Western Australian Consolidated Acts Western Australian Consolidated Acts (1) Subject to this
section, the Minister, with the concurrence of the Treasurer, shall determine
the amount, if any, that is to be paid by Gold Corporation by way of dividend
to shareholders from net profits in respect of a financial year (beginning
with the financial year ending on 30 June 1988).
(2) Any amount paid to
the Treasurer or Minister by way of dividend shall be credited to the
Consolidated Account.
(3) A dividend under
this section shall be calculated with respect to the net profits for a
financial year after first taking into account the amount payable to the
Treasurer by Gold Corporation under the State Enterprises
(Commonwealth Tax Equivalents) Act 1996 .
(4) The Board shall,
as soon as practicable after the end of each financial year of Gold
Corporation, make a recommendation to the Minister as to the amount of the
dividend (if any) that the Board recommends as appropriate for that financial
year.
(5) In making a
determination under subsection (1) in respect of a financial year, the
Minister shall have regard to but shall not be bound by the recommendation of
the Board.
(6) Gold Corporation
shall pay the amount of a dividend payable under this section as soon as
practicable after the determination of the Minister and the Board shall use
its best endeavours to ensure that the amount is paid within 6 months
after the end of the financial year to which the dividend relates.
[Section 21 amended by No. 10 of 1990
s. 6 and 21; No. 6 of 1993 s. 11; No. 70 of 2003 s. 30;
No. 28 of 2006 s. 420; No. 77 of 2006 s. 4.]