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: