Document ID: chunk:federal_register_of_legislation:C2013A00030:clause:1_55a
Version: federal_register_of_legislation:C2013A00030
Segment Type: clause
Provision Reference: sch 1 cl 55A
Character Range: 1719–3083

55A  Payment of additional dividends to the Commonwealth

One‑off dividend
 (1) EFIC must pay the Commonwealth a dividend of $200,000,000 before 30 June 2013.

Minister may direct payment of a specified dividend
 (2) The Minister may, in writing, direct EFIC to pay the Commonwealth a specified dividend within a specified period.
 (3) In giving a direction under subsection (2), the Minister must:
 (a) have regard to:
 (i) the policies of the Commonwealth Government; and
 (ii) the general policy of EFIC in relation to the performance of its functions; and
 (iii) such commercial considerations as the Minister considers appropriate; and
 (b) be satisfied that the specified dividend is reasonable having regard to:
 (i) the likely capital and reserves of EFIC at the time the direction is given; and
 (ii) the expected liabilities, losses and claims of and against EFIC at that time.
 (4) Before the Minister gives a direction under subsection (2), the Minister must:
 (a) consult the Board about the matters referred to in subparagraphs (3)(a)(ii) and (b)(i) and (ii); and
 (b) obtain the agreement of the Prime Minister, Treasurer and Finance Minister to the direction.
 (5) EFIC must comply with a direction given under subsection (2).
 [Minister's second reading speech made in—
House of Representatives on 13 February 2013
Senate on 14 March 2013]
(23/13)