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TASMANIA
__________
GOVERNMENT BUSINESS ENTERPRISES
AMENDMENT BILL 2004
__________
CONTENTS
1. Short title
2. Commencement
3. Principal Act
4. Section 24 amended (Duties of officers and employees)
5. Section 40 amended (Consultation with Portfolio
Minister and Treasurer)
6. Section 83 amended (Recommendation for dividend
payable)
7. Section 84 amended (Determination of dividend)
8. Section 85 amended (Interim dividend)
9. Section 86 amended (Special dividend)
10. Section 101 amended (Register of interests)
11. Schedule 5 amended (Directors)
[Bill 42]-II
2
GOVERNMENT BUSINESS ENTERPRISES
AMENDMENT BILL 2004
(Brought in by the Treasurer, the Honourable Paul
Anthony Lennon)
A BILL FOR
An Act to amend the Government Business
Enterprises Act 1995
Be it enacted by His Excellency the Governor of Tasmania,
by and with the advice and consent of the Legislative
Council and House of Assembly, in Parliament assembled,
as follows:
Short title
1. This Act may be cited as the Government Business
Enterprises Amendment Act 2004.
Commencement
2. This Act commences on 1 January 2005.
Principal Act
3. In this Act, the Government Business Enterprises Act
1995* is referred to as the Principal Act.
*No. 22 of 1995
[Bill 42] 3
s. 4 No. Government Business Enterprises 2004
Amendment
Section 24 amended (Duties of officers and
employees)
4. Section 24(4) of the Principal Act is amended by
omitting "subsection (2)," and substituting
"subsection (3),".
Section 40 amended (Consultation with Portfolio
Minister and Treasurer)
5. Section 40 of the Principal Act is amended by omitting
subsection (6) and substituting the following subsection:
(6) The recommendation of a dividend under
section 83 is a financial performance objective for
the purposes of this section.
Section 83 amended (Recommendation for dividend
payable)
6. Section 83 of the Principal Act is amended by omitting
subsection (1) and substituting the following subsection:
(1) Within 60 days after the end of each
financial year, the Board must advise the Treasurer
and the Portfolio Minister of its recommendation for
a dividend payable by the Government Business
Enterprise in respect of that financial year.
Section 84 amended (Determination of dividend)
7. Section 84 of the Principal Act is amended by omitting
subsection (2) and substituting the following subsections:
(2) The Treasurer and Portfolio Minister must
not approve a recommendation that would result in
4
2004 Government Business Enterprises No. s. 8
Amendment
a Government Business Enterprise being required to
pay a dividend that exceeds the profit of the
Government Business Enterprise.
(2A) The Treasurer and Portfolio Minister
must not make a direction that would result in a
Government Business Enterprise being required to
pay a dividend that exceeds the profit of the
Government Business Enterprise for the financial
year to which the dividend relates.
Section 85 amended (Interim dividend)
8. Section 85 of the Principal Act is amended by omitting
subsection (4) and substituting the following subsection:
(4) The Treasurer and Portfolio Minister must
not approve a recommendation or make a direction
that would result in a Government Business
Enterprise being required to pay an interim
dividend that exceeds the estimated profit of the
Government Business Enterprise for the first 6
months of a financial year.
Section 86 amended (Special dividend)
9. Section 86(3) of the Principal Act is amended as follows:
(a) by omitting "and its subsidiaries are" and
substituting "is";
(b) by omitting "consolidated".
5
s. 10 No. Government Business Enterprises 2004
Amendment
Section 101 amended (Register of interests)
10. Section 101 of the Principal Act is amended by
omitting subsection (1) and substituting the following
subsection:
(1) A Government Business Enterprise must
keep a register showing particulars of material
personal interests of which notice has been given
under section 28.
Schedule 5 amended (Directors)
11. Clause 2 of Schedule 5 to the Principal Act is amended
as follows:
(a) by omitting from subclause (1A) "is also the"
and substituting "is, or becomes, the";
(b) by inserting in subclause (1A) "only" after "of
director";
(c) by inserting the following subclause after
subclause (1A):
(1B) Nothing in subclause (1A) prevents
a person from being reappointed as a director
after his or her previous appointment is
terminated by reason of that subclause.
6 Government Printer, Tasmania