Venture Capital Fund Act 2019

Acquisition of financial products, borrowing, guarantees, indemnities, and derivatives

14: Crown Entities Act 2004 provisions about acquisition of financial products, borrowing, guarantees, indemnities, and derivatives do not apply

You could also call this:

"Special rules for the Venture Capital Fund that don't follow usual government investment rules"

Illustration for Venture Capital Fund Act 2019

You need to know some rules about the Venture Capital Fund. The Crown Entities Act 2004 has rules about buying financial products, borrowing money, and giving guarantees. These rules do not apply to the Guardians of the Venture Capital Fund. You can find more information about the rules that do apply in sections 16 to 24, 31, and 32, and in Schedule 1. There is also a special rule about borrowing money, which is in section 15. The Guardians have the power to invest the Venture Capital Fund, but they must follow these rules. Some other laws, like sections 100 and 160 to 164 of the Crown Entities Act 2004, do not apply to the Guardians when they are investing the Venture Capital Fund, you can read about these laws on the New Zealand legislation website https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM330345 and https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM330565

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS215720.

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13: Contributions to VCF, or

"The Minister can add money to the Venture Capital Fund."


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15: Borrowing, or

"Guardians need approval to borrow money or make big financial decisions"

14Crown Entities Act 2004 provisions about acquisition of financial products, borrowing, guarantees, indemnities, and derivatives do not apply

  1. Sections 100 and 160 to 164 of the Crown Entities Act 2004 do not apply to the Guardians in relation to the VCF.

  2. There are no restrictions on the Guardians’ power to invest the VCF, other than as provided by sections 16 to 24, 31, and 32 and Schedule 1.

  3. This section is subject to section 15 (borrowing).

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