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Parliament Bill

Parliamentary Service and other parliamentary bodies - Parliamentary Corporation - Functions, duties, and powers

147: Parliamentary Corporation requires approval of Minister of Finance to undertake certain financial activities

You could also call this:

"Parliament's money decisions need the Minister of Finance's okay"

Illustration for Parliament Bill

The Parliamentary Corporation needs approval from the Minister of Finance to do certain things with money. You will need to get this approval to lend money, give a guarantee, issue a public security, or enter into a derivative. The Minister of Finance must give written approval for these activities. The words "derivative", "lend money", and "public security" have special meanings in this section. These meanings come from section 2(1) of the Public Finance Act 1989. You can find what these words mean by looking at that Act. The Parliamentary Corporation must follow these rules when dealing with money. This is to make sure they are making good decisions about financial activities. You can understand what the Parliamentary Corporation can and cannot do with money by reading this section.

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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=LMS817010.

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Part 6Parliamentary Service and other parliamentary bodies
Parliamentary Corporation: Functions, duties, and powers

147Parliamentary Corporation requires approval of Minister of Finance to undertake certain financial activities

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

  2. lend money:
    1. give a guarantee or indemnity:
      1. issue a public security:
        1. enter into a derivative.

          1. In this section, derivative, lend money, and public security have the meanings given to them by section 2(1) of the Public Finance Act 1989.