Part 2 s 77 (b) (2) Crown Entities Act 2004 Version as at 1 July 2024 any other method provided for in the delegation. A delegation under section 74(1)(b) may be revoked at will by written notice of the delegate to the subdelegate. Compare: 1988 No 20 s 42 Miscellaneous provisions relating to board 77 Vacancies in membership of board The powers and functions of a statutory entity are not affected by any vacancy in the membership of its board. 78 Appointment of chairperson, etc, and board procedure The provisions set out in Schedule 5 govern the appointment of a chairperson and deputy chairperson (including a temporary deputy chairperson) and the proceedings of the board of a statutory entity (other than a corporation sole). Section 78 heading: amended, on 18 July 2013, by section 15(1) of the Crown Entities Amendment Act 2013 (2013 No 51). Section 78: amended, on 18 July 2013, by section 15(2) of the Crown Entities Amendment Act 2013 (2013 No 51). Subpart 2—Crown entity companies Formation and shareholding of Crown entity companies 79 Formation and acquisition of shares in Crown entity companies (1) Shares in a Crown entity company may be subscribed for, or otherwise acquired, on behalf of the Crown only by 2 or more Ministers. (2) One of those shareholding Ministers must be the Minister of Finance. (3) Each shareholding Minister of a Crown entity company must always hold the same number of shares in the Crown entity company as each other sharehold‐ ing Minister of that Crown entity company. (4) This section does not limit the Crown’s ability to subscribe for, or otherwise acquire, shares in a company that is not a Crown entity company. (5) This section applies also to a company that is being formed with the intention of becoming a Crown entity company, despite the fact that the company is not yet named in Schedule 2. 80 Restrictions relating to shares in Crown entity companies (1) No Minister may— 42 (a) sell or otherwise dispose of any shares in a Crown entity company held in the Minister’s name; or (b) permit shares in a Crown entity company to be allotted or issued to any person other than a shareholding Minister.