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Crown Entities Act 2004

Crown entity reporting and financial obligations - Reporting obligations - Multi-parent subsidiaries: exemptions from reporting requirements under this subpart

157: Multi-parent subsidiaries part-owned by school board

You could also call this:

"Companies partly owned by school boards: special rules for reporting"

Illustration for Crown Entities Act 2004

This section is about companies owned by more than one parent company, where one of the parents is a school board. You need to know that the Minister of Finance can decide to exempt these companies from preparing certain statements or reports, as defined in section 156A(4), if it's too hard for them to do it. The Minister must think it's reasonable and that the public can still hold the company accountable.

The Minister's notice must say which statements or reports the company doesn't have to prepare, and for which years or periods. You will see that the Minister can also set conditions for the exemption, like requiring a parent company to include information about the subsidiary in its own reports. The Minister must then tell the public about the exemption and its conditions in the Gazette, and also present a statement to the House of Representatives.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM330559.

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Part 4Crown entity reporting and financial obligations
Reporting obligations: Multi-parent subsidiaries: exemptions from reporting requirements under this subpart

157Multi-parent subsidiaries part-owned by school board

  1. This section applies to a multi-parent subsidiary if any of its parent Crown entities is a school board.

  2. The Minister of Finance may, by notice in writing, exempt the multi-parent subsidiary from the requirement to prepare a statement or report (as defined in section 156A(4)) if the Minister is satisfied that—

  3. it would be unduly onerous for the multi-parent subsidiary to comply with the requirement; and
    1. the exemption is consistent with maintaining reasonable public accountability of the multi-parent subsidiary.

      1. A notice must specify—

      2. which statements or reports are not required; and
        1. the financial years or other period (which may be until further notice) for which each statement or report is not required.

          1. The exemption may be granted subject to any terms or conditions the Minister thinks fit (which may include a condition that a parent Crown entity must, in its equivalent statement or report, include certain information about the multi-parent subsidiary).

          2. As soon as practicable after granting an exemption, the Minister must—

          3. notify the exemption, and its terms and conditions, in the Gazette; and
            1. present to the House of Representatives a statement of the exemption and its terms and conditions.

              Notes
              • Section 157: replaced, on , by section 68 of the Crown Entities Amendment Act 2013 (2013 No 51).
              • Section 157 heading: amended, on , by section 668 of the Education and Training Act 2020 (2020 No 38).
              • Section 157 heading: amended, on , by section 109(1) of the Education Legislation Act 2016 (2016 No 72).
              • Section 157(1): amended, on , by section 668 of the Education and Training Act 2020 (2020 No 38).
              • Section 157(1): amended, on , by section 109(1) of the Education Legislation Act 2016 (2016 No 72).