Annual dividends to be paid by public authorities to Consolidated Fund
5 Annual dividends to be paid by public authorities to Consolidated Fund
S. 5(1) amended by No. 73/1992 s. 5(1)(a)(b).
There shall be transferred to the Consolidated Fund in the financial year ending on 30 June 1992 and in each subsequent financial year by each public authority a dividend of such percentage of the public equity of the authority as is determined by the Treasurer after consultation with the Minister responsible for the public authority.
S. 5(1A) inserted by No. 73/1992 s. 5(2).
If the Treasurer so determines in any financial year, there shall be transferred to the Consolidated Fund by each public authority, in addition to the dividend payable under subsection (1) in that year, a special dividend of such amount as is determined by the Treasurer after consultation with the Minister responsible for the public authority.
S. 5(2) amended by No. 73/1992 s. 5(3).
The transfer of a dividend to the Consolidated Fund pursuant to subsection (1) or (1A) shall be made at such times and in such manner as is agreed to by the Treasurer and the public authority or as is in default of such agreement determined by the Governor in Council.
S. 5(3)(4) repealed by No. 73/1992 s. 7(a).
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