South Australian Current Regulations South Australian Current Regulations (1) The subsidiary
must, before the end of each financial year, after consultation with the
Minister, recommend by writing to the Treasurer that the subsidiary pay a
specified dividend, or not pay any dividend, for that financial year, as the
subsidiary considers appropriate.
(2) The Treasurer may,
after consultation with the Minister, by notice in writing to the
subsidiary—
(a)
approve a recommendation of the subsidiary under subregulation (1); or
(b)
determine that a dividend specified by the Treasurer be paid, or that no
dividend be paid,
as the Treasurer considers appropriate.
(3) The subsidiary
must, if so required by the Treasurer by notice in writing to the subsidiary
at any time during a financial year, after consultation with the Minister,
recommend by writing to the Treasurer that a specified interim dividend or
specified interim dividends be paid by the subsidiary for that financial year,
or that no such dividend or dividends be paid by the subsidiary as the
subsidiary considers appropriate.
(4) The Treasurer may,
after consultation with the Minister, by notice in writing to the
subsidiary—
(a)
approve a recommendation of the subsidiary under subregulation (3); or
(b)
determine that an interim dividend or interim dividends specified by the
Treasurer be paid, or that no interim dividend be paid,
as the Treasurer considers appropriate.
(5) If the Treasurer
approves a recommendation or determines under this regulation that a dividend
or interim dividend or dividends be paid by the subsidiary, the dividend or
interim dividend or dividends must be paid at the direction of the Treasurer,
in the manner and at the time or times determined by the Treasurer, after
consultation with the subsidiary and the Minister.
(6) A recommendation
under this regulation must be made by the board and may not be made by any
person or committee pursuant to a delegation.