Crown Entities Act 2004

Part 4 Crown entity reporting and financial obligations

Subpart 1—Interpretation for this Part

136 Interpretation for this Part

(1)

In this Part, unless the context otherwise requires,—

borrow,—

(a)

includes entering into hire purchase agreements or agreements that are of the same or a substantially similar nature; and

(b)

includes entering into finance lease arrangements or arrangements that are of the same or a substantially similar nature; and

(c)

includes accepting debt on assignment from other persons; but

(d)

does not include the purchase of goods or services on credit or the obtaining of an advance by the use of a credit card or by a supplier supplying credit for the purchase of goods or services, for a period of 90 days or less from the date the credit card is used or the credit is supplied

class of outputs or class has the meaning set out in section 2(1) of the Public Finance Act 1989

Crown entity group means a group comprising—

(a)

a Crown entity; and

(b)

its Crown entity subsidiaries, other than multi-parent subsidiaries; and

(c)

any entity that is its subsidiary for the purpose of any financial reporting standard that applies to the Crown entity under generally accepted accounting practice

debt security has the same meaning as in section 8 of the Financial Markets Conduct Act 2013

derivative—

(a)

has the same meaning as in section 8 of the Financial Markets Conduct Act 2013; and

(b)

includes a foreign exchange transaction

financial product means any of the following:

(a)

an equity security (within the meaning given in the Financial Markets Conduct Act 2013):

(b)

a debt security:

(c)

a managed investment product within the meaning of that Act (except a managed investment product in a superannuation scheme, a workplace savings scheme, or a KiwiSaver scheme):

(d)

a derivative

financial year means,—

(a)

in relation to a school board or a tertiary education institution, an academic year as defined in section 10(1) of the Education and Training Act 2020; and

(b)

in relation to any other Crown entity, the 12 months ending on the close of 30 June or any other date determined for that entity by the Minister of Finance

forecast financial statements has the meaning set out in section 2(1) of the Public Finance Act 1989

generally accepted accounting practice has the same meaning as in section 8 of the Financial Reporting Act 2013

next Budget day means the day on which the Minister of Finance will next deliver a Budget under the Public Finance Act 1989

outputs—

(a)

means the goods or services that are supplied by a Crown entity; but

(b)

does not include goods and services that are produced for purchase or consumption solely within the Crown entity group

pre-Budget period means—

(a)

the period of 3 months ending when the Minister of Finance next delivers a Budget under the Public Finance Act 1989; or

(b)

if the Minister of Finance gives less than 3 months’ notice of the next Budget day, the period commencing on the day on which the Minister of Finance gives that notice and ending when the Minister of Finance delivers the Budget

public security has the meaning set out in section 2(1) of the Public Finance Act 1989

registered bank has the meaning set out in section 2 of the Reserve Bank of New Zealand Act 1989

registered building society means a building society within the meaning of the Building Societies Act 1965 that is registered on the register of building societies kept under that Act

reportable class of outputs, in respect of a financial year, means a class of outputs—

(a)

that the Crown entity proposes to supply in the financial year; and

(b)

that is directly funded (in whole or in part) by the Crown in accordance with an appropriation for the purpose, or by grants distributed under any Act, or by levies, fees, or charges prescribed by or under any Act; and

(c)

that is not exempted for that financial year under section 149F

working day has the meaning set out in section 2(1) of the Public Finance Act 1989.

(2)

Any term or expression that is defined in the Public Finance Act 1989 and used, but not defined, in this Part has the same meaning as in the Public Finance Act 1989.

Section 136(1) Crown entity group paragraph (b): replaced, on 1 July 2014, by section 47(1) of the Crown Entities Amendment Act 2013 (2013 No 51).

Section 136(1) debt security: replaced, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 136(1) derivative: inserted, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 136(1) derivative transaction: repealed, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 136(1) financial product: inserted, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 136(1) financial year paragraph (a): replaced, on 1 August 2020, by section 668 of the Education and Training Act 2020 (2020 No 38).

Section 136(1) generally accepted accounting practice: replaced, on 1 April 2014, by section 126 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).

Section 136(1) next Budget day: inserted, on 1 July 2014, by section 47(2) of the Crown Entities Amendment Act 2013 (2013 No 51).

Section 136(1) pre-Budget period: inserted, on 1 July 2014, by section 47(2) of the Crown Entities Amendment Act 2013 (2013 No 51).

Section 136(1) reportable class of outputs: inserted, on 1 July 2014, by section 47(2) of the Crown Entities Amendment Act 2013 (2013 No 51).

Section 136(1) security: repealed, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).