46Payments of dividends to Commonwealth

##### 46 Payments of dividends to Commonwealth (1) The Board shall, before the expiration of 4 months after the end of each financial year, by notice in writing given to the Minister, recommend that the Corporation: (a) pay to the Commonwealth, in relation to the operations of the Corporation in that financial year, a dividend of an amount specified in the notice; or (b) not pay a dividend to the Commonwealth for the financial year. (2) In making a recommendation under subsection (1), the Board shall have regard to: (a) the matters specified in paragraphs 39(1)(a), (c), (d), (e) and (f); (b) the extent of the Commonwealth’s equity in the Corporation; and (c) such other commercial considerations as the Board considers fit. (3) The Minister shall, before the expiration of 30 days after the receipt by him or her of a recommendation made by the Board under subsection (1) in relation to a financial year, give notice in writing to the Board: (a) where the recommendation is that the Corporation pay a dividend to the Commonwealth for the financial year: (i) approving the recommendation; or (ii) directing the payment by the Corporation to the Commonwealth for the financial year of a dividend of a different specified amount; or (b) where the recommendation is that the Corporation not pay a dividend to the Commonwealth for the financial year: (i) approving the recommendation; or (ii) directing the payment by the Corporation to the Commonwealth for the financial year of a dividend of a specified amount. (4) In performing the functions under subsection (3), the Minister shall have regard to: (a) the matters specified in paragraphs 39(1)(a), (c), (d), (e), (ea) and (f); (b) the extent of the Commonwealth’s equity in the Corporation; and (c) such other commercial considerations as the Minister thinks fit. (5) The Corporation shall, before the expiration of 8 months after the end of each financial year, other than a year in relation to which the Minister has given a notice under subparagraph (3)(b)(i), or within such further time as the Minister allows, pay to the Commonwealth: (a) except in a case to which paragraph (b) applies—the amount of the dividend specified in the notice given by the Corporation under paragraph (1)(a) in relation to that financial year; or (b) if the Minister has given a notice to the Corporation under subparagraph (3)(a)(ii) or (b)(ii) in relation to that financial year—the amount of the dividend specified in that notice. (6) A payment by the Corporation to the Commonwealth under this section may be made: (a) out of the profits of the Corporation for the financial year to which the payment relates; (b) out of the profits of the Corporation for any preceding financial year or years; or (c) partly out of the profits of the Corporation for the financial year referred to in paragraph (a) and partly out of the profits of the Corporation for any preceding financial year or years.