Commonwealth Numbered Acts Commonwealth Numbered Acts(1) A Governmental Entity is an Entity that meets all of the following criteria:
(a) it is part of or wholly - owned by a government (including any political subdivision or local authority thereof) of a jurisdiction;
(b) it has the principal purpose of:
(i) fulfilling a government function; or
(ii) managing or investing that government's or jurisdiction's assets through the making and holding of investments, asset management, and related investment activities for those assets;
(c) it does not carry on a trade or business, other than:
(i) a business that only provides products or services for use by that government to fulfil a government function; or
(ii) an investment business described in subparagraph (b)(ii);
(d) it is accountable to that government on its overall performance, and provides annual information reporting to that government;
(e) its assets vest in that government upon dissolution;
(f) to the extent it distributes net earnings, the net earnings are distributed solely to that government with no portion of its net earnings inuring to the benefit of any private person.
(2) For the purposes of subsection 13(3) and section 18, treat a Governmental Entity that meets the criterion in subparagraph (1)(b)(ii) of this section (a sovereign wealth fund) as not being an Entity.