Western Australian Consolidated Acts

WATER CORPORATION ACT 1995 - SECT 79

79 .         Dividends

        (1)         A final dividend under this section is to be — 

            (a)         calculated with respect to the net profits of the corporation for a financial year after first taking into account — 

                  (i)         any amounts payable to the Treasurer under section 76 and the State Enterprises (Commonwealth Tax Equivalents) Act 1996 ; and

                  (ii)         the amount of any interim dividend paid to the Treasurer during that financial year, in accordance with subsection (7);

            (b)         paid to the Treasurer, in accordance with subsection (4).

        (2)         The board, 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 final dividend (if any) that the board recommends as appropriate for that financial year.

        (3)         The Minister, with the concurrence of the Treasurer — 

            (a)         may accept a recommendation under subsection (2); or

            (b)         after consultation with the board, is to direct that the amount of the final dividend is to be some other amount.

        (4)         The corporation is to pay the final 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 final dividend relates; or

                  (ii)         such other time as may be agreed between the Treasurer and the board.

        (5)         If the board considers that payment of an interim dividend is justified by the net profits of the corporation during part of a financial year, the board may make a recommendation to the Minister as to the amount of the interim dividend that the board recommends should be paid to the Treasurer.

        (6)         The Minister, with the concurrence of the Treasurer — 

            (a)         may accept a recommendation under subsection (5); or

            (b)         after consultation with the board, is to direct that the amount of the interim dividend is to be some other amount.

        (7)         The corporation is to pay an interim dividend — 

            (a)         as soon as practicable after the amount is fixed under subsection (6); and

            (b)         in any case not later than the end of the financial year to which the interim dividend relates.

        (8)         The Minister is to cause the text of any direction given under subsection (3) or (6) to be laid before each House of Parliament within 14 days after the direction is given or dealt with in accordance with section 87.

        [Section 79 amended by No. 55 of 1996 s. 10(4).]