86Special dividend

86 Special dividend

(1)  [Section 86 Subsection (1) amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] The Portfolio Minister and Treasurer, jointly, may direct a Government Business Enterprise, by notice provided to it, to pay a special dividend.

(2)  [Section 86 Subsection (2) amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] The Portfolio Minister and Treasurer must not give a direction under subsection (1) unless they have consulted with the Government Business Enterprise and are satisfied that the Government Business Enterprise has sufficient liquid assets to meet the special dividend and its contingent and financial needs during the period covered by its corporate plan.

(3)  [Section 86 Subsection (3) amended by No. 35 of 2004, s. 9, Applied:01 Jan 2005] [Section 86 Subsection (3) amended by No. 35 of 2004, s. 9, Applied:01 Jan 2005] A direction to pay a special dividend may be given regardless of whether the Government Business Enterprise is likely to make a profit during the financial year in which the special dividend is payable.

(4)  A special dividend is in addition to any other dividend that is payable under this Division.

(5)  [Section 86 Subsection (5) substituted by No. 42 of 2002, s. 43, Applied:27 Nov 2002] Within 5 sitting days after giving a direction under subsection (1) , the Treasurer must lay a copy of the direction before each House of Parliament.

(6)  A direction under subsection (1) takes effect when it is approved by both Houses of Parliament.

(7)  A direction under subsection (1) is approved by a House of Parliament –

(a) when the House passes a motion approving the direction; or

(b) at the end of 5 sitting days after the direction was laid before the House if no notice of a motion to disapprove the direction is before the House; or