Version as at 1 July 2024 Crown Entities Act 2004 Part 2 s 53 travelling and other expenses incurred in carrying out his or her office as a member. Collective duties of board 49 Entity must act consistently with objectives, functions, statement of intent, and statement of performance expectations The board of a statutory entity must ensure that the entity acts in a manner consistent with its objectives, functions, current statement of intent, and current statement of performance expectations under Part 4. Section 49 heading: amended, on 1 July 2014, by section 44(1) of the Crown Entities Amendment Act 2013 (2013 No 51). Section 49: amended, on 1 July 2014, by section 44(2) of the Crown Entities Amendment Act 2013 (2013 No 51). 50 Manner in which functions must be performed The board of a statutory entity must ensure that the statutory entity performs its functions— (a) efficiently and effectively; and (b) in a manner consistent with the spirit of service to the public; and (c) in collaboration with other public entities (within the meaning of that term in the Public Audit Act 2001) where practicable. Section 50: replaced, on 18 July 2013, by section 11 of the Crown Entities Amendment Act 2013 (2013 No 51). 51 Entity must operate in financially responsible manner The board of a statutory entity must ensure that the entity operates in a finan‐ cially responsible manner and, for this purpose, that it— 52 (a) prudently manages its assets and liabilities; and (b) endeavours to ensure— (i) its long-term financial viability; and (ii) that it acts as a successful going concern. Subsidiaries and other interests The board of a statutory entity must ensure that the entity complies with sections 96 to 101. Individual duties of members 53 Duty to comply with this Act and entity’s Act A member of a statutory entity must not contravene, or cause the contravention of, or agree to the entity contravening, this Act or the entity’s Act. 33