84Determination of dividend

84 Determination of dividend

(1)  [Section 84 Subsection (1) amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] Within 60 days of receiving a recommendation under section 83 (1) , the Treasurer and Portfolio Minister, jointly, must–

(a) approve the recommendation; or

(b) direct that no dividend be paid; or

(c) direct that an amount of dividend different from that recommended by the Board be paid.

(2)  [Section 84 Subsection (2) amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] [Section 84 Subsection (2) substituted by No. 35 of 2004, s. 7, Applied:01 Jan 2005] The Treasurer and Portfolio Minister must not approve a recommendation that would result in a Government Business Enterprise being required to pay a dividend that exceeds the profit of the Government Business Enterprise.

(2A)  [Section 84 Subsection (2A) inserted by No. 35 of 2004, s. 7, Applied:01 Jan 2005] The Treasurer and Portfolio Minister must not make a direction that would result in a Government Business Enterprise being required to pay a dividend that exceeds the profit of the Government Business Enterprise for the financial year to which the dividend relates.

(3)  [Section 84 Subsection (3) substituted by No. 42 of 2002, s. 41, Applied:27 Nov 2002] As soon as practicable after a recommendation is approved, or a direction is given, under subsection (1) , the Government Business Enterprise must be notified of the approval or direction.

(4)  [Section 84 Subsection (4) amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] At the request of the Board, the Treasurer and Portfolio Minister, jointly, may amend, revoke or substitute an approval or direction made under subsection (1) by notice provided to the Government Business Enterprise.