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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:

"Money set aside to help clean up oil spills in New Zealand's waters"

The Authority is in charge of a fund called the New Zealand Oil Pollution Fund. You can think of a fund like a special bank account where money is saved for a specific purpose. The Authority will put money into this fund, including oil pollution levies paid under section 333, and any other money that is supposed to go into the fund.

The money in the fund will be kept in a bank account set up under section 158(1) of the Crown Entities Act 2004. The Authority will invest the money in the fund, but it has to follow the rules in section 161 of the Crown Entities Act 2004.

Any income the fund earns will be added to the fund. The Authority can use money from the fund to pay for things that are allowed under the law. The Authority will also include information about the fund in its financial reports.

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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=DLM337843.

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331: Application of money in New Zealand Oil Pollution Fund, or

"How the New Zealand Oil Pollution Fund is used to help with oil spills"

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).