Version as at 1 July 2024 Crown Entities Act 2004 Part 4 s 169 167 Gifts (1) Any money or property that is gifted to a Crown entity may be accepted or disclaimed by a Crown entity. (2) The limitations in this Act (such as the limitations on the form in which property may be held) do not apply to gifted property during a period that is reasonable in the circumstances. 168 Accounting records to be kept (1) The board of a Crown entity must cause accounting records to be kept that— (a) correctly record and explain the transactions of the Crown entity; and (b) will at any time enable the financial position of the Crown entity to be determined with reasonable accuracy; and (c) will enable the members of the Crown entity to ensure that the financial statements of the Crown entity comply with section 154; and (d) will enable the financial statements of the Crown entity to be readily and properly audited. (2) The accounting records must be in written form or in a manner in which they are easily accessible and convertible into written form. (3) If the board of a Crown entity fails to comply with the requirements of this section, every member of the Crown entity commits an offence and is liable on conviction to a penalty not exceeding $5,000. (4) It is a defence to a member charged with an offence under this section if the member proves that— (a) the board took all reasonable and proper steps to ensure that the require‐ ments of this section would be complied with; or (b) he or she took all reasonable and proper steps to ensure that the board complied with the requirements of this section; or (c) in the circumstances he or she could not reasonably have been expected to take steps to ensure that the board complied with the requirements of this section. Compare: 1993 No 105 s 194 Subpart 4—Miscellaneous 169 Taxation of statutory entities A statutory entity is a public authority for the purpose of the Inland Revenue Acts (as that term is defined in the Tax Administration Act 1994) unless either those Acts or the entity’s Act provides otherwise. 95