H—27a

The Board is constituted under the War Assets Realization Board Regulations 1945« The following regulations in particular set out the Board's functions, powers, and personnel:— 3. For the purpose of effecting disposal of all stores which become surplus to the requirements of Government Departments there shall be a Board to be known as the War Assets Realization Board. 4. The general functions of the Board shall, but subject in all respects to such directions as maybe given to it by the Minister of Finance, be—{a) To arrange for the disposal to best advantage all stores, whether situate in New Zealand or elsewhere, which from time to time are declared by Government Departments to be surplus to their requirements : (b) Where necessary or convenient, to arrange for the safe custody and storage of such stores pending disposal: (c) To ascertain the requirements of Government Departments with a view to meeting such requirements from stores available for disposal: (d) To advise the Minister of Customs and Minister of Supply of stores available for disposal with a view to obviating the unnecessary issue of import licenses or unnecessary placing of orders by the Minister of Supply. 5. The Board shall consist of the Minister of Finance and the officers for the time being holding, the following official positions : (a) The General Manager of the Board: (b) The Secretary to the Treasury: (c) The Quartermaster-General: (d) The Air Force Member for Supply : (e) The Commissioner of Works : (/) The Commissioner of Supply : (g) The Under-Secretary, Public Works Department: (h) The Chairman, Stores Control Board Advisory Committee. 6. The Minister of Finance may from time to time appoint any other person to be a member of the Board during his pleasure. 7. Each of the persons holding the official positions hereinbefore enumerated may at any time nominate an officer of his Department to attend in his place any meeting or meetings of the Board. 8. The Minister of Finance shall be the Chairman of the Board. 9. The Minister of Finance may from time to time appoint a member of the Board to be Deputy Chairman thereof to preside at meetings in the Chairman's absence. 19. There shall be a General Manager, who shall be a member and chief executive officer of the Board, and a Secretary to the Board. 21. In exercise of its functions the Board shall have power — (а) To sell, exchange, lend, or otherwise dispose of or deal with surplus stores upon such terms and subject to such conditions as the Board may consider desirable: (б) To hold, manage, operate, finish, assemble, transport, repair, maintain, and care for surplus stores : (c) To arrange for the transfer of surplus stores from one Government Department to another: (d) To arrange for the transfer of buildings or other assets to an owner of property in satisfaction of claims for compensation for the use of such property. 22. The Board shall have the like power of contracting for the sale or other disposal of stores as is enjoyed by a Permanent Head and, in the case of any contract entered into with the approval in writing by the Minister of Finance, the like power of so contracting as is enjoyed by the Minister of Finance. 23. Any contract in writing entered into by the Board may be signed by the General Manager on behalf of the Board. 27. The Board may undertake the disposal of surplus stores on behalf of any other Government and on behalf of an authority or organization established by any other Government for the disposal of surplus assets for that Government. 28. The Board may from time to time set up such honorary Advisory Committees as it thinks fit, which shall consist of not less than three members, and the members of which may include persons who are members of the Board. 38. In the exercise of its powers the Board shall, besides complying with the directions of the Minister of Finance, have regard to any representations relating to its business that may be made to it by the Minister of Finance. The place of the Minister of Finance, the Right Honourable Mr. Nash, during portion of the time that is material to this inquiry was taken by the Honourable Mr. McLagan during the former gentleman's absence from New Zealand. Neither Minister attended any Board meetings during the period in question.

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