National Expenditure Adjustment Act

Horowhenua Chronicle, 10 June 1932, Page 8

National Expenditure Adjustment Act

ADDITIONAL EXEMPTIONS WELLINGTON, Lust Night. Additional classes of contracts arc excluded from the operation of the National Expenditure Adjustment Act by Order-in-Couneil,. gazetted to-night. They consist nH’ainly of leases of land administered by various authorities for the purposes of public education. There is a proviso that exemption shall not applv to any lease from which no revenue is applied directly or indirectly to the Consolidated Fund. It is also provided that the Ordcr-in-Conncd shall have no application to any lease .in respect of which the lessor has no power to reduce the rent.

Exemptions from the operational the Act in respect of stamp duty on interest from Government and local testimony, an analysis of the testimopv of securities issued by a local authority ami held by another such local auth-j ority if it is proved that the moneys secured by such' securities arc represented by moneys owing by the latter, local authority upon securities issued by it ami that interest on such Jastmeutioned securities is not for the time being chargeable with stump duty under part 4 of the Act. Securities in which are invested money belonging to a number of specilicd benevolent organisations, war fund institutions ami superannuation funds are also exempted. The president of the Arbitration Court (chairman), the Public Service Commissioner and the president of the New Zealand Public Service Association are appointed members of the Adjustment Committee set up for the purpose of dealing with anomalies ' and cases of hardship under part one (reducing civil servants’ salaries) of the National Expenditure Adjustment Act.