statutory authority means -

(a) an authority, corporation, instrumentality or office -

(i) that is established by or under an Act;

(ii) that has control of funds; and

(iii) that either consists of at least one person appointed to it by or under an Act or has a board or other governing body that consists of at least one person appointed to it by or under an Act;

(b) an authority, corporation, instrumentality or office that is stated to be a statutory authority by the Act by or under which it is established, either -

(i) specifically for the purposes of this Act; or

(ii) generally for the purposes of any Act; or

(c) a commercial statutory authority,

but does not include an authority, corporation, instrumentality or office that is -

(d) a parliamentary body;

(e) a department;

(f) a local authority within the meaning of the Local Government Act (Cap. 125);

(g) a company; or

(h) an entity declared, or of a class declared, by the regulations not to be a statutory authority for the purposes of this Act;

(Indexation needs to be fixed in the act – should be (a) (b) (c) etc)

(Finance Management Act 2004 (s(2))