Western Australian Consolidated Acts Western Australian Consolidated Acts (1) A dividend under
this section is to be —
(a)
calculated with respect to the net profits of a port authority for a financial
year after first taking into account —
(i)
any amounts payable to the Treasurer under
section 82 and the State Enterprises (Commonwealth Tax Equivalents)
Act 1996 ; and
(ii)
any formula for calculation agreed between the Minister
and the Treasurer;
and
(b) paid
to the Treasurer, in accordance with subsection (4).
(2) The board of a
port authority, as soon as practicable after the end of each financial year,
is to 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.
(3) The Minister, with
the Treasurer’s concurrence —
(a) may
accept a recommendation under subsection (2); or
(b)
after consultation with the board, is to direct that the amount of the
dividend is to be some other amount.
(4) A port authority
is to pay the dividend —
(a) as
soon as practicable after the amount is fixed under subsection (3); and
(b) in
any case not later than —
(i)
6 months after the end of the financial year to
which the dividend relates; or
(ii)
such other time as may be agreed between the Treasurer
and the board.
(5) The Minister must
within 14 days after a direction is given under subsection (3) cause
a copy of it to be laid before each House of Parliament or dealt with in
accordance with section 133.