sec.135Dividend payment for financial year of becoming a GOC

### sec.135 Dividend payment for financial year of becoming a GOC For applying section 131 (Payment of dividends) to a GOC for the financial year when it became a GOC— a dividend payable by the GOC is payable for, at the discretion of the shareholding Ministers— the entire financial year; or the part of the financial year for which it was a GOC; and if the GOC has a predecessor—the predecessor and the GOC are taken to be the same entity; and an interim dividend paid for the financial year by the GOC’s predecessor, or by the GOC before it became a GOC, is taken to have been paid on account of the dividend to be paid by the GOC under this Act. A candidate GOC becomes a GOC on 1 January 1994. Depending on what the shareholding Ministers decide under paragraph (a) , the dividend the GOC has to pay for the 1993–94 financial year will relate either to the entire financial year (even though it is a GOC for only half the year), or only to the period 1 January 1994 to 30 June 1994. A, an entity, is nominated to be a candidate GOC on 8 October 1993. On 31 December 1993, B, a new entity, is established, and nominated to be the associate of A. On 1 January 1994, A’s assets and liabilities become B’s assets and liabilities, and B is declared to be a GOC. On 2 January 1994, B is dissolved. For applying section 131 to B, A and B are taken to be the same entity rather than 2 separate entities. In February 1994, a candidate GOC, acting other than under this Act, pays to the State an interim dividend on account of the dividend that may become payable by it for the 1993–94 financial year. On 1 April 1994 the candidate GOC becomes a GOC. The interim dividend is taken to have been paid on account of any dividend for the 1993–94 financial year that becomes payable under this Act. s 135 prev s 135 om 2007 No. 10 s 62 sch pres s 135 ins 1994 No. 64 s 293 sch 4 - (a) a dividend payable by the GOC is payable for, at the discretion of the shareholding Ministers— (i) the entire financial year; or (ii) the part of the financial year for which it was a GOC; and - (i) the entire financial year; or - (ii) the part of the financial year for which it was a GOC; and - (b) if the GOC has a predecessor—the predecessor and the GOC are taken to be the same entity; and - (c) an interim dividend paid for the financial year by the GOC’s predecessor, or by the GOC before it became a GOC, is taken to have been paid on account of the dividend to be paid by the GOC under this Act. Example for paragraph (a) — A candidate GOC becomes a GOC on 1 January 1994. Depending on what the shareholding Ministers decide under paragraph (a) , the dividend the GOC has to pay for the 1993–94 financial year will relate either to the entire financial year (even though it is a GOC for only half the year), or only to the period 1 January 1994 to 30 June 1994. Example for paragraph (b) — A, an entity, is nominated to be a candidate GOC on 8 October 1993. On 31 December 1993, B, a new entity, is established, and nominated to be the associate of A. On 1 January 1994, A’s assets and liabilities become B’s assets and liabilities, and B is declared to be a GOC. On 2 January 1994, B is dissolved. For applying section 131 to B, A and B are taken to be the same entity rather than 2 separate entities. Example for paragraph (c) — In February 1994, a candidate GOC, acting other than under this Act, pays to the State an interim dividend on account of the dividend that may become payable by it for the 1993–94 financial year. On 1 April 1994 the candidate GOC becomes a GOC. The interim dividend is taken to have been paid on account of any dividend for the 1993–94 financial year that becomes payable under this Act. - (i) the entire financial year; or - (ii) the part of the financial year for which it was a GOC; and