Parliament Act 2025

Clerk and Office of the Clerk - Clerk - Appointment, functions, duties, powers, and delegations

103: Clerk requires approval of Minister of Finance to undertake certain financial activities

You could also call this:

"The Clerk must get the Minister of Finance's okay to do big financial deals."

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You need the Minister of Finance's written approval for the Clerk to do certain financial things. The Clerk needs approval to borrow money, lend money, give a guarantee, issue a public security, or enter into a derivative. These terms have special meanings as defined in section 2(1) of the Public Finance Act 1989.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS817001.

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Part 5Clerk and Office of the Clerk
Clerk: Appointment, functions, duties, powers, and delegations

103Clerk requires approval of Minister of Finance to undertake certain financial activities

  1. The Clerk requires the written approval of the Minister of Finance in order to—

  2. borrow money or lend money:
    1. give a guarantee or indemnity:
      1. issue a public security:
        1. enter into a derivative.
          1. In this section, borrow money, derivative, lend money, and public security have the meanings given to them by section 2(1) of the Public Finance Act 1989.

          Compare
          • 2001 No 10 Schedule 3 cl 7