305 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 institutions and their Crown entity subsidiaries (within the meaning of that Act) only to the extent that this section provides.

(3)

Part 1 of Schedule 4 of that Act applies to all 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 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)

An instruction issued by the Minister of Finance under section 80A of the Public Finance Act 1989 does not apply to an institution.

(6)

The financial year of an institution is an academic year.

(7)

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

Compare: 1989 No 80 s 203