Crown Entities Act 2004

Miscellaneous

165 Net surplus payable by certain statutory entities and Crown entity companies

(1)

Unless an exemption is granted in Schedule 1 or Schedule 2, the Minister of Finance may, in writing, require a statutory entity or Crown entity company to pay to the Crown a sum equal to the whole or any part of a net surplus of the statutory entity or Crown entity company, or its Crown entity group, as determined in accordance with generally accepted accounting practice or any other basis that may be agreed between that Minister and the entity.

(2)

In this section, net surplus includes both an annual profit and an accumulated surplus.

(3)

Before the Minister of Finance issues a requirement under this section,—

(a)

the Minister of Finance must consult with each responsible Minister; and

(b)

a responsible Minister must consult with the Crown entity.

(4)

This section does not limit any provision for the payment of an annual distribution or similar payment to the Crown under the entity’s Act.

(5)

This section does not limit the need for a Crown entity company to comply also with the provisions of the Companies Act 1993 (or its constitution, if relevant) relating to distributions.