sec.131Payment of dividends

### sec.131 Payment of dividends On or after 1 May, but before 16 May, of each financial year, a GOC’s board must recommend to the GOC’s shareholding Ministers that the GOC and its subsidiaries pay a specified dividend, or not pay a dividend, for the financial year. The recommendation must be accompanied by— the board’s estimate of the GOC’s profits (the estimated profits ) for the financial year, after provision has been made for income tax or its equivalent; and if the board has made any adjustment to the estimated profits in making the recommendation—a statement of the amount of, and reason for, each adjustment. exclusion of an amount for unrealised capital gains from upwards revaluation of non-current assets Before the end of the financial year, the shareholding Ministers must either— approve the recommendation; or direct the payment of a specified dividend or a different specified dividend, as the case requires. The dividend for a financial year must not exceed the amount allowed under the Corporations Act . The dividend must be paid within 6 months after the end of the financial year or any further period that the shareholding Ministers allow. The shareholding Ministers must cause a copy of a direction given under subsection (3) (b) to be published in the gazette within 21 days after it is given. s 131 amd 1998 No. 21 s 24 ; 2001 No. 45 s 29 sch 3 ; 2002 No. 17 s 45 ; 2002 No. 17 s 46 ; 2007 No. 10 ss 49 , 62 sch (sec.131-ssec.1) On or after 1 May, but before 16 May, of each financial year, a GOC’s board must recommend to the GOC’s shareholding Ministers that the GOC and its subsidiaries pay a specified dividend, or not pay a dividend, for the financial year. (sec.131-ssec.2) The recommendation must be accompanied by— the board’s estimate of the GOC’s profits (the estimated profits ) for the financial year, after provision has been made for income tax or its equivalent; and if the board has made any adjustment to the estimated profits in making the recommendation—a statement of the amount of, and reason for, each adjustment. exclusion of an amount for unrealised capital gains from upwards revaluation of non-current assets (sec.131-ssec.3) Before the end of the financial year, the shareholding Ministers must either— approve the recommendation; or direct the payment of a specified dividend or a different specified dividend, as the case requires. (sec.131-ssec.4) The dividend for a financial year must not exceed the amount allowed under the Corporations Act . (sec.131-ssec.5) The dividend must be paid within 6 months after the end of the financial year or any further period that the shareholding Ministers allow. (sec.131-ssec.6) The shareholding Ministers must cause a copy of a direction given under subsection (3) (b) to be published in the gazette within 21 days after it is given. - (a) the board’s estimate of the GOC’s profits (the estimated profits ) for the financial year, after provision has been made for income tax or its equivalent; and - (b) if the board has made any adjustment to the estimated profits in making the recommendation—a statement of the amount of, and reason for, each adjustment. Example of an adjustment to estimated profits— exclusion of an amount for unrealised capital gains from upwards revaluation of non-current assets - (a) approve the recommendation; or - (b) direct the payment of a specified dividend or a different specified dividend, as the case requires.