85Interim dividend

85 Interim dividend

(1)  [Section 85 Subsection (1) amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] At any time after the completion of the first 6 months of a financial year, the Treasurer and the Portfolio Minister, jointly, may require a Board by notice provided to it to make a recommendation for the payment of an interim dividend on account of the dividend that may become payable for that financial year.

(2)  [Section 85 Subsection (2) amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] Within 30 days after receiving notice under subsection (1) , the Board must make a recommendation for the payment of an interim dividend to the Treasurer.

(3)  [Section 85 Subsection (3) amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] Within 30 days after receiving a recommendation under subsection (2) , the Treasurer and Portfolio Minister, jointly, must–

(a) approve the recommendation; or

(b) direct that no interim dividend be paid; or

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

(4)  [Section 85 Subsection (4) amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] [Section 85 Subsection (4) substituted by No. 35 of 2004, s. 8, Applied:01 Jan 2005] The Treasurer and Portfolio Minister must not approve a recommendation or make a direction that would result in a Government Business Enterprise being required to pay an interim dividend that exceeds the estimated profit of the Government Business Enterprise for the first 6 months of a financial year.

(5)  [Section 85 Subsection (5) substituted by No. 42 of 2002, s. 42, Applied:27 Nov 2002] As soon as practicable after a recommendation is approved, or a direction is given, under subsection (3) , the Government Business Enterprise must be notified of the approval or direction.