Plain language law

New Zealand law explained for everyone

Maritime Transport Act 1994

Financing plans and responses to protect the marine environment from marine oil spills - New Zealand Oil Pollution Fund

330: New Zealand Oil Pollution Fund

You could also call this:

"A fund to help pay for oil spill clean-ups in New Zealand"

Illustration for Maritime Transport Act 1994

The Authority sets up a fund called the New Zealand Oil Pollution Fund. You pay money into this fund through oil pollution levies, which are explained in section 333, and other lawful payments. This money goes into a special bank account set up under section 158(1) of the Crown Entities Act 2004. The Authority invests the money in the fund, following its investment powers, but it must also follow the rules in section 161 of the Crown Entities Act 2004. Any income the fund earns is added to the fund. The Authority can pay out money from the fund if it is allowed to do so under this Act or other laws. The Authority's financial reports include the financial statements of the New Zealand Oil Pollution Fund.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM337843.

This page was last updated on — View changes

Topics:
Environment and resources > ConservationMoney and consumer rights > Taxes

Part 24Financing plans and responses to protect the marine environment from marine oil spills
New Zealand Oil Pollution Fund

330New Zealand Oil Pollution Fund

  1. The Authority shall establish and administer a fund to be known as the New Zealand Oil Pollution Fund.

  2. The oil pollution levies payable under section 333, and any other money that is lawfully payable to the Fund, shall be paid into the Fund.

  3. All money payable to the Fund shall be paid to the credit of a bank account established under section 158(1) of the Crown Entities Act 2004 for the purpose.

  4. The Authority shall invest the Fund in accordance with its investment powers, but subject to the restrictions in section 161 of the Crown Entities Act 2004.

  5. All income of the Fund shall be added to and form part of the Fund.

  6. There may from time to time be paid out of the Fund any money that may lawfully be paid out of the Fund under this Act or any other enactment.

  7. The financial statements of the Fund shall form part of the financial reports of the Authority.

Notes
  • Section 330(3): amended, on , by section 200 of the Crown Entities Act 2004 (2004 No 115).
  • Section 330(4): amended, on , by section 37(1) of the Public Finance Amendment Act 2004 (2004 No 113).