sec.137Dividend payment for previous financial year

### sec.137 Dividend payment for previous financial year In this section— previous financial year for a GOC means the financial year immediately before the financial year when the GOC became a GOC. This section applies to a GOC if— it has not paid a dividend (other than an interim dividend) to the State for the previous financial year; or if the GOC has a predecessor—the predecessor has not paid a dividend (other than an interim dividend) to the State for the previous financial year. The shareholding Ministers may give a direction that— section 131 (Payment of dividends) applies to the GOC for the previous financial year; and if it is necessary for the operation of this section—the periods mentioned in section 131 are to be extended as stated in the direction. For applying this section and section 131 — to a GOC that has a predecessor—the predecessor and the GOC are taken to be the same entity; and to a GOC that has paid to the State, or whose predecessor has paid to the State, an interim dividend for the previous financial year—the interim dividend is taken to have been paid on account of the dividend to be paid by the GOC under this Act for the previous financial year. s 137 prev s 137 om 2007 No. 10 s 62 sch pres s 137 ins 1994 No. 64 s 293 sch 4 (sec.137-ssec.1) In this section— previous financial year for a GOC means the financial year immediately before the financial year when the GOC became a GOC. (sec.137-ssec.2) This section applies to a GOC if— it has not paid a dividend (other than an interim dividend) to the State for the previous financial year; or if the GOC has a predecessor—the predecessor has not paid a dividend (other than an interim dividend) to the State for the previous financial year. (sec.137-ssec.3) The shareholding Ministers may give a direction that— section 131 (Payment of dividends) applies to the GOC for the previous financial year; and if it is necessary for the operation of this section—the periods mentioned in section 131 are to be extended as stated in the direction. (sec.137-ssec.4) For applying this section and section 131 — to a GOC that has a predecessor—the predecessor and the GOC are taken to be the same entity; and to a GOC that has paid to the State, or whose predecessor has paid to the State, an interim dividend for the previous financial year—the interim dividend is taken to have been paid on account of the dividend to be paid by the GOC under this Act for the previous financial year. - (a) it has not paid a dividend (other than an interim dividend) to the State for the previous financial year; or - (b) if the GOC has a predecessor—the predecessor has not paid a dividend (other than an interim dividend) to the State for the previous financial year. - (a) section 131 (Payment of dividends) applies to the GOC for the previous financial year; and - (b) if it is necessary for the operation of this section—the periods mentioned in section 131 are to be extended as stated in the direction. - (a) to a GOC that has a predecessor—the predecessor and the GOC are taken to be the same entity; and - (b) to a GOC that has paid to the State, or whose predecessor has paid to the State, an interim dividend for the previous financial year—the interim dividend is taken to have been paid on account of the dividend to be paid by the GOC under this Act for the previous financial year.