This Act may be cited as the Export Guarantee Act 1964.
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Interpretation
In this Act, unless the context otherwise requires,—
Committee
[Repealed]
Committee: this definition was repealed, as from 20 November 1989, by section 2(2) Export Guarantee Amendment Act 1989 (1989 No 115).
Financial year means any period of 12 months ending with the 31st day of December
General Manager means the General Manager of the Export Guarantee Office
General Manager: this definition was substituted, as from 28 June 1990, by section 2 Export Guarantee Amendment Act 1990 (1990 No 37).
Minister means the Minister of Finance
Minister: this definition was substituted, as from 28 June 1990, by section 2 Export Guarantee Amendment Act 1990 (1990 No 37).
Minister: this definition was further substituted, as from 1 August 1990, by section 2 Export Guarantee Amendment Act (No 2) 1990 (1990 No 81).
The Office means the Export Guarantee Office established under this Act.
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Export Guarantee Office
There shall be an Office to be called the Export Guarantee Office which, under the control of the Minister, shall be charged with the administration of this Act and with such other functions as may from time to time be lawfully conferred on it.`
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General Manager
The administrative head of the Office shall be the General Manager who shall be the person for the time being holding office as Secretary to the Treasury.
Section 4 was substituted, as from 1 August 1990, by section 3 Export Guarantee Amendment Act (No 2) 1990 (1990 No 81).
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General Manager constituted corporation sole
The General Manager is hereby constituted a corporation sole under the style of “The Export Guarantee General Manager” with perpetual succession and a seal of office, and with power to acquire, hold, and alienate real or personal property and, subject to the provisions of this Act, to do and suffer all things that bodies corporate may do and suffer.
The Treasury shall, on behalf of the Export Guarantee Office, exercise such functions and perform such duties as may be necessary for the administration of this Act or as the Minister may direct.
(2)
The General Manager may from time to time allocate to any employee of the Treasury such duties and functions in connection with the administration of the Export Guarantee Office as the General Manager thinks fit and, while any such employee is acting pursuant to any such allocation, that employee shall be deemed for the purpose of this Act to be an employee of the Export Guarantee Office.
Section 6 was substituted, as from 1 August 1990, by section 4 Export Guarantee Amendment Act (No 2) 1990 (1990 No 81).
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General functions of Office
(1)
The Office, under the control of the General Manager, is authorised for the purpose of promoting the export trade of New Zealand, to undertake the following activities:
(a)
Providing to persons carrying on business in New Zealand insurance against the loss arising from all or any of the following causes:
(i)
The non-payment, in whole or in part, for goods supplied or services provided beyond New Zealand:
(ii)
The frustration or other failure of any contract or other transaction in respect of the supply of goods or the provision of services beyond New Zealand:
(iii)
The payment of expenses necessary to complete any contract or other transaction in respect of the supply of goods or the provision of services beyond New Zealand:
(iv)
Any loss, due to any cause not referred to in any of the foregoing provisions of this paragraph, arising out of, or in the course of, the export or the development of the export of particular goods or services from New Zealand:
(b)
Guaranteeing a banker or other lender repayment, in whole or in part, of any amount advanced by the banker or other lender to facilitate the export from New Zealand of particular goods or services pursuant to any transaction in respect of which the Office may enter into a contract of insurance under this Act:
(c)
Providing services for the purposes of avoiding or mitigating any loss against which the Office may insure.
(2)
The Office may carry out such other activities as may be authorised by this Act or otherwise.
Section 7 was substituted, as from 1 August 1990, by section 5 Export Guarantee Amendment Act (No 2) 1990 (1990 No 81).
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Determination of policy of Office
(1)
The Minister shall from time to time determine the classes of risks that shall be the subject of contracts entered into by the Office and the nature and extent of any service to be provided by the Office under paragraph (c) of subsection (1) of section 7 of this Act:
Provided that, in the exercise of the powers conferred on him by this section, the Minister shall have regard to the general policy of the Government, as communicated to him by the Minister of Foreign Affairs and Trade, affecting any such classes of risks or any such services.
(2)
The General Manager shall comply with any general or special directions given in writing by the Minister for the purpose of giving effect to the provisions of subsection (1) of this section:
Provided that nothing in this subsection shall—
(a)
Authorise the Minister to give directions with respect to any contract made or proposed to be made with a particular person; or
(b)
Authorise the Minister to give directions in respect of any matter not within the functions of the Office; or
(c)
Affect the validity of any contract entered into with the General Manager.
(3)
Without limiting the provisions of subsection (2) of this section, the Minister may from time to time give directions, in accordance with that subsection, as to the maximum percentage of loss which the Office may assume in respect of any class of contract entered into under this Act.
Subsection (1) was amended by section 14(1) Foreign Affairs Act 1988 (1988 No 159), section 6 Export Guarantee Amendment Act (No 2) 1990 (1990 No 81), and section 6 Foreign Affairs Amendment Act 1993 (1993 No 48).
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Powers of General Manager
(1)
The General Manager may from time to time enter into, perform, and enforce contracts which may be lawfully made for the purpose of carrying out the functions of the Office, and generally do whatever he considers necessary in connection with, or incidental to those functions.
(2)
The General Manager shall not enter into contracts of insurance under this section in respect of any class of risk to which paragraph (a) of subsection (1) of section 7 of this Act is not applicable.
(3)
Any contract entered into by the General Manager under this section shall be subject to such terms and conditions and shall provide for the payment of such premiums or charges as the General Manager in his discretion thinks fit.
(4)
In the exercise of his powers under this Act, the General Manager shall endeavour to secure revenue sufficient to meet the expenditure of the Office properly chargeable to revenue but shall not be concerned to make a profit from transactions entered into on behalf of the Office.
(5)
Subject to the provisions of this Act, the General Manager shall, for the purposes of exercising his powers under this Act and carrying out the functions of the Office, have all the powers, duties, liabilities, and discretions conferred on the General Manager of the State Insurance Office by sections 9, 10, and 17 of the State Insurance Act 1963 and, for the purposes of this Act, the provisions of those sections, as far as they are applicable and with the necessary modifications, shall apply accordingly.
9A
Power to sell business and property
Notwithstanding section 7 or any other provision of this Act, or any rule of law, the General Manager may, at the direction of the Minister, at any time or times, sell or otherwise dispose of the whole or any part of the assets and liabilities or business undertaking of the Office to such persons and on such terms and conditions as the General Manager thinks fit.
Section 9A was inserted, as from 1 August 1990, by section 7 Export Guarantee Amendment Act (No 2) 1990 (1990 No 81).
Subsection (2) was amended, as from 13 December 1979, by section 2(1) Export Guarantee Amendment Act 1979 (1979 No 87), by omitting the words “after consultation with the Minister of Finance and the Minister of Overseas Trade”.
Subsections (6) and (7) were amended, as from 1 April 1978, by 114(6) Public Finance Act 1977 (1977 No 65), by substituting the reference to the “Consolidated Account” for a reference to the “Consolidated Revenue Account”.
Section 10 was repealed, as from 1 August 1990, by section 9(1) Export Guarantee Amendment Act (No 2) 1990 (1990 No 81). See section 9(2) of that Act for the transitional provisions relating to section 10.
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General Manager may delegate powers and functions
(1)
The General Manager may from time to time, by writing under his hand, delegate to any employee of the Office all or any of his functions, powers, authorities, discretions, rights, and duties, whether under this or any other Act or otherwise howsoever, including any functions, powers, authorities, rights, and duties delegated to him under any enactment or vested in him by virtue of any policy, instrument, or document of whatsoever nature:
Provided that the General Manager shall not delegate any power delegated to him under the State Sector Act 1988 without the written consent of the State Services Commissioner.
(2)
The provisions of subsections (2) to (6) of section 8 of the State Insurance Act 1963 shall apply to any delegation under this section and, for the purposes of this section, those subsections shall be read as if all references therein to the General Manager of the State Insurance Office were references to the General Manager of the Export Guarantee Office.
11A
General Manager may appoint agent
(1)
The General Manager may, from time to time, appoint a person as agent for the General Manager for the purpose of exercising any of the powers of the General Manager under this Act or any other Act. Any such appointment shall be on such terms and conditions (including conditions as to the payment of fees) as shall be agreed.
(2)
For the purposes of subsection (1) of this section, the General Manager may pay out of the Export Guarantee Account to an agent appointed under that subsection such amounts as the General Manager considers necessary for the administration of policies of insurance, the discharge of liabilities, and the general conduct of insurance business by the agent on behalf of the General Manager.
(3)
Amounts paid to an agent of the General Manager under subsection (2) of this section shall be held by the agent on behalf of the General Manager.
Section 11A was inserted by section 8 Export Guarantee Amendment Act (No 2) 1990 (1990 No 81).
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Advisory Committee
[Repealed]
In subsection (2)(a) the reference to the Secretary of Trade and Industry was substituted for a reference to the Secretary of Industries and Commerce, as from 20 October 1972, by section 2(7) Trade and Industry Amendment Act 1972 (1972 No 107).
Sections 12-18 were repealed, as from 20 November 1989, by section 2(3) Export Guarantee Amendment Act 1989 (1989 No 115).
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Chairman of Committee
[Repealed]
Sections 12-18 were repealed, as from 20 November 1989, by section 2(3) Export Guarantee Amendment Act 1989 (1989 No 115).
Preliminary
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Extrordinary vacancies
[Repealed]
Sections 12-18 were repealed, as from 20 November 1989, by section 2(3) Export Guarantee Amendment Act 1989 (1989 No 115).
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Deputies of members
[Repealed]
In subsection (2) the reference to the Secretary of Trade and Industry was substituted for a reference to the Secretary of Industries and Commerce, as from 20 October 1972, by section 2(7) of the Trade and Industry Amendment Act 1972 (1972 No 107).
Sections 12-18 were repealed, as from 20 November 1989, by section 2(3) Export Guarantee Amendment Act 1989 (1989 No 115).
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Meetings of Committee
[Repealed]
Sections 12-18 were repealed, as from 20 November 1989, by section 2(3) Export Guarantee Amendment Act 1989 (1989 No 115).
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Functions of Committee
[Repealed]
Sections 12-18 were repealed, as from 20 November 1989, by section 2(3) Export Guarantee Amendment Act 1989 (1989 No 115).
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Fees and travelling allowances
[Repealed]
Sections 12-18 were repealed, as from 20 November 1989, by section 2(3) Export Guarantee Amendment Act 1989 (1989 No 115).
Subject to the provisions of section 10 of this Act, the General Manager shall be described in all deeds, policies, instruments, and other documents of any kind relating to the business of the Office by his corporate name; and where the General Manager is authorised to enter into any contract or exercise any power, that authority may be exercised as follows:
(a)
Where the contract or the exercise of the power is required to be by deed or in writing under seal, it shall be exercised in writing under the seal of the General Manager and signed by him with his personal name with the addition of his corporate style in the presence of one or more witnesses:
(b)
Where the contract or exercise of the power is required to be in writing but is not required to be by deed or in writing under seal, it shall be signed by the General Manager in his personal name with the addition of his corporate style:
(c)
Any delegation under section 11 of this Act may authorise the delegation of the use of the seal of office of the General Manager in accordance with that section to any employee of the Office approved in that behalf by the Minister; but otherwise the power of delegation contained in the said section 11 shall apply with respect to the execution of documents under this section.
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Officers and agents not personally liable
Neither the General Manager, nor any other officer, employee, agent, or representative of the Office, shall in the absence of fraud or unless the act or omission amounts to an offence, be personally liable in respect of any act or thing done or omitted to be done by him in the exercise, or bona fide purported exercise, of any authority conferred by or pursuant to this Act.
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Financial provisions
(1)
Subject to this Act, all money belonging to the Office shall be held in an account to be called the Export Guarantee Account with the Reserve Bank or any registered bank.
(2)
If at any time the money held in the Export Guarantee Account is insufficient to discharge the liabilities of the Office, the Minister of Finance shall, on such terms and conditions as he or she thinks fit and without further appropriation than this section, pay the amount of the deficiency out of the Crown Bank Account.
Subsection (3), the reference to the Consolidated Account was substituted for a reference to the Consolidated Revenue Account, as from 1 April 1978, by section 114(6) Public Finance Act 1977 (1977 No 65).
Section 21 was substituted, as from 28 June 1990, by section 5 Export Guarantee Amendment Act 1990 (1990 No 37). See section 6(2) of that Act for the transitional provisions.
21A
Investments
All money belonging to the Office may from time to time be invested—
(a)
In Government securities:
(b)
On deposit with a registered bank:
(c)
In any manner, or in securities, that may from time to time be authorised by the Minister of Finance.
Sections 21A and 21B were inserted, as from 28 June 1990, by section 5 Export Guarantee Amendment Act 1990 (1990 No 37). See section 6(2) of that Act for the transitional provisions.
21B
Auditor-General to be auditor of Export Guarantee Office
The Export Guarantee Office is a public entity as defined in section 4 of the Public Audit Act 2001 and, in accordance with that Act, the Auditor-General is its auditor.
Sections 21A and 21B were inserted, as from 28 June 1990, by section 5 Export Guarantee Amendment Act 1990 (1990 No 37). See section 6(2) of that Act for the transitional provisions.
Section 21B was substituted, as from 1 July 2001, by section 53 Public Audit Act 2001 (2001 No 10).
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Annual report and accounts
(1)
As soon as reasonably practicable after the end of each financial year, the General Manager shall prepare a statement of financial position and such other statements of account as are necessary to show fully the position of the Office and the financial results of its operations during that year together with a report of the operations of the Office for that year.
(2)
A copy of the report, and of the accounts and statement of financial position certified by the Audit Office, shall be laid before Parliament if then sitting, and, if not, within 20 days after the commencement of the next ensuing session.
Subsections (1) and (2) were amended by substituting the words “statement of financial position” for the words “balance sheet” pursuant to section 6(1) Financial Reporting Amendment Act 1997 (1997 No 17).
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Exemption from taxation
The Office shall be exempt from the payment of income tax, including social security income tax.
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Consequential amendment
[Repealed]
Section 24 was repealed by section 33(1) of the Ombudsmen Act 1975.
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Regulations
The Governor-General may from time to time, by Order in Council, make regulations providing for such matters as are contemplated by or necessary for giving effect to the provisions of this Act and for the due administration thereof.
