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Sport and Recreation New Zealand Act 2002

Sport and Recreation New Zealand - Financial provisions

48: Loans and endowments

You could also call this:

"The Agency can give loans and manage special funds to help with sport and recreation in New Zealand."

Illustration for Sport and Recreation New Zealand Act 2002

When you look at what the Sport and Recreation New Zealand Act 2002 says about loans and endowments, you see that the Agency can make advances with or without security, and it can charge interest or not. The Agency can also establish endowments or create trusts for things that fit with the purposes of the Act, and it can appoint trustees to look after those endowments and trusts.

You need to know that trustees have to keep accounts in a way that the Agency directs and the Auditor-General approves. The Agency can also guarantee advances made by one person to another, but only in certain circumstances, which are outlined in sections 160 and 163 of the Crown Entities Act 2004.

The Agency has some flexibility in how it handles loans and endowments, and it has to follow certain rules when it comes to keeping track of the money and making guarantees.

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This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM157656.

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Part 2Sport and Recreation New Zealand
Financial provisions

48Loans and endowments

  1. In the exercise of its powers, the Agency may—

  2. make advances, with or without security, at rates of interest or free of interest, as determined by it; and
      1. establish endowments or create trusts, on terms and conditions and for objects within the purposes of this Act, that the Agency thinks fit; and
        1. appoint trustees in respect of those endowments and trusts.

          1. Trustees appointed in respect of a trust established under subsection (1) must keep accounts in any manner directed by the Agency and approved by the Auditor-General.

          2. The Agency may guarantee, with or without security, advances made by any person to any other person in the circumstances in sections 160 and 163 of the Crown Entities Act 2004.

          Notes
          • Section 48(1)(b): repealed, on , by section 200 of the Crown Entities Act 2004 (2004 No 115).
          • Section 48(3): added, on , by section 200 of the Crown Entities Act 2004 (2004 No 115).