Part 2 s 70 Crown Entities Act 2004 Version as at 1 July 2024 70 What is fair value (1) The entity is presumed to receive fair value in respect of an act that is done by the entity in the ordinary course of its business and on usual terms and conditions. (2) Whether an entity receives fair value in respect of an act must be determined on the basis of the information known to the entity and to the interested member at the time the act is done. Compare: 1993 No 105 s 141(3), (4) 71 Onus of proving fair value (1) A person seeking to prevent an act being avoided, and who knew, or ought reasonably to have known, of the member’s interest at the time the act was done, has the onus of establishing fair value. (2) In any other case, the entity has the onus of establishing that it did not receive fair value. Compare: 1993 No 105 s 141(5) 72 Effect of avoidance on third parties The avoidance of an act under section 69 does not affect the title or interest of a person to or in property that that person has acquired if the property was acquired— (a) from a person other than the entity; and (b) for valuable consideration; and (c) without knowledge of the circumstances of the act under which the person referred to in paragraph (a) acquired the property from the entity. Delegation 73 Ability to delegate (1) The board of a statutory entity may delegate any of the functions or powers of the entity or the board, either generally or specifically, to any of the following persons by resolution and written notice to the person or persons: 40 (a) a member or members: (b) the chief executive or any other employee or employees, or office holder or holders, of the entity: (c) a committee: (d) any other person or persons approved by the entity’s responsible Minis‐ ter: (e) any class of persons comprised of any of the persons listed in paragraphs (a) to (d): (f) a Crown entity subsidiary of the statutory entity.