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This is a Bill, not an Act. For current law, see the Acts databases.
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: page 1 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 page 2 Electricity Corporations Amendment Bill 2015 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 page 3 Electricity Corporations Amendment Bill 2015 s. 7 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 page 4 Electricity Corporations Amendment Bill 2015 s. 8 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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