Crown Research Institutes Act 1992

  • This version was replaced on 18 December 2018 to make corrections to section 31(3) under section 25(1)(j)(iii) and (iv) of the Legislation Act 2012.
5 Principles of operation

(1)

Every Crown Research Institute shall, in fulfilling its purpose, operate in accordance with the following principles:

(a)

that research undertaken by a Crown Research Institute should be undertaken for the benefit of New Zealand:

(b)

that a Crown Research Institute should pursue excellence in all its activities:

(c)

that in carrying out its activities a Crown Research Institute should comply with any applicable ethical standards:

(d)

that a Crown Research Institute should promote and facilitate the application of—

(i)

the results of research; and

(ii)

technological developments:

(e)

that a Crown Research Institute should be a good employer as required by section 118 of the Crown Entities Act 2004:

(f)

that a Crown Research Institute should be an organisation that exhibits a sense of social responsibility by having regard to the interests of the community in which it operates and by endeavouring to accommodate or encourage those interests when able to do so.

(2)

Every Crown Research Institute shall, in fulfilling its purpose, operate in a financially responsible manner so that it maintains its financial viability.

(3)

For the purposes of subsection (2), a Crown Research Institute is financially viable if—

(a)

regardless of whether or not it is required to pay dividends to the Crown, the activities of the Crown Research Institute generate, on the basis of generally accepted accounting principles, an adequate rate of return on shareholders’ funds; and

(b)

the Crown Research Institute is operating as a successful going concern.

(4)

[Repealed]

Compare: 1986 No 124 s 4

Section 5(1)(e): amended, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

Section 5(4): repealed, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).