South Australian Consolidated Acts

SOUTH AUSTRALIAN CO-OPERATIVE AND COMMUNITY HOUSING ACT 1991 - SECT 18C

18C—Dividends

        (1)         If the Minister requires SAHT to comply with this section, SAHT must, before the end of each financial year, recommend to the Minister that SAHT pay a specified dividend, or not pay a dividend, for that financial year in connection with its activities under this Act, as SAHT considers appropriate.

        (2)         The Minister may, in consultation with the Treasurer, by notice to SAHT—

            (a)         approve a recommendation of SAHT under subsection (1); or

            (b)         determine that a dividend or dividends specified by the Minister be paid, or that no dividend be paid,

as the Minister and the Treasurer consider appropriate.

        (3)         If a dividend or dividends is or are to be paid by SAHT, the dividend or dividends must be paid by SAHT to the Minister in the manner and at the time or times determined by the Minister in consultation with the Treasurer.

        (4)         If the Minister receives an amount from SAHT under this section the Minister may, in consultation with the Treasurer—

            (a)         allocate that amount, or any part of that amount, in a manner determined by the Minister; or

            (b)         pay that amount, or any part of that amount, for the credit of the Consolidated Account.

        (5)         A recommendation under this section must be made by SAHT itself and may not be made by a person or committee pursuant to a delegation.