Multi-parent subsidiaries: exemptions from reporting requirements under this subpart

Heading: inserted, on 1 July 2014, by section 68 of the Crown Entities Amendment Act 2013 (2013 No 51).

157 Multi-parent subsidiaries part-owned by school board of trustees

(1)

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

(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—

(a)

it would be unduly onerous for the multi-parent subsidiary to comply with the requirement; and

(b)

the exemption is consistent with maintaining reasonable public accountability of the multi-parent subsidiary.

(3)

A notice must specify—

(a)

which statements or reports are not required; and

(b)

the financial years or other period (which may be until further notice) for which each statement or report is not required.

(4)

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).

(5)

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

(a)

notify the exemption, and its terms and conditions, in the Gazette; and

(b)

present to the House of Representatives a statement of the exemption and its terms and conditions.

Section 157: replaced, on 1 July 2014, by section 68 of the Crown Entities Amendment Act 2013 (2013 No 51).

Section 157 heading: amended, on 29 October 2016, by section 109(1) of the Education Legislation Act 2016 (2016 No 72).

Section 157(1): amended, on 29 October 2016, by section 109(1) of the Education Legislation Act 2016 (2016 No 72).