sec.133Interim dividends

### sec.133 Interim dividends The shareholding Ministers of a GOC may, at any time after 1 January in a financial year, require the GOC’s board to make a recommendation about the payment of interim amounts to the State (including the times at which the amounts are to be paid) on account of the dividend that may become payable under section 131 (Payment of dividends) for the financial year. Within 1 month after receiving notice of the requirement, the board must make a recommendation to the shareholding Ministers. The recommendation must be accompanied by— the board’s estimate of the GOC’s profits (the estimated profits ) for the first 6 months of 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 The shareholding Ministers must, within 1 month after receiving the recommendation, either— approve the recommendation; or direct the payment, at specified times, of specified amounts, or different specified amounts, on account of the dividend that may become payable for the financial year. In deciding the amount the GOC is to be directed to pay under subsection (4) (b) , the shareholding Ministers must have regard to any adjustment identified by the board under subsection (3) (b) . A direction under subsection (4) (b) must not direct the payment of an amount that exceeds the GOC’s estimated profits, after making any adjustment identified by the board under subsection (3) (b) to exclude an amount for unrealised capital gains from upwards revaluation of non-current assets. The shareholding Ministers must cause a copy of a direction under subsection (4) (b) to be published in the gazette within 21 days after it is given. s 133 amd 2007 No. 10 s 50 (sec.133-ssec.1) The shareholding Ministers of a GOC may, at any time after 1 January in a financial year, require the GOC’s board to make a recommendation about the payment of interim amounts to the State (including the times at which the amounts are to be paid) on account of the dividend that may become payable under section 131 (Payment of dividends) for the financial year. (sec.133-ssec.2) Within 1 month after receiving notice of the requirement, the board must make a recommendation to the shareholding Ministers. (sec.133-ssec.3) The recommendation must be accompanied by— the board’s estimate of the GOC’s profits (the estimated profits ) for the first 6 months of 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.133-ssec.4) The shareholding Ministers must, within 1 month after receiving the recommendation, either— approve the recommendation; or direct the payment, at specified times, of specified amounts, or different specified amounts, on account of the dividend that may become payable for the financial year. (sec.133-ssec.5) In deciding the amount the GOC is to be directed to pay under subsection (4) (b) , the shareholding Ministers must have regard to any adjustment identified by the board under subsection (3) (b) . (sec.133-ssec.6) A direction under subsection (4) (b) must not direct the payment of an amount that exceeds the GOC’s estimated profits, after making any adjustment identified by the board under subsection (3) (b) to exclude an amount for unrealised capital gains from upwards revaluation of non-current assets. (sec.133-ssec.7) The shareholding Ministers must cause a copy of a direction under subsection (4) (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 first 6 months of 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, at specified times, of specified amounts, or different specified amounts, on account of the dividend that may become payable for the financial year.