55Payment of annual dividends to the Commonwealth

#### 55 Payment of annual dividends to the Commonwealth (1) The Board must, within 4 months after the end of each financial year, by written notice given to the Minister, recommend that EFIC pay a specified dividend, or not pay a dividend, to the Commonwealth for that financial year. (2) The Minister must, within 30 days after receiving the recommendation, by written notice given to EFIC: (a) approve the recommendation; or (b) where the Board has recommended the payment of a dividend—direct the payment of a different specified dividend; or (c) where the Board has recommended that no dividend be paid—direct the payment of a specified dividend. (3) Subject to subsections (4) and (5), in performing their functions under subsections (1) and (2), the Board and the Minister must have regard to: (a) the policies of the Commonwealth Government, and the general policy of EFIC in relation to the performance of its functions; and (b) such commercial considerations as the Board or the Minister, as the case may be, considers appropriate. (4) EFIC’s dividend for a financial year must not exceed its profit for that year. (5) For each financial year in relation to which the Minister has approved a recommendation that a dividend be paid or has directed the payment of a dividend, EFIC must pay to the Commonwealth: (a) if the Minister has approved a recommendation that a dividend be paid—the dividend specified in the recommendation; or (b) if the Minister has directed that a dividend be paid or that a different dividend be paid—the dividend specified in the direction. (6) For the purposes of this section, the period beginning on the commencement of this Act and ending on 30 June 1992 is to be taken to be a financial year.