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Venture Capital Fund Act 2019

Preliminary provisions

5: Interpretation

You could also call this:

"What special words mean in the Venture Capital Fund Act 2019"

Illustration for Venture Capital Fund Act 2019

When you read this Act, you need to know what some words mean. The word "board" refers to the Guardians of New Zealand Superannuation board. The word "custodian" means a person appointed to look after the Venture Capital Fund. You should understand that "divestment programme" is explained in section 32(1)(e). The word "entity" means any person or group, whether a company or not. The word "Guardians" refers to the entity called the Guardians of New Zealand Superannuation, which was established under section 48 of the New Zealand Superannuation and Retirement Income Act 2001. When you see the word "invest", it includes doing things to manage the Venture Capital Fund. The word "Minister" means the Minister of Finance, or another Minister responsible for this Act. The word "subsidiary" has a specific meaning, which is explained in sections 5 to 8 of the Companies Act 1993 and section 5 of the Financial Reporting Act 2013. The word "VCF" means the Venture Capital Fund, which was established under section 8. Some tasks can be done for a part of the Venture Capital Fund, like a specific proportion or a part defined in another way. Other words like "Crown", "Crown Bank Account", "financial year", "Government", "public money", and "Treasury" have the same meanings as in section 2(1) of the Public Finance 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=LMS210798.

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4: Outline of Act, or

"What the Venture Capital Fund Act is About"

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6: Transitional, savings, and related provisions, or

"Special rules to help with the change to the new law"

5Interpretation

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

    board means the Guardians of New Zealand Superannuation board

      custodian means a person appointed under section 30(1) to act as custodian of the VCF, or any part of the VCF

        divestment programme has the meaning set out in section 32(1)(e)

          entity means any person, whether corporate or unincorporate

            Guardians means the entity called the Guardians of New Zealand Superannuation established under section 48 of the New Zealand Superannuation and Retirement Income Act 2001

              invest includes, without limitation, to carry on any activity, do any act, or enter into any transaction that the Guardians consider to be for the purpose, directly or indirectly, of managing, or enabling the management of, the VCF

                Minister means the Minister of Finance, or other Minister of the Crown who, under the authority of any warrant or with the authority of the Prime Minister, is responsible for the administration of this Act

                  subsidiary—

                  1. means a subsidiary within the meaning of sections 5 to 8 of the Companies Act 1993; and
                    1. includes an entity that is classified as a subsidiary in any relevant financial reporting standard (within the meaning of section 5 of the Financial Reporting Act 2013)

                      VCF means the Venture Capital Fund established under section 8.

                      1. A function, power, or duty performed or exercised in respect of a part of the VCF may be performed or exercised in respect of—

                      2. a specified proportion of the VCF; or
                        1. a part of the VCF that is defined in any other way.

                          1. In this Act, unless the context otherwise requires, Crown, Crown Bank Account, financial year, Government, public money, and Treasury have the same meanings as in section 2(1) of the Public Finance Act 1989.