Part 5 Miscellaneous
38 Exemption from duty
(1) Unless the Treasurer otherwise directs in a particular case, an
authority is not liable to stamp duty under the Stamp Duties Act 1920, or duty under
the Duties Act 1997, in
respect of anything done by the authority for the purposes of this
(2) The Treasurer may direct in writing that any other specified
person is not liable to stamp duty in respect of anything done for the
purposes of this Act and the direction has effect
39 Trustee investment etc
(1) A trustee (unless expressly forbidden by the trust instrument, if
any) may invest trust funds in any debentures, bonds, inscribed stock,
registered stock, discounted securities, promissory notes or other securities
or instruments issued by an authority under this
(2) Such an investment may be made whether the funds are at the time
in a state of investment or not.
(3) Such an investment shall be taken to be an investment of trust
funds made in accordance with the Trustee
(4) An authority or officer of an authority is not competent to
receive notice of an express, implied or constructive trust affecting any such
security or instrument issued by an authority or a coupon attached to the
security or instrument.
(5) A company, a council within the meaning of the Local Government Act 1993 and any
other body corporate constituted by an Act may invest its funds in providing
financial accommodation obtained by an authority under this
40 Delegation of Treasurer’s functions
The Treasurer may delegate to a Minister any of the functions of
the Treasurer under this Act (other than this power of
Each Act specified in Schedule 5 is, to the extent indicated,
42 Savings and transitional provisions
Schedule 6 has effect.
(1) The Governor may make regulations, not inconsistent with this Act,
for or with respect to any matter that by this Act is required or permitted to
be prescribed or that is necessary or convenient to be prescribed for carrying
out or giving effect to this Act.
(2) A provision of a regulation may:
(a) apply generally or be limited in its application by reference to
specified exceptions or factors,
(b) apply differently according to different factors of a specified
(c) authorise any matter or thing to be from time to time determined,
applied or regulated by any specified person or body, or may do any
combination of those things.
44 Validation of certain financial adjustments
(1) This section applies to an arrangement or transaction entered into
by an authority before the date of assent to the Statute Law
(Miscellaneous Provisions) Act (No 2) 1996:
(a) that was not a “financial adjustment” within the
meaning of section 5 at the time that the arrangement or transaction was
entered into, and
(b) that is or was a “financial adjustment” within the
meaning of section 5 as amended by Schedule 1.16 to the Statute
Law (Miscellaneous Provisions) Act (No 2) 1996,
(c) that was entered into while the relevant authority held an
approval given by the Treasurer under Part 2A to effect financial adjustments
by means of the arrangements and transactions identified in section 5,
(d) that was entered into in accordance with any conditions imposed on
such an approval.
(2) Every arrangement or transaction to which this section applies is
(3) In this clause, a reference to an authority is a reference to a
body that was an authority (within the meaning of section 15) at the time that
the relevant arrangement or transaction was entered
45 Exercise of functions by authorities that are not
(1) The functions expressed to be conferred or imposed on an authority
by or under this Act may, in the case of an authority that is not a
corporation, be exercised on behalf of the authority:
(a) subject to paragraph (b), by a Minister or by the head or other
chief officer of the authority, or
(b) by such person or by the holder of such office as is prescribed by
(2) This section does not affect any other manner in which such an
authority may lawfully exercise such a function.
46 Transitional provisions applying to entities that become
(1) This section applies where an entity becomes an authority within
the meaning of this Act on or after the commencement of this section, and so
applies whether the entity becomes an authority for the purposes of:
(a) this Act generally, or
(b) particular provisions of this Act, whether or not it is already an
authority for other provisions of this Act.
(2) Subject to any directions of the Treasurer under this
(a) nothing in this Act affects any financial arrangements or joint
venture arrangements entered into before the entity became an authority, and
the authority may maintain those arrangements, and
(b) the authority has and may exercise any power that the entity would
(had it not become an authority) have apart from this Act to enter into
financial arrangements or joint venture arrangements for a period of 6 months
after it so becomes an authority.
(3) The Treasurer may give directions of either or both of the
(a) requiring the authority to modify or terminate any arrangements
referred to in subsection (2) (a) or (b) within such period and in such manner
(if any) as the Treasurer specifies,
(b) requiring the authority not to exercise any power referred to in
subsection (2) (b) after a specified date within that period of 6
(4) The authority must comply with any such
(5) Such a direction may be given only in relation to arrangements of
a kind that the authority cannot enter into under this Act or that requires an
authorisation or approval under this Act.
(6) The Treasurer is required to consult with the portfolio Minister
of the authority, or with the authority or the authority’s
representatives, before giving any such direction.
(7) The regulations may contain provisions of a savings or
transitional nature consequent on an entity’s becoming an authority on
or after the commencement of this section.
47 Transitional provisions applying to entities that cease to
(1) This section applies where an entity ceases to be an authority
within the meaning of this Act on or after the commencement of this section,
and so applies whether the entity ceases to be an authority for the purposes
(a) this Act generally, or
(b) particular provisions of this Act, whether or not it continues to
be an authority for other provisions of this Act.
(2) Nothing in this Act affects any financial arrangements or joint
venture arrangements entered into by the entity as an authority, and the
entity may maintain those arrangements.
(3) The regulations may contain provisions of a savings or
transitional nature consequent on an entity’s ceasing to be an authority
on or after the commencement of this section.