Crown Entities Act 2004

Crown entity reporting and financial obligations - Interpretation for this Part

136: Interpretation for this Part

You could also call this:

"What special words mean in this part of the law"

When you read this part of the law, some words have special meanings. You borrow money when you enter into hire purchase agreements or finance lease arrangements. Borrowing also includes accepting debt from other people.

Some words are defined in other laws, like the Public Finance Act 1989, and have the same meaning here. For example, a class of outputs is defined in section 2(1) of the Public Finance Act 1989. A Crown entity group is a group made up of a Crown entity and its subsidiaries.

A debt security has the same meaning as in section 8 of the Financial Markets Conduct Act 2013. A derivative is also defined in section 8 of the Financial Markets Conduct Act 2013 and includes foreign exchange transactions.

A financial product can be an equity security, a debt security, a managed investment product, or a derivative. A financial year is usually 12 months ending on 30 June, but it can be different for some organisations like schools.

Outputs are the goods or services that a Crown entity supplies, but not the ones it produces for its own use. A reportable class of outputs is a class of outputs that a Crown entity plans to supply and is funded by the Crown.

Other important words include next Budget day, pre-Budget period, and working day, which are defined in other laws like the Public Finance Act 1989. A registered bank is defined in the Banking (Prudential Supervision) Act 1989.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM330506.


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Part 4Crown entity reporting and financial obligations
Interpretation for this Part

136Interpretation for this Part

  1. In this Part, unless the context otherwise requires,—

    borrow,—

    1. includes entering into hire purchase agreements or agreements that are of the same or a substantially similar nature; and
      1. includes entering into finance lease arrangements or arrangements that are of the same or a substantially similar nature; and
        1. includes accepting debt on assignment from other persons; but
          1. 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—

              1. a Crown entity; and
                1. its Crown entity subsidiaries, other than multi-parent subsidiaries; and
                  1. 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

                      1. has the same meaning as in section 8 of the Financial Markets Conduct Act 2013; and
                        1. includes a foreign exchange transaction

                          financial product means any of the following:

                          1. an equity security (within the meaning given in the Financial Markets Conduct Act 2013):
                            1. a debt security:
                              1. 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):
                                1. a derivative

                                  financial year means,—

                                  1. 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
                                    1. 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

                                            1. means the goods or services that are supplied by a Crown entity; but
                                              1. does not include goods and services that are produced for purchase or consumption solely within the Crown entity group

                                                pre-Budget period means—

                                                1. the period of 3 months ending when the Minister of Finance next delivers a Budget under the Public Finance Act 1989; or
                                                  1. 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 Banking (Prudential Supervision) 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—

                                                          1. that the Crown entity proposes to supply in the financial year; and
                                                            1. 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
                                                              1. 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.

                                                                1. 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.

                                                                Notes
                                                                • Section 136(1) Crown entity group paragraph (b): replaced, on , by section 47(1) of the Crown Entities Amendment Act 2013 (2013 No 51).
                                                                • Section 136(1) debt security: replaced, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
                                                                • Section 136(1) derivative: inserted, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
                                                                • Section 136(1) derivative transaction: repealed, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
                                                                • Section 136(1) financial product: inserted, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
                                                                • Section 136(1) financial year paragraph (a): replaced, on , by section 668 of the Education and Training Act 2020 (2020 No 38).
                                                                • Section 136(1) generally accepted accounting practice: replaced, on , by section 126 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).
                                                                • Section 136(1) next Budget day: inserted, on , by section 47(2) of the Crown Entities Amendment Act 2013 (2013 No 51).
                                                                • Section 136(1) pre-Budget period: inserted, on , by section 47(2) of the Crown Entities Amendment Act 2013 (2013 No 51).
                                                                • Section 136(1) registered bank: amended, on , by section 300(1) of the Reserve Bank of New Zealand Act 2021 (2021 No 31).
                                                                • Section 136(1) reportable class of outputs: inserted, on , by section 47(2) of the Crown Entities Amendment Act 2013 (2013 No 51).
                                                                • Section 136(1) security: repealed, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).