Christchurch City Electricity and General Empowering Act 1929
Christchurch City Electricity and General Empowering Act 1929
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Christchurch City Electricity and General Empowering Act 1929
Christchurch City Electricity and General Empowering Act 1929
Local Act |
1929 No 14 |
|
Date of assent |
1 November 1929 |
|
Contents
An Act to empower the Christchurch City Council to establish, invest, or otherwise deal with Reserve Funds for various Purposes in connection with the Electric Light and Power Undertaking carried on by the Council; also to facilitate the Sale of Lands acquired for the Purposes of the said Undertaking, and other Lands.
Preamble.
WHEREAS the Christchurch City Council has heretofore established an electric-light and power-supply undertaking, and it is expedient that the said Council should be empowered to deal with the accounts, moneys, and profits of the same in the manner hereinafter set forth, and that greater facilities should be afforded to the Christchurch City Council for selling and disposing of the surplus of lands acquired for or in connection with the said undertaking, or for street-widening purposes :
Be it therefore 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 Christchurch City Electricity and General Empowering Act, 1929.
2 Interpretation.
In this Act, if not inconsistent with the context,—
“The Council” means the Christchurch City Council:
“The electrical undertaking” and “its undertaking” mean the electric light and power-supply undertaking established and carried on by the City of Christchurch.
3 How credit balances of electrical undertaking may be applied.
The Council shall in every year, after making adequate provision for the payment of interest and sinking funds in respect of all loans raised for the purposes of its electrical undertaking, and for maintenance and repairs, make a charge against the revenue of the said undertaking to cover full and proper depreciation of the assets of the undertaking. After making such provision as aforesaid, the Council may in any year appropriate the balance or any part of the balance standing to the credit of its electrical undertaking in or towards the establishment of a fund or funds to provide for all or any of the following purposes of of its undertaking:—
(a)
The re-erection, repair, or restoration of any buildings or other property of the Corporation that may be damaged or destroyed by fire:
(b)
To meet claims for accidents arising out of the exercise and performance by the Council of its powers, duties, and functions, but no greater amount shall be set aside for this purpose in any one year than the amount which at current rates would have been payable for that year in respect of the insurance of workers employed by the Council and in respect of insurance against public risk:
(c)
To meet any deficiency in any sinking fund in the hands of Sinking Fund Commissioners at the maturity of any of the Electricity Department’s loans:
(d)
To provide a Renewal Fund in connection with its undertaking:
(e)
To provide and establish a Reserve Fund for the general purpose of its undertaking:
Provided always that if any dispute shall arise between the Audit Office and the Council as to the sufficiency of the charge made for depreciation the matter shall be referred to the Minister of Internal Affairs, whose decision shall be final.
4 Investment of funds.
(1)
The Council may invest all or any such funds and appropriations in manner following:—
(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 Post Office Savings-bank; or
(d)
In the said electrical undertaking; or
(e)
In the Common Fund of the Public Trust Office; or
(f)
In any other securities that may from time to time be authorized by the Governor-General in Council.
Commissioners may be appointed to receive and invest funds.
(2)
The Council may appoint three Commissioners to receive and invest one or more of such funds, such Commissioners to be called the Christchurch City Electricity Reserve Fund Commissioners; and sections forty, forty-one, and forty-four of the Local Bodies’ Loans Act, 1926, shall apply, mutatis mutandis, to the Commissioners so appointed, and the Council may pay to the said Commissioners all moneys appropriated for the purposes of any fund for which they are so appointed; and all moneys received by them as aforesaid, together with all interest and accumulations thereof, shall be held by the Commissioners upon trust to pay the same to the Council from time to time for the purpose or purposes for which the said fund or funds were created, as may be required by resolution of the Council; and the Commissioners shall not be responsible to see to the application of such moneys; and provided further that notwithstanding anything herein contained the Council may appoint the Public Trustee to be sole Commissioner of such fund or funds.
5 Municipal Corporations Amendment Act, 1928, not to apply.
Nothing in section twenty of the Municipal Corporations Amendment Act, 1928, shall be deemed to apply to the sale of any land by the Council pursuant to the power conferred by section one hundred and ninety-two of the Municipal Corporations Act, 1920, nor to the sale of any land from time to time acquired by the Council for the purpose of the Council’s electrical undertaking; and the Council may sell the whole of such lands respectively, or any such part or parts of the said lands respectively, as shall not be required for such purposes.
6 Municipal Corporations Amendment Act, 1928, not to apply
Nothing in sections forty-five to fifty-nine of the Municipal Corporations Amendment Act, 1928, relating to fire-insurance funds, accident funds, depreciation funds, renewal funds, and reserve funds respectively shall apply with respect to the said electrical undertaking of the Council.
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Versions
Christchurch City Electricity and General Empowering Act 1929
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