Queensland Numbered Acts Queensland Numbered Acts(1) Section 160--
insert--
'(2A) The recommendation must be accompanied by--
(a) the board's estimate of the GOC's profits (the estimated profits) for the first 6 months of the financial year, after provision has been made for income tax or its equivalent; and
(b) if the board has made any adjustment to the estimated profits in making the recommendation--a statement of the amount of, and reason for, each adjustment.
Example of an adjustment to estimated profits--
exclusion of an amount for unrealised capital gains from upwards revaluation of non-current assets'.
(2) Section 160(4)--
omit, insert--
'(4) In deciding the amount the GOC is to be directed to pay under subsection (3)(b), the shareholding Ministers must have regard to any adjustment identified by the board under subsection (2A)(b).
'(4A) A direction under subsection (3)(b) must not direct the payment of an amount that exceeds the GOC's estimated profits, after making any adjustment identified by the board under subsection (2A)(b) to exclude an amount for unrealised capital gains from upwards revaluation of non-current assets.'.