203 Institutions are Crown entities

(1)

Every institution is a Crown entity for the purposes of section 7 of the Crown Entities Act 2004.

(2)

However, that Act applies to tertiary education institutions only to the extent that subsection (3) provides.

(3)

The provisions of that Act set out in Schedule 4 of that Act and Schedule 13A of this Act apply to tertiary education institutions and their Crown entity subsidiaries (within the meaning of that Act).

(4)

Section 65I(1) and (2) of the Public Finance Act 1989—

(a)

applies, with all necessary modifications, to tertiary education institutions and, accordingly, every institution must invest in the same manner as the Treasury invests money under that section; but

(b)

does not apply in respect of any investment made by an institution in the financial products of a related entity.

(5)

No instruction issued by the Minister of Finance under section 80A of the Public Finance Act 1989 applies to an institution.

(6)

The financial year of an institution is an academic year.

(7)

The members of the council of an institution are the board for the purposes of the Crown Entities Act 2004.

Section 203: replaced, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

Section 203(4): replaced, on 29 October 2016, by section 33 of the Education Legislation Act 2016 (2016 No 72).