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Crown Entities Act 2004

Establishment and governance of Crown entities - Crown entity companies - Formation and shareholding of Crown entity companies

84: Appointment of representative of shareholding Minister

You could also call this:

"Minister chooses someone to make decisions for them in a government-owned company"

When a Minister owns shares in a Crown entity company, they can choose someone to represent them. You can think of a Crown entity company like a business that the government has a part in. The Minister sends a written notice to the company to say who will represent them.

The person chosen by the Minister can go to meetings where important decisions are made about the company. They can make decisions on behalf of the Minister, just like the Minister would if they were there in person. This means they have the same power as the Minister when it comes to making decisions about the company.

This rule applies even if there are other laws or rules that might say something different.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM330322.

Topics:
Government and voting > Government departmentsBusiness > Industry rules
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83: Shares to be held by person holding office as Minister, or

"Minister's shares are held by the person in the Minister's role at the time"

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85: Interface with Companies Act 1993 and other Acts, or

"How Crown entity companies follow the Companies Act and other laws"

Part 2Establishment and governance of Crown entities
Crown entity companies: Formation and shareholding of Crown entity companies

84Appointment of representative of shareholding Minister

  1. A shareholding Minister of a Crown entity company may, by written notice to a Crown entity company, authorise (on the terms specified in the notice) a person to act as the shareholding Minister's representative at any or all of the meetings of shareholders of the company or of any class of those shareholders.

  2. Any person authorised under subsection (1) is entitled to exercise the same powers on behalf of the shareholding Minister as the shareholding Minister could exercise if present in person at the meeting or meetings.

  3. This section applies despite any other enactment or rule of law.