Section 266 — Injury Prevention, Rehabilitation, and Compensation Act 2001: Provisions relating to Crown entity subsidiaries

266 Provisions relating to Crown entity subsidiaries (1) A Crown entity subsidiary formed by the Corporation must be wholly owned by the Corporation. (2) The principal objective of a Crown entity subsidiary is to operate as a successful business and, to that extent, to be— (a) as profitable and efficient as any comparable business not owned by the Crown; and (b) [Repealed] (3) A Crown entity subsidiary of the Corporation— (a) is a Crown entity for the purposes of the Crown Entities Act 2004 : (b) is not a local authority for the purposes of section 73 of the Public Finance Act 1989 : (c) is not exempt from income tax. (4) The returns generated by the activities of any Crown entity subsidiary must be applied by the Corporation on a basis determined in the statement of intent under section 272 or (in the absence of such a determination) in a policy direction under section 103 of the Crown Entities Act 2004 . Compare: 1998 No 114 s 334(1)-(4) The heading to section 266 was amended, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115) by inserting the words “ Crown entity ” before the word “ subsidiaries ” . Section 266 was amended, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115) by substituting the words “ Crown entity subsidiary ” for the words “ subsidiary company ” in every case where they appear. Subsection (2)(b) was repealed, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115). Subsection (3) was substituted, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115). Subsection (4) was amended, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115) by substituting the words “ section 103 of the Crown Entities Act 2004 ” for the expression “ section 270 ” .