88Penalty for late payment of dividend, interim dividend or special dividend

88 Penalty for late payment of dividend, interim dividend or special dividend

(1)  [Section 88 Subsection (1) amended by No. 4 of 2017, Sched. 1, Applied:01 Jul 2019] [Section 88 Subsection (1) amended by No. 42 of 2002, s. 44, Applied:27 Nov 2002] If a Government Business Enterprise does not pay the whole or any part of a dividend, interim dividend or special dividend into the Public Account by the day on which that payment is required to be made under this Division, the Government Business Enterprise must pay into the Public Account a penalty in the form of interest at 1·5 times the prescribed rate on the amount which is due and unpaid from that day to and including the day on which it is paid.

(2)  [Section 88 Subsection (2) amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] A Government Business Enterprise is not liable to pay a penalty under subsection (1) if the Treasurer determines otherwise.