Act Repealed Latest version as at 08 March 1985 (as enacted) | 1985 No 47

Winston Churchill Memorial Trust Amendment Act 1985

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Winston Churchill Memorial Trust Amendment Act 1985

Public Act		1985 No 47
Date of assent		8 March 1985

	Title
1	Short Title
2	Overdrafts
	Administrative information

An Act to amend the Winston Churchill Memorial Trust Act 1965

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 Winston Churchill Memorial Trust Amendment Act 1985, and shall be read together with and deemed part of the Winston Churchill Memorial Trust Act 1965 (hereinafter referred to as the principal Act).

2 Overdrafts

The principal Act is hereby amended by inserting, after section 20, the following section:

“20a

“(1)

Subject to this section, the Board may from time to time, in anticipation of income, borrow money by way of overdraft.

“(2)

The aggregate amount of all sums borrowed by way of overdraft by the Board under subsection (1) of this section shall not exceed—

“(a)

Twenty percent of the income of the Board for the preceding financial year; or

“(b)

Such greater amount as may be authorised by the Minister.

“(3)

All amounts borrowed by way of overdraft by the Board shall be repaid within 30 days of the date of the advance or within such longer period as may be authorised by the Minister.

“(4)

Any authorisation given by the Minister under subsection (2)(b) or subsection (3) of this section may be subject to such conditions as the Minister thinks fit.”

This Act is administered in the Department of Internal Affairs.

Winston Churchill Memorial Trust Amendment Act 1985