55APayment of additional dividends to the Commonwealth

55A Payment of additional dividends to the Commonwealth

One‑off dividend (1) EFIC must pay the Commonwealth a dividend of $200,000,000 before 30 June 2013. Minister may direct payment of a specified dividend (2) The Minister may, in writing, direct EFIC to pay the Commonwealth a specified dividend within a specified period. (3) In giving a direction under subsection (2), the Minister must: (a) have regard to: (i) the policies of the Commonwealth Government; and (ii) the general policy of EFIC in relation to the performance of its functions; and (iii) such commercial considerations as the Minister considers appropriate; and (b) be satisfied that the specified dividend is reasonable having regard to: (i) the likely capital and reserves of EFIC at the time the direction is given; and (ii) the expected liabilities, losses and claims of and against EFIC at that time. (4) Before the Minister gives a direction under subsection (2), the Minister must: (a) consult the Board about the matters referred to in subparagraphs (3)(a)(ii) and (b)(i) and (ii); and (b) obtain the agreement of the Prime Minister, Treasurer and Finance Minister to the direction. (5) EFIC must comply with a direction given under subsection (2).