Urban Renewal Act 1995

A statutory corporation to which this section applies must, before the end of each financial year, recommend to the Minister that the statutory corporation pay a specified dividend, or not pay a dividend, for that financial year, as the statutory corporation considers appropriate.

The Minister may, in consultation with the Treasurer, by notice to the statutory corporation—

approve a recommendation of the statutory corporation under subsection (1); or

determine that a specified dividend be paid, or that no dividend be paid, as the Minister and the Treasurer consider appropriate.

A statutory corporation to which this section applies must, if so required by the Minister at any time during a financial year, recommend to the

Minister that a specified interim dividend or specified interim dividends be paid by the statutory corporation for that financial year, or that no such dividend or dividends be paid by the statutory corporation, as the corporation considers appropriate.

The Minister may, in consultation with the Treasurer, by notice to the statutory corporation—

approve a recommendation of the statutory corporation under subsection (3); or

determine that an interim dividend or interim dividends be paid, or that no interim dividend be paid, as the Minister and the Treasurer consider appropriate.

If a dividend or interim dividend or dividends is or are to be paid by a statutory corporation, the dividend or interim dividend or dividends must be paid by the statutory corporation to the Minister in the manner and at the time or times determined by the Minister in consultation with the

Treasurer.

If the Minister receives an amount from a statutory corporation under this section, the Minister may, in consultation with the

Treasurer—

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

pay that amount, or a part of that amount, for the credit of the

Consolidated Account.

A recommendation under this section must be made by the board of the statutory corporation and may not be made by a person or committee pursuant to a delegation.

This section applies to a statutory corporation that is required to comply with this section by the Minister in consultation with the

Treasurer.