is a term of that contract that possession of the farm is not to be given until a specified later date, being a date not later than 6 months after the date on which that contract becomes unconditional, the depositor shall be deemed not to have acquired a substantial interest in land for the purposes of this section until that later date.”
(2)
Section 6(2) of the principal Act is hereby amended by omitting the words “Notwithstanding anything in this Act”
, and substituting the words “Subject to subsection (3) of this section and notwithstanding any other provision in this Act”
.
(3)
Section 6 of the principal Act is hereby further amended by adding the following subsection:
“(3)
Having regard to the special circumstances of any case, the Corporation may in its discretion grant, either wholly or partly, and conditionally or unconditionally, a purchase grant to any depositor of a class specified in subsection (2) of this section.”
6 Purchase grants
(1)
Section 7(1)(a) of the principal Act is hereby amended by omitting the expression “5 years”
, and substituting the expression “3 years”
.
(2)
Section 7(3) of the principal Act is hereby amended by omitting the expression “5 years”
, and substituting the expression “3 years”
.
7 Withdrawals and transfers from Special Farm Ownership Accounts
Section 14d(2) of the principal Act (as inserted by section 7 of the Farm Ownership Savings Amendment Act 1976) is hereby amended by adding the following proviso:
“Provided that a depositor who has deposited in his Special Farm Ownership Account an amount in any one financial year in excess of the maximum amount of any increase in savings on which a rebate is allowable under section 49(3) of the Income Tax Act 1976 may withdraw or transfer such excess amount at any time during the next succeeding financial year, notwithstanding that the balance in his Account is thereby reduced to an amount less than the closing balance of the Account at the 31st day of March immediately preceding the date of that withdrawal or transfer.”
8 Withdrawal certificates
Section 14f(1) of the principal Act (as inserted by section 7 of the Farm Ownership Savings Amendment Act 1976) is hereby amended by omitting the expression “5 years”
, and substituting the expression “3 years”
.
9 Restrictions on dispositions
(1)
Section 14i(1) of the principal Act (as inserted by section 8(1) of the Farm Ownership Savings Amendment Act 1976) is hereby amended by inserting in paragraph (a) and in paragraph (b), after the words “of any depositor”
, in each case, the words, “who has purchased a farm”
.
(2)
Section 14i(1) of the principal Act (as so inserted) is hereby further amended by adding the following paragraphs:
“(c)
In relation to an Ordinary Farm Ownership Account of any depositor who has engaged in sharefarming, the period of 2 years commencing on the date on which a purchase grant is paid to the depositor:
“(d)
In relation to a Special Farm Ownership Savings Account of any depositor who has engaged in sharefarming, the period of 2 years commencing on the date on which the depositor, pursuant to a withdrawal certificate, withdrew any money from the Account.”
10 Effect of dispositions within restriction period
Section 14j(b) of the principal Act (as inserted by section 8(1) of the Farm Ownership Savings Amendment Act 1976) is hereby amended by omitting the word “Commissioner”
, and substituting the word “Corporation”
.
11 Effect of cessation of sharefarming
Section 14k of the principal Act (as inserted by section 8(1) of the Farm Ownership Savings Amendment Act 1976) is hereby amended by omitting the word “Commissioner”
, and substituting the word “Corporation”
.
This Act is administered by the Rural Banking and Finance Corporation of New Zealand.