Public Authorities (Dividends) Act 1983 (Vic)

Version No. 028

Public Authorities (Dividends) Act 1983

No. 10003 of 1983

Version incorporating amendments as at

5 February 2025

TABLE OF PROVISIONS

Section  Page

1Short title

2Commencement

3Objective of the Act

4Definitions

5Annual dividends to be paid by public authorities to Consolidated Fund

6Reporting of dividends

6ARegulations

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Endnotes

1      General information

2      Table of Amendments

3      Explanatory details

Version No. 028

Public Authorities (Dividends) Act 1983

No. 10003 of 1983

Version incorporating amendments as at

5 February 2025

An Act to require certain Public Authorities to pay Dividends to the State, to amend the Public Authorities (Contributions) Act 1966, the Public Authorities (Contributions) (Amendment) Act 1983 and the Port of Melbourne Authority Act 1958 and for other purposes.

BE IT ENACTED by the Queen's Most Excellent Majesty by and with the advice and consent of the Legislative Council and the Legislative Assembly of Victoria in this present Parliament assembled and by the authority of the same as follows (that is to say):

1Short title

This Act may be cited as the Public Authorities (Dividends) Act 1983.

2Commencement

The several provisions of this Act shall come into operation as follows—

(a)Section 8 shall be deemed to have come into operation on 1 July 1982;

(b)Sections 1, 2 and 9 shall come into operation on the day on which this Act receives the Royal Assent; and

(c)The remaining provisions of this Act shall be deemed to have come into operation on 1 July 1983.

3Objective of the Act

The objective of this Act is to ensure that the people of Victoria receive a reasonable rate of return on their equity in certain commercial public authorities of the State.

4Definitions

(1)In this Act—

public authority means—

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(aa)the Gas Transmission Corporation;

(ab)GASCOR;

(ac)VENCorp;

(b)the Melbourne and Metropolitan Board of Works;

(c)the Victorian Convention and Event Trust; or

*                *                *                *                *

(e)the Grain Elevators Board; or

(f)the Rural Water Corporation; or

(fa)Electricity Services Victoria; or

(fb)Generation Victoria; or

(fc)Power Net Victoria; or

(fd)Victorian Power Exchange; or

*                *                *                *                *

public equity—

(a)in relation to a financial year of a public authority other than the Gas and Fuel Corporation of Victoria, means an amount calculated in accordance with the formula  and

(b)in relation to a financial year of the Gas and Fuel Corporation of Victoria, means an amount calculated in accordance with the formula  where—

A represents the current value of the assets of the public authority as at 30 June immediately preceding that financial year;

B represents that part of the fixed assets that consists of capital work in progress;

C represents the liabilities (whether current or non-current) of the public authority as at that date;

D represents the liabilities incurred to finance capital work in progress; and

E represents that part of the capital liabilities of the public authority as at that date that is in the form of shares held by persons other than the State of Victoria;

Treasurer means Treasurer of Victoria.

(2)Subject to subsection (3), the value of "A", "B", "C", "D" and "E" in the formulae set out in the interpretation of public equity in subsection (1) shall be determined by the Treasurer after consultation with the Minister responsible for the public authority.

(3)For the purposes of this Act advances or loans made to a public authority out of the Public Account in respect of which a return is being paid to the State of Victoria in the form of interest or in any other form shall not be treated as being part of the public equity of the public authority.

5Annual dividends to be paid by public authorities to Consolidated Fund

(1)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.

(1A)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.

(2)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.

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6Reporting of dividends

Notwithstanding anything in any Act, the financial statements prepared by a public authority in respect of a financial year shall record in such manner as the Treasurer may direct the payment of a dividend required to be transferred to the Consolidated Fund by that public authority in that financial year pursuant to section 5.

6ARegulations

The Governor in Council may make regulations for or with respect to any matter or thing required or permitted by this Act to be prescribed or necessary to be prescribed to give effect to this Act.

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ENDNOTES

1   General information

See for Victorian Bills, Acts and current Versions of legislation and up-to-date legislative information.

The Public Authorities (Dividends) Act 1983 was assented to on 13 December 1983 and came into operations as follows:

Section 8 was deemed to have come into operation on 1 July 1982: section 2(a); sections 1, 2, 9 on 13 December 1983 section 2(b); rest of Act was deemed to have come into operation on 1 July 1983: section 2(c).

INTERPRETATION OF LEGISLATION ACT 1984 (ILA)

Style changes

Section 54A of the ILA authorises the making of the style changes set out in Schedule 1 to that Act.

References to ILA s. 39B

Sidenotes which cite ILA s. 39B refer to section 39B of the ILA which provides that where an undivided section or clause of a Schedule is amended by the insertion of one or more subsections or subclauses, the original section or clause becomes subsection or subclause (1) and is amended by the insertion of the expression "(1)" at the beginning of the original section or clause.

Interpretation

As from 1 January 2001, amendments to section 36 of the ILA have the following effects:

•     Headings

All headings included in an Act which is passed on or after 1 January 2001 form part of that Act.  Any heading inserted in an Act which was passed before 1 January 2001, by an Act passed on or after 1 January 2001, forms part of that Act.  This includes headings to Parts, Divisions or Subdivisions in a Schedule; sections; clauses; items; tables; columns; examples; diagrams; notes or forms.  See section 36(1A)(2A).

•     Examples, diagrams or notes

All examples, diagrams or notes included in an Act which is passed on or after 1 January 2001 form part of that Act.  Any examples, diagrams or notes inserted in an Act which was passed before 1 January 2001, by an Act passed on or after 1 January 2001, form part of that Act.  See section 36(3A).

•     Punctuation

All punctuation included in an Act which is passed on or after 1 January 2001 forms part of that Act.  Any punctuation inserted in an Act which was passed before 1 January 2001, by an Act passed on or after 1 January 2001, forms part of that Act.  See section 36(3B).

•     Provision numbers

All provision numbers included in an Act form part of that Act, whether inserted in the Act before, on or after 1 January 2001.  Provision numbers include section numbers, subsection numbers, paragraphs and subparagraphs.  See section 36(3C).

•     Location of "legislative items"

A "legislative item" is a penalty, an example or a note.  As from 13 October 2004, a legislative item relating to a provision of an Act is taken to be at the foot of that provision even if it is preceded or followed by another legislative item that relates to that provision.  For example, if a penalty at the foot of a provision is followed by a note, both of these legislative items will be regarded as being at the foot of that provision.  See section 36B.

•     Other material

Any explanatory memorandum, table of provisions, endnotes, index and other material printed after the Endnotes does not form part of an Act. 
See section 36(3)(3D)(3E).

2   Table of Amendments

This publication incorporates amendments made to the Public Authorities (Dividends) Act 1983 by Acts and subordinate instruments.

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Public Authorities (Dividends) (Amendment) Act 1992, No. 73/1992

Assent Date:	24.11.92
Commencement Date:	24.11.92
CurrentState:	All of Act in operation

Electricity Industry Act 1993, No. 130/1993

Assent Date:	14.12.93
Commencement Date:	S. 120 on 3.1.94: Special Gazette (No. 97) 23.12.93 p. 1
CurrentState:	This information relates only to the provision/s amending the Public Authorities (Dividends) Act 1983

Electricity Industry (Amendment) Act 1994, No. 53/1994

Assent Date:	15.6.94
Commencement Date:	S. 31 on 3.10.94: Special Gazette (No. 64) 27.9.94 p. 1
CurrentState:	This information relates only to the provision/s amending the Public Authorities (Dividends) Act 1983

Electricity Industry (Further Amendment) Act 1994, No. 110/1994

Assent Date:	20.12.94
Commencement Date:	S. 38 on 20.12.94: Special Gazette (No. 100) 20.12.94 p. 1
CurrentState:	This information relates only to the provision/s amending the Public Authorities (Dividends) Act 1983

Gas Industry Act 1994, No. 112/1994

Assent Date:	20.12.94
Commencement Date:	S. 114(Sch. 5 item 9) on 20.12.94: Special Gazette (No. 100) 20.12.94 p. 1
CurrentState:	This information relates only to the provision/s amending the Public Authorities (Dividends) Act 1983

Gas and Fuel Corporation (Repeal) Act 1995, No. 31/1995

Assent Date:	6.6.95
Commencement Date:	S. 52(Sch. 1 item 9) on 21.6.95: Special Gazette (No. 49) 14.6.95 p. 1
CurrentState:	This information relates only to the provision/s amending the Public Authorities (Dividends) Act 1983

Gas Industry (Further Amendment) Act 1997, No. 91/1997

Assent Date:	9.12.97
Commencement Date:	S. 49 on 11.12.97: Special Gazette (No. 155) 9.12.97 p. 1
CurrentState:	This information relates only to the provision/s amending the Public Authorities (Dividends) Act 1983

Port Services (Port of Melbourne Reform) Act 2003, No. 23/2003

Assent Date:	13.5.03
Commencement Date:	S. 29 on 3.11.03: Government Gazette 30.10.03 p. 2744
CurrentState:	This information relates only to the provision/s amending the Public Authorities (Dividends) Act 1983

State Taxation Legislation (Miscellaneous Amendments) Act 2006, No. 84/2006

Assent Date:	10.10.06
Commencement Date:	S. 15 on 11.10.06: s. 2(1)
CurrentState:	This information relates only to the provision/s amending the Public Authorities (Dividends) Act 1983

Water (Governance) Act 2006, No. 85/2006

Assent Date:	17.10.06
Commencement Date:	S. 164 on 1.7.07: s. 2(3)
CurrentState:	This information relates only to the provision/s amending the Public Authorities (Dividends) Act 1983

State Electricity Commission Amendment Act 2024, No. 11/2024

Assent Date:	26.3.24
Commencement Date:	S. 108 on 1.7.24: Special Gazette (No. 319) 18.6.24 p. 1
CurrentState:	This information relates only to the provision/s amending the Public Authorities (Dividends) Act 1983

Melbourne Convention and Exhibition Trust Amendment Act 2024, No. 38/2024

Assent Date:	22.10.24
Commencement Date:	S. 18 on 5.2.25: Special Gazette (No. 29) 4.2.25 p. 1
CurrentState:	This information relates only to the provision/s amending the Public Authorities (Dividends) Act 1983

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3   Explanatory details

No entries at date of publication.