Crown Entities Act 2004

• Jurisdiction: New Zealand
• Coming into Force: 29 February 2024
• Year: 2004
• Act Number: 115
• Record Number: DLM329630
• Type of Document: Act

Contenidos

• Crown Entities Act 2004
• Contents
• 1 Title
• 2 Commencement
• Part 1
• 3 Purpose
• 4 Application of Acts to Crown entities
• 5 Application of this Act to school boards
• 6 Application of this Act to tertiary education institutions
• 7 Meaning of Crown entity and categories of Crown entities
• 7A Meaning of multi-parent subsidiary
• 8 Meaning of parent Crown entity
• 9 Power to amend Schedules 1 and 2
• 10 Interpretation
• 10A Provisions affecting application of amendments to this Act
• 10B Status of examples
• 11 Act binds the Crown
• 12 Outline of main Crown entity provisions
• Part 2
• Part 1
• 13 Establishment of statutory entity
• 14 Functions
• 15 Status of statutory entity
• 16 Core things statutory entities can do
• 17 Other things statutory entities can do
• 18 Acts must be for purpose of functions
• 19 Acts in breach of statute are invalid
• 20 Some natural person acts protected
• 21 Limits on protection of natural person acts
• 22 Acts that are not in best interests of statutory entity
• 23 Dealings between statutory entities and other persons
• 24 Interpretation
• 25 Board's role
• 26 Accountability of members to responsible Minister
• 27 Responsible Minister's role
• 27A Monitor's role
• 28 Method of appointment of members
• 29 Criteria for appointments or recommendations by responsible Minister
• 30 Qualifications of members
• 31 Requirements before appointment
• 32 Term of office of members
• 33 Elected, co-opted, etc, members
• 34 Validity of members' acts
• 35 Validity of appointments
• 36 Removal of members of Crown agents
• 37 Removal of members of autonomous Crown entities
• 38 Removal of elected members of Crown agents and autonomous Crown entities
• 39 Removal of members of independent Crown entities
• 40 Just cause
• 41 Process for removal
• 42 Judges serving as members
• 43 No compensation for loss of office
• 44 Resignation of members
• 45 Members ceasing to hold office
• 46 Member of corporation sole not to hold concurrent office
• 47 Remuneration of members
• 48 Expenses of members
• 49 Entity must act consistently with objectives, functions, statement of intent, and statement of performance expectations
• 50 Manner in which functions must be performed
• 51 Entity must operate in financially responsible manner
• 52 Subsidiaries and other interests
• 53 Duty to comply with this Act and entity's Act
• 54 Duty to act with honesty and integrity
• 55 Duty to act in good faith and not at expense of entity's interests
• 56 Duty to act with reasonable care, diligence, and skill
• 57 Duty not to disclose information
• 58 Accountability for collective board duties
• 59 Accountability for individual duties
• 60 Court actions requiring or restraining board or members
• 61 When members may rely on certain information and advice
• 62 When interests must be disclosed
• 63 Obligation to disclose interest
• 64 Who disclosure of interests must be made to
• 65 What must be disclosed
• 66 Consequences of being interested in matter
• 67 Consequences of failing to disclose interest
• 68 Permission to act despite being interested in matter
• 69 Entity may avoid certain acts done in breach of conflict of interest rules
• 70 What is fair value
• 71 Onus of proving fair value
• 72 Effect of avoidance on third parties
• 73 Ability to delegate
• 74 Powers of delegate
• 75 Effect of delegation on entity or board
• 76 Revocations of delegations
• 77 Vacancies in membership of board
• 78 Appointment of chairperson, etc, and board procedure
• Part 2
• 79 Formation and acquisition of shares in Crown entity companies
• 80 Restrictions relating to shares in Crown entity companies
• 81 Crown entity company must have constitution stating it is Crown entity
• 82 Constitution must be presented to House of Representatives
• 83 Shares to be held by person holding office as Minister
• 84 Appointment of representative of shareholding Minister
• 85 Interface with Companies Act 1993 and other Acts
• 86 Board's role
• 87 Accountability of members to shareholding Ministers
• 88 Shareholding Ministers' role
• 88A Monitor's role
• 89 Criteria for appointments by shareholding Minister
• 90 Members must disclose interests before appointment
• 91 No compensation for removal from office
• 92 Duty to act consistently with objectives, functions, statement of intent, and statement of performance expectations
• 93 Subsidiaries
• 94 Accountability for collective board duties
• 95 Duty to comply with this Act and entity's Act
• Part 3
• 96 Acquisition of subsidiaries
• 97 Subsidiaries: rules applying to all Crown entities
• 98 Subsidiaries: rules applying only to statutory entities