AUSTRALIAN POSTAL CORPORATION ACT 1989 - SECT 54 Payments of dividends to Commonwealth

AUSTRALIAN POSTAL CORPORATION ACT 1989 - SECT 54

  (1)   The Board shall, within 4 months after the end of each financial year, by written notice to the Minister, recommend that Australia Post pay a specified dividend, or not pay a dividend, to the Commonwealth for the financial year.

  (2)   In making the recommendation, the Board shall have regard to the matters referred to in section   38 (other than the matter referred to in paragraph   (a)).

  (3)   The Minister shall, within 45 days after receiving the recommendation, by written notice to the Board, either:

  (a)   approve the recommendation; or

  (b)   direct the payment of a dividend or a different specified dividend, as the case requires.

  (4)   In exercising powers under subsection   (3), the Minister shall have regard to:

  (a)   the matters referred to in section   38 (other than the matters referred to in paragraphs   (a) and (f)); and

  (b)   any other matters the Minister considers appropriate.

  (4A)   If the Minister gives a direction under paragraph   (3)(b), the Minister must cause a copy of the direction to be laid before each House of the Parliament within 15 sitting days of that House after giving the direction.

  (5)   Australia Post's dividend for a financial year shall not exceed its profit for the year, after provision has been made for income tax.

  (6)   Subject to section   55, the dividend payable for a financial year shall be paid within 6 months after the end of the financial year or such further period as the Minister directs after consultation with the Board.

  (7)   In exercising powers under subsection   (6), the Minister shall have regard to any recommendation of the Board in relation to the time of payment of the dividend.

  (8)   A direction under subsection   (6) shall be given in writing.