sec.661Interim dividends

### sec.661 Interim dividends The Minister, at any time after 1 January in a financial year, may require a category 1 water authority to make a recommendation about the payment of interim amounts to the State, including when the amounts are to be paid, on account of the dividend that may become payable under section 660 for the financial year. Within 1 month after receiving notice of the requirement, the authority must make a recommendation to the Minister. The Minister 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. A direction under subsection (3) (b) must not direct the payment of an amount that exceeds the authority’s estimated profit for the first 6 months of the financial year, after— provision has been made for income tax or its equivalent; and any unrealised capital gains from upwards revaluation of non-current assets have been excluded. The Minister must cause a copy of a direction under subsection (3) (b) to be published in the gazette within 15 business days after the direction is given. s 661 amd 2014 No. 51 s 25 (sec.661-ssec.1) The Minister, at any time after 1 January in a financial year, may require a category 1 water authority to make a recommendation about the payment of interim amounts to the State, including when the amounts are to be paid, on account of the dividend that may become payable under section 660 for the financial year. (sec.661-ssec.2) Within 1 month after receiving notice of the requirement, the authority must make a recommendation to the Minister. (sec.661-ssec.3) The Minister 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.661-ssec.4) A direction under subsection (3) (b) must not direct the payment of an amount that exceeds the authority’s estimated profit for the first 6 months of the financial year, after— provision has been made for income tax or its equivalent; and any unrealised capital gains from upwards revaluation of non-current assets have been excluded. (sec.661-ssec.5) The Minister must cause a copy of a direction under subsection (3) (b) to be published in the gazette within 15 business days after the direction is given. - (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. - (a) provision has been made for income tax or its equivalent; and - (b) any unrealised capital gains from upwards revaluation of non-current assets have been excluded.