Document ID: chunk:federal_register_of_legislation:C2004A03591:body:0:p11
Version: federal_register_of_legislation:C2004A03591
Segment Type: other
Provision Reference: 
Character Range: 26000–28789

of an amount that is less than 45% of the net profits of the Development Bank for the financial year to which the recommendation relates, the Treasurer shall not specify a different amount that is more than 45% of those net profits.
"(5) In making a decision under subsection (3), the Treasurer shall have regard to the matters specified in subsection (2).
"(6) The Development Bank shall, as soon as practicable after the Treasurer makes a decision under subsection (3), pay to the Commonwealth an amount equal to:
    (a) where the Treasurer accepts the recommendation—the amount specified in the recommendation; or
    (b) in any other case—the amount specified by the Treasurer under paragraph (3) (b).".
(2) The section inserted in the Principal Act by subsection (1) applies in relation to the financial year commencing on 1 July 1987 and to subsequent years.
(3) The Development Bank shall pay to the Commonwealth on or before 30 June 1988 by way of dividend, in relation to its operations during the financial year ending on that day, an amount of $6.9 millions in addition to any amount payable in relation to those operations in accordance with the section inserted in the Principal Act by subsection (1).

Management of Development Bank
25. Section 80 of the Principal Act is amended by adding at the end the following subsection:
"(3) In managing the Development Bank, the Managing Director and the person managing the Development Bank under subsection (1), may, in accordance with the policy of the Development Bank and the directions of the Board, perform any functions, or exercise any powers, of the Development Bank on its behalf".

Development Bank to pay share of expenses of Corporation
26. Section 81 of the Principal Act is amended by omitting "the Corporation an amount determined by the Board to be the proportion" and substituting "the Commonwealth Bank the amount".
27. After section 87 of the Principal Act the following section is inserted in Division 2 of Part VIII:

Application of merit principle, prohibition of patronage etc.
"87a. The appointment, promotion and transfer of officers shall be in accordance with procedures that preclude patronage and favouritism and ensure that:
    (a) all persons have, so far as practicable, a reasonable opportunity to apply for appointment or be considered for, promotion or transfer, as the case may be; and
    (b) appointments, promotions and transfers are made on the basis of an assessment of the relevant suitability of the persons considered for appointment, promotion or transfer, as the case may be, having regard to:
        (i) the nature of the duties to be performed by the person appointed, promoted or transferred; and
        (ii) the abilities, qualifications, experience and other attributes of each