Maori Trust Boards Amendment Act 2011

1: Title
This Act is the Maori Trust Boards Amendment Act 2011.
2: Commencement
This Act comes into force on the day after the date on which it receives the Royal assent.
3: Principal Act amended
This Act Maori Trust Boards Act 1955 2011-09-16 Maori Trust Boards Act 1955
4: Interpretation
1: Section 2(1) accounting period
a: a period of 1 year ending on the Board's balance date; or
b: if the Board's balance date changes, the period starting on the day after the last balance date before the change and ending on the new balance date balance date
a: the end of 31 March; or
b: the end of another date that the Board adopts as its balance date, as long as a balance date is never more than 15 months after the last balance date .
2: Section 2(2)
5: New heading and sections 23C and 23D inserted
The following heading and sections are inserted after section 23B Requirement for annual hui
23C: Annual hui
1: A Board must hold a hui for the beneficiaries of the Board no later than 6 months after the balance date of the prior accounting period.
2: The Board must do the following things at the hui:
a: report on its activities since the last hui:
b: report on the activities it plans for the future:
c: present its annual report (prepared under section 31
d: present a budget (prepared under section 31A
3: To avoid doubt, this section and sections 23D and 31 to 32
23D: Notice of annual hui
1: A Board must give public notice of the following matters to its beneficiaries:
a: the time and location of a hui to be held under section 23C
b: details of when and how a beneficiary may obtain a copy (whether printed or electronic) of the annual report to be presented at the hui.
2: The notice must be given no later than 3 months before the date of the hui.
3: Section 46(2) applies to the notice.
6: Additional grants and payments by Boards
Section 24A(b) financial year accounting period
7: New heading and sections 31 to 32 substituted
Sections 30A to 32 Annual reporting and other accountability requirements
31: Annual report (including financial statements)
1: After an accounting period ends, a Board must prepare an annual report on the Board's affairs during the accounting period.
2: The annual report for an accounting period must be prepared at least 1 month before the day on which the hui to present the report is to be held under section 23C
3: The annual report must include—
a: the following financial statements for the Board for the accounting period:
i: a statement of financial position as at the balance date; and
ii: an income and expenditure statement; and
iii: a statement of cash flows, if required by an applicable financial reporting standard; and
iv: any notes or documents giving information relating to the statements; and
b: the auditor's report on the financial statements.
4: The financial statements must comply with generally accepted accounting practice.
5: The financial statements and the annual report must be dated and signed on behalf of the Board by 2 members and the secretary of the Board.
6: In this section,— applicable financial reporting standard generally accepted accounting practice
31A: Annual budget
Before the start of an accounting period, a Board must prepare a budget for the accounting period that states the Board's expected income and expenditure for the period.
31B: Audit requirements
1: A Board must—
a: have its annual financial statements audited; and
b: obtain the auditor's report on the financial statements.
2: The auditor must be—
a: a chartered accountant (as defined by section 19 of the New Zealand Institute of Chartered Accountants Act 1996); or
b: eligible to act as an auditor under section 199(1)(c) or (d) of the Companies Act 1993.
32: Annual report and budget must be provided to Minister
1: A Board must provide copies of the following documents to the Minister for his or her information:
a: an annual report prepared under section 31
b: a budget prepared under section 31A
2: The copy of a document must be provided no later than 1 month after the document is prepared.
8: Consequential repeal of annual hui provisions in 5 Acts and omission of item from schedule
1: The following provisions are repealed:
a: section 6
b: section 9
c: section 6
d: section 8
e: section 7
2: The item relating to Maori Trust Boards in Schedule 1 2011-09-16 Hauraki Maori Trust Board Act 1988 Maniapoto Maori Trust Board Act 1988 Te Runanga o Ngati Porou Act 1987 Te Runanga o Ngati Whatua Act 1988 Whanganui River Trust Board Act 1988 Public Audit Act 2001
9: Transitional provision for when new provisions apply to each Maori Trust Board
1: In this section, the transition date
a: the second accounting period of the Board that starts on or after the commencement of this Act paragraph (b)
b: the first accounting period of the Board that starts on or after the commencement of this Act
2: The principal Act this Act
a: to a Maori Trust Board only on and from the Board's transition date; and
b: in relation to only the accounting periods of the Board that start on or after the Board's transition date.
3: Otherwise, the principal Act this Act
4: A provision repealed by section 8(1)
5: Despite subsections (2) and (3) Act
a: hold a hui for the beneficiaries of the Board no later than 6 months after the Board's transition date, at which the Board must—
i: report on its activities since its transition date or, if the Act that constitutes the Board provides for it to hold hui, since its last hui; and
ii: report on the activities it plans for the future; and
iii: present its financial statements for the prior accounting period that were prepared and audited as required by the principal Act this Act
iv: present a budget (prepared under section 31A
b: give public notice to its beneficiaries of the time and location of the hui—
i: no later than 3 months before the date of the hui; and
ii: in accordance with section 46(2)
6: In this section, accounting period Maori Trust Board section 2(1)