AIR SERVICES ACT 1995 - SECT 47 Interim dividends

AIR SERVICES ACT 1995 - SECT 47

  (1)   Before 1   March in each financial year, the Board must recommend to the Minister in writing that AA:

  (a)   pay an interim dividend of a specified amount to the Commonwealth for the financial year; or

  (b)   not pay any interim dividend to the Commonwealth for the financial year.

  (2)   In making a recommendation, the Board must have regard to the following matters:

  (a)   the matters specified in section   13;

  (b)   AA's interim financial results and anticipated full - year financial results.

  (3)   The Minister must respond in writing to the Board's recommendation, within 45 days, either:

  (a)   approving the recommendation; or

  (b)   giving directions to the Board in relation to the payment of an interim dividend.

  (4)   The Minister must have regard to the following matters when acting under subsection   ( 3):

  (a)   the matters specified in section   13 (other than paragraph   ( b));

  (b)   the objectives and policies of the Commonwealth Government;

  (c)   AA's interim financial results and anticipated full - year financial results;

  (d)   any other commercial considerations the Minister thinks appropriate.

  (5)   If an interim dividend is approved or directed under subsection   ( 3), AA must pay the interim dividend to the Commonwealth by 15   June in the financial year.

  (6)   In this section:

"interim dividend" , in relation to a financial year, means an amount paid on account of the dividend that may become payable under section   46 for the financial year.