Commonwealth Numbered Acts

AUSTRALIAN POSTAL CORPORATION ACT 1989 No. 64 of 1989 - SECT 54

54. (1) The Board shall, within 4 months after the end of each financial year,
by written notice to the Minister, recommend that Australia Post pay a
specified dividend, or not pay a dividend, to the Commonwealth for the
financial year.

(2) In making the recommendation, the Board shall have regard to the matters
referred to in section 38 (other than the matter referred to in paragraph
(a)).

(3) The Minister shall, within 30 days after receiving the recommendation, by
written notice to the Board, either:

   (a)  approve the recommendation; or

   (b)  direct the payment of a dividend or a different specified dividend, as
        the case requires.

(4) In exercising powers under subsection (3), the Minister shall have regard
to:

   (a)  the matters referred to in section 38 (other than the matters referred
        to in paragraphs (a) and (f)); and

   (b)  any other matters the Minister considers appropriate.

(5) Australia Post's dividend for a financial year shall not exceed its profit
for the year, after provision has been made for income tax.

(6) Subject to section 55, the dividend payable for a financial year shall be
paid within 6 months after the end of the financial year or such further
period as the Minister directs after consultation with the Board.

(7) In exercising powers under subsection (6), the Minister shall have regard
to any recommendation of the Board in relation to the time of payment of the
dividend.

(8) A direction under subsection (6) shall be given in writing.