Government Business Enterprises Amendment Act 2004 (TAS)

Government Business Enterprises Amendment Act 2004

An Act to amend the Government Business Enterprises Act 1995

[Royal Assent 16 November 2004]

Be it enacted by His Excellency the Governor of Tasmania, by and with the advice and consent of the Legislative Council and House of Assembly, in Parliament assembled, as follows:

1Short titleThis Act may be cited as the Government Business Enterprises Amendment Act 2004 . 2CommencementThis Act commences on 1 January 2005. 3Principal ActIn this Act, the Government Business Enterprises Act 1995 is referred to as the Principal Act. 4Section 24 amended (Duties of officers and employees) Section 24(4) of the Principal Act is amended by omitting " subsection (2) ," and substituting " subsection (3) ,". 5Section 40 amended (Consultation with Portfolio Minister and Treasurer) Section 40 of the Principal Act is amended by omitting subsection (6) and substituting the following subsection: (6)  The recommendation of a dividend under section 83 is a financial performance objective for the purposes of this section. 6Section 83 amended (Recommendation for dividend payable) Section 83 of the Principal Act is amended by omitting subsection (1) and substituting the following subsection: (1)  Within 60 days after the end of each financial year, the Board must advise the Treasurer and the Portfolio Minister of its recommendation for a dividend payable by the Government Business Enterprise in respect of that financial year. 7Section 84 amended (Determination of dividend) Section 84 of the Principal Act is amended by omitting subsection (2) and substituting the following subsections: (2)  The Treasurer and Portfolio Minister must not approve a recommendation that would result in a Government Business Enterprise being required to pay a dividend that exceeds the profit of the Government Business Enterprise. (2A)  The Treasurer and Portfolio Minister must not make a direction that would result in a Government Business Enterprise being required to pay a dividend that exceeds the profit of the Government Business Enterprise for the financial year to which the dividend relates. 8Section 85 amended (Interim dividend) Section 85 of the Principal Act is amended by omitting subsection (4) and substituting the following subsection: (4)  The Treasurer and Portfolio Minister must not approve a recommendation or make a direction that would result in a Government Business Enterprise being required to pay an interim dividend that exceeds the estimated profit of the Government Business Enterprise for the first 6 months of a financial year. 9Section 86 amended (Special dividend) Section 86(3) of the Principal Act is amended as follows: (a) by omitting "and its subsidiaries are" and substituting "is"; (b) by omitting "consolidated". 10Section 101 amended (Register of interests) Section 101 of the Principal Act is amended by omitting subsection (1) and substituting the following subsection: (1)  A Government Business Enterprise must keep a register showing particulars of material personal interests of which notice has been given under section 28 . 11Schedule 5 amended (Directors) Clause 2 of Schedule 5 to the Principal Act is amended as follows: (a) by omitting from subclause (1A) "is also the" and substituting "is, or becomes, the"; (b) by inserting in subclause (1A) "only" after "of director"; (c) by inserting the following subclause after subclause (1A) : (1B)Nothing in subclause (1A) prevents a person from being reappointed as a director after his or her previous appointment is terminated by reason of that subclause.

[Second reading presentation speech made in:

House of Assembly on 21 SEPTEMBER 2004

Legislative Council on 19 OCTOBER 2004]