(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 660for the
financial year.
(2) Within 1 month after receiving notice of the requirement,
the authority must make a recommendation to the Minister.
(3) The Minister
must, within 1 month after receiving the recommendation, either—
(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.
(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—
(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.
(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.
