Transport Infrastructure (Candidate GOC Port Authorities) Transitional Amendment Regulation (No. 1) 1994 (Qld)

Queensland Subordinate Legislation 1994 No. 388 Transport Infrastructure Act 1994 TRANSPORT INFRASTRUCTURE (CANDIDATE GOC PORT AUTHORITIES) TRANSITIONAL AMENDMENT REGULATION (No. 1) 1994 TABLE OF PROVISIONS Section Page 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 Regulation amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Insertion of new Pt 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 PART 9—DIVIDENDS 59 Payment of dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

s1 2 s3 Transport Infrastructure (Candidate GOC Port No. 388, 1994 Authorities) Transitional Amendment (No. 1) ˙ Short title 1. This regulation may be cited as the Transport Infrastructure (Candidate GOC Port Authorities) Transitional Amendment Regulation (No. 1) 1994 . ˙ Regulation amended 2. This regulation amends the Transport Infrastructure (Candidate GOCPort Authorities) Transitional Regulation 1994 . ˙ Insertion of new Pt 9 3. After Part 8— insert— ‘ PART 9—DIVIDENDS ˙ ‘ Payment of dividends ‘ 59.(1) In this section— “financial year” means the financial year ending on 30 June 1994. ‘ (2) Within 5 months of the financial year, a port authority’s board must advise the Minister of the recommendation that, after considering the information available to the board at the time, it is likely to make under subsection (3). ‘ (3) Within 6 months of the financial year, the board must recommend to the Minister the port authority pay a dividend or not pay a dividend. ‘ (4) The board must consult with the Minister before making the recommendation. ‘ (5) Within 1 month after receiving the recommendation, the Minister must either— (a) approve the recommendation; or (b) direct the payment of a specified dividend or a different specified dividend, as the case requires.

s3 3 s3 Transport Infrastructure (Candidate GOC Port No. 388, 1994 Authorities) Transitional Amendment (No. 1) ‘ (6) However, the dividend payable for the financial year must not exceed the port authority’s profits for the financial year after— (a) provision has been made for income tax or its equivalent; and (b) any unrealised capital gains from upwards revaluation of noncurrent assets have been excluded. ‘ (7) The dividend must be paid to consolidated fund within 8 months of the financial year or any further period that the Minister allows. ‘ (8) The Minister must arrange for a copy of a direction given under subsection (5)(b) to be published in the Gazette within 21 days after it is given. ‘ (9) This Part expires on 1 July 1995.’. ENDNOTES 1. Made by the Governor in Council on 3 November 1994. 2. Notified in the Gazette on 4 November 1994. 3. Laid before the Legislative Assembly on . . . 4. The administering agency is the Department of Transport. © State of Queensland 1994