(1)  The aggregate of all dividends to be paid by a Relevant Corporation (other than a Regional Corporation) is to be allocated to members of that Relevant Corporation in accordance with its constitution.

(2)  Other than as contemplated in subsection (1) , the aggregate of all distributions and payments to be made by Relevant Corporations under this Division are to be allocated –

(a) in the case of dividends to be paid by a Regional Corporation, to the constituent councils of that Regional Corporation who are members of that Regional Corporation; and

(b) in the case of any other distribution or payment by a Regional Corporation or a subsidiary of a Regional Corporation, to the constituent councils of that Regional Corporation who are members of that Regional Corporation; and

(c) in the case of any distribution or payment by the Common Services Corporation or any of its subsidiaries, to the councils who are members of any Regional Corporation –

in accordance with the following principles:

(d) for any such distributions and payments to be made on or before the date 5 years after the date of incorporation of the last of the Regional Corporations –

(i) a priority distribution and payment determined by the Treasurer is to be paid to the councils referred to in paragraph (a) , (b) or (c) (as applicable) that generated positive returns from that council's water and sewerage activities on a sustainable basis from the period 1 July 2003 to 30 June 2006; and

(ii) a residual distribution and payment determined by the Treasurer is to be paid to the councils referred to in paragraph (a) , (b) or (c) (as applicable) based on the relative net asset value of the assets, rights and liabilities (as determined by the Treasurer) transferred by that council to the Regional Corporation and the Common Services Corporation under this Act at or about the time of formation of that Regional Corporation or any other time as determined by the Treasurer; and

(e) for any such distributions and payments to be made thereafter, a distribution and payment is to be paid to the councils referred to in paragraph (a) , (b) or (c) (as applicable) based on a mechanism for allocation of those distributions and payments agreed by all those councils or otherwise determined in accordance with subsection (3) .

(3)  If the councils referred to in subsection (2)(e) are unable to agree on a mechanism for allocation of the distributions and payments referred to in subsection (2)(e) within 60 days after a request to determine such a mechanism by a Relevant Corporation, the Treasurer may, by notice to the Relevant Corporation, determine such a mechanism for that and any other distribution or payment to be made by that Relevant Corporation.

(4)  The Treasurer may, in accordance with section 39 , issue a Treasurer's Instruction in respect of any of the matters referred to in this section.