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New Zealand law explained for everyone

Local Government Act 1974

Borrowing and security - Power to borrow

122ZC: Prohibition on borrowing in foreign currency

You could also call this:

"No borrowing in other countries' money"

Illustration for Local Government Act 1974

You cannot borrow money in a foreign currency, but this rule is no longer in effect. It was part of the Local Government Act 1974, in a section called 122ZC. This section was repealed on 1 July 2003 by section 266 of the Local Government Act 2002. You can find more information about this change in the Local Government Act 2002, which is a law that was passed in 2002. The repeal means that the rule about not borrowing in foreign currency is not a rule anymore.

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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=DLM418587.

Topics:
Government and voting > Local councilsMoney and consumer rights > Banking and loans
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122ZB: Power to enter into incidental arrangements, or

"Councils can make extra plans when borrowing money"

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122ZD: Procedure for borrowing money, or

"How councils borrow money, according to the law"

Part 7BBorrowing and security
Power to borrow

122ZCProhibition on borrowing in foreign currency (Repealed)

    Notes
    • Section 122ZC: repealed, on , by section 266 of the Local Government Act 2002 (2002 No 84).