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This is a Bill, not an Act. For current law, see the Acts databases.


ELECTRICITY CORPORATIONS AMENDMENT BILL 2015

                     Western Australia


Electricity Corporations Amendment Bill 2015

                        Contents

  1.    Short title                            2
  2.    Commencement                           2
  3.    Act amended                            2
  4.    Section 108 amended                    2
  5.    Section 120 amended                    2
  6.    Section 126 amended                    2
  7.    Sections 127A and 127B inserted        3
        127A.   Interim dividend          3
        127B.   Amount of dividend        4
  8.    Section 134 amended                    5




                          117--1               page i
                           Western Australia


                      LEGISLATIVE COUNCIL


 Electricity Corporations Amendment Bill 2015

                               A Bill for


An Act to amend the Electricity Corporations Act 2005.



The Parliament of Western Australia enacts as follows:




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     Electricity Corporations Amendment Bill 2015



     s. 1




1    1.         Short title
2               This is the Electricity Corporations Amendment Act 2015.
3    2.         Commencement
4               This Act comes into operation as follows --
5                (a) sections 1 and 2 -- on the day on which this Act
6                      receives the Royal Assent;
7                (b) the rest of the Act -- on the day after that day.
8    3.         Act amended
9               This Act amends the Electricity Corporations Act 2005.
10   4.         Section 108 amended
11              In section 108(1)(d) delete "119(4) or 126(3) --" and insert:
12

13              119(4), 126(3) or 127A(3) --
14

15   5.         Section 120 amended
16              In section 120(1)(b) delete "126(3)" insert:
17

18              126(3), 127A(3)
19

20   6.         Section 126 amended
21        (1)   Delete section 126(1).
22        (2)   In section 126(2) delete the passage that begins with "as to" and
23              ends with "year." and insert:
24

25                    as to --
26                      (a) whether the corporation should pay to the
27                           Treasurer a dividend for the year; and

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                                                                               s. 7



1                      (b)    if so, the amount that should be paid.
2

3         (3)   In section 126(3)(b) delete "that some other amount is to be
4               paid." and insert:
5

6               the corporation to pay a dividend of an amount specified in the
7               direction.
8


9    7.         Sections 127A and 127B inserted
10              At the end of Part 6 Division 2 insert:
11


12          127A.     Interim dividend
13              (1)   If the Minister considers that payment by a corporation
14                    of an interim dividend is justified, the Minister may
15                    give written notice to the board of the corporation
16                    informing it that an interim dividend is to be paid to the
17                    Treasurer.
18              (2)   As soon as is practicable after it receives a notice under
19                    subsection (1) the board is to make a recommendation
20                    to the Minister as to the amount of the interim dividend
21                    that the board recommends as appropriate.
22              (3)   The Minister, with the Treasurer's concurrence --
23                     (a) may accept a recommendation under
24                          subsection (2); or
25                     (b) after consultation with the board, is to direct the
26                          corporation to pay an interim dividend of an
27                          amount specified in the direction.
28              (4)   The corporation is to pay the interim dividend --
29                     (a) as soon as is practicable after the amount is
30                           fixed under subsection (3); and


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1                    (b)   in any case not later than --
2                             (i) the end of the financial year to which
3                                  the dividend relates; or
4                            (ii) such other time as may be agreed
5                                  between the Treasurer and the board.
6             (5)   The Minister must, within 14 days after a direction is
7                   given under subsection (3), cause a copy of it to be laid
8                   before each House of Parliament or dealt with in
9                   accordance with section 134.

10          127B.   Amount of dividend
11            (1)   In this section --
12                  solvent has the meaning given in the Corporations
13                  Act 2001 (Commonwealth) section 95A(1).
14            (2)   The board of a corporation must, before recommending
15                  the amount of a dividend under section 126(2) or
16                  127A(2), be satisfied that --
17                    (a) the corporation's assets will, immediately
18                         before the dividend is paid, exceed its
19                         liabilities; and
20                    (b) the excess is sufficient for the payment of the
21                         dividend; and
22                    (c) the corporation will, immediately after the
23                         dividend is paid, be solvent.
24            (3)   The Minister must, before giving a direction to a
25                  corporation under section 126(3) or 127A(3) as to the
26                  amount of a dividend, be satisfied that --
27                    (a) the corporation's assets will, immediately
28                         before the dividend is paid, exceed its
29                         liabilities; and
30                    (b) the excess is sufficient for the payment of the
31                         dividend; and


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1                 (c)   the corporation will, immediately after the
2                       dividend is paid, be solvent.
3         (4)   For the purposes of subsection (3), it is sufficient for
4               the Minister to be satisfied on the advice of the board
5               of the corporation.
6


7    8.   Section 134 amended
8         In section 134(1)(a) after "126(4)," insert:
9

10        127A(5),
11


12




 


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