Version No. 022
Public Authorities (Dividends) Act 1983
Act No. 10003/1983
Version incorporating amendments as at 3 November 2003
table of provisions
SectionPage
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SectionPage
1.Short title
2.Commencement
3.Objective of the Act
4.Definitions
5.Annual dividends to be paid by public authorities to
Consolidated Fund
6.Reporting of dividends
6A.Regulations
7–9.Repealed
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ENDNOTES
1. General Information
2. Table of Amendments
3. Explanatory Details
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Version No. 022
Public Authorities (Dividends) Act 1983
Act No. 10003/1983
Version incorporating amendments as at 3 November 2003
An Act to require certain Public Authorities to pay Dividends to the State, to amend the Public Authorities (Contributions) Act 1966, the Public Authorities (Contributions) (Amendment) Act 1983 and the Port of Melbourne Authority Act 1958 and for other purposes.
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Act No. 10003/1983
Public Authorities (Dividends) Act 1983
BE IT ENACTED by the Queen's Most Excellent Majesty by and with the advice and consent of the Legislative Council and the Legislative Assembly of Victoria in this present Parliament assembled and by the authority of the same as follows (that is to say):
1.Short title
This Act may be cited as the Public Authorities (Dividends) Act 1983.
2.Commencement
The several provisions of this Act shall come into operation as follows—
(a)Section 8 shall be deemed to have come into operation on 1 July 1982;
(b)Sections 1, 2 and 9 shall come into operation on the day on which this Act receives the Royal Assent; and
(c)The remaining provisions of this Act shall be deemed to have come into operation on 1July 1983.
3.Objective of the Act
s. 3
The objective of this Act is to ensure that the people of Victoria receive a reasonable rate of return on their equity in certain commercial public authorities of the State.
4.Definitions
(1)In this Act—
S. 4(1) def. of "public authority" amended by Nos 73/1992
s. 4, 130/1993 s. 120, 53/1994 s. 31, 110/1994 s. 38(a)(b), 112/1994
s. 114(Sch. 5 item 9), 31/1995
s. 52(Sch. 1 item 9), 91/1997
s. 49,
23/2003 s.29.
"public authority" means—
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(aa)the Gas Transmission Corporation;
(ab)GASCOR;
(ac)VENCorp;
(b)the Melbourne and Metropolitan Board of Works;
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(d)the State Electricity Commission; or
(e)the Grain Elevators Board; or
(f)the Rural Water Corporation; or
(fa)Electricity Services Victoria; or
(fb)Generation Victoria; or
(fc)Power Net Victoria; or
(fd)Victorian Power Exchange; or
(g)an Authority within the meaning of the Water Act 1989 that is prescribed as a public authority for the purposes of this Act;
"public equity"—
(a)in relation to a financial year of a public authority other than the Gas and Fuel Corporation of Victoria, means an amount calculated in accordance with the formula and
(b)in relation to a financial year of the Gas and Fuel Corporation of Victoria, means an amount calculated in accordance with the formula where—
A represents the current value of the assets of the public authority as at 30June immediately preceding that financial year;
B represents that part of the fixed assets that consists of capital work in progress;
s. 4
C represents the liabilities (whether current or non-current) of the public authority as at that date;
D represents the liabilities incurred to finance capital work in progress; and
E represents that part of the capital liabilities of the public authority as at that date that is in the form of shares held by persons other than the State of Victoria;
"Treasurer" means Treasurer of Victoria.
(2)Subject to sub-section (3), the value of "A", "B", "C", "D" and "E" in the formulae set out in the interpretation of "public equity" in sub-section (1) shall be determined by the Treasurer after consultation with the Minister responsible for the public authority.
(3)For the purposes of this Act advances or loans made to a public authority out of the Public Account in respect of which a return is being paid to the State of Victoria in the form of interest or in any other form shall not be treated as being part of the public equity of the public authority.
5.Annual dividends to be paid by public authorities to Consolidated Fund
s. 5
S. 5(1) amended by No. 73/1992
s. 5(1)(a)(b).
(1)There shall be transferred to the Consolidated Fund in the financial year ending on 30 June 1992 and in each subsequent financial year by each public authority a dividend of such percentage of the public equity of the authority as is determined by the Treasurer after consultation with the Minister responsible for the public authority.
S. 5(1A) inserted by No. 73/1992
s. 5(2).
(1A)If the Treasurer so determines in any financial year, there shall be transferred to the Consolidated Fund by each public authority, in addition to the dividend payable under sub-section (1) in that year, a special dividend of such amount as is determined by the Treasurer after consultation with the Minister responsible for the public authority.
S. 5(2) amended by No. 73/1992
s. 5(3).
(2)The transfer of a dividend to the Consolidated Fund pursuant to sub-section (1) or (1A) shall be made at such times and in such manner as is agreed to by the Treasurer and the public authority or as is in default of such agreement determined by the Governor in Council.
S. 5(3)(4) repealed by No. 73/1992
s. 7(a).
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6.Reporting of dividends
s. 6
Notwithstanding anything in any Act, the financial statements prepared by a public authority in respect of a financial year shall record in such manner as the Treasurer may direct the payment of a dividend required to be transferred to the Consolidated Fund by that public authority in that financial year pursuant to section 5.
S. 6A
inserted by No. 73/1992
s. 6.
6A.Regulations
The Governor in Council may make regulations for or with respect to any matter or thing required or permitted by this Act to be prescribed or necessary to be prescribed to give effect to this Act.
Ss 7–9 repealed by No. 73/1992
s. 7(b).
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ENDNOTES
Endnotes
1.General Information
The Public Authorities (Dividends) Act 1983 was assented to on 13December 1983 and came into operations as follows:
Section 8 was deemed to have come into operation on 1 July 1982: section2(a); sections 1, 2, 9 on 13 December 1983 section2(b); rest of Act was deemed to have come into operation on 1 July 1983: section2(c).
2.
Table of Amendments
Endnotes
This Version incorporates amendments made to the Public Authorities (Dividends) Act 1983 by Acts and subordinate instruments.
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Public Authorities (Dividends) (Amendment) Act 1992, No. 73/1992
Assent Date: / 24.11.92Commencement Date: / 24.11.92
Current State: / All of Act in operation
Electricity Industry Act 1993, No. 130/1993
Assent Date: / 14.12.93Commencement Date: / S. 120 on 3.1.94: Special Gazette (No. 97) 23.12.93 p.1
Current State: / This information relates only to the provision/s amending the Public Authorities (Dividends) Act 1983
Electricity Industry (Amendment) Act 1994, No. 53/1994
Assent Date: / 15.6.94Commencement Date: / S. 31 on 3.10.94: Special Gazette (No. 64) 27.9.94 p.1
Current State: / This information relates only to the provision/s amending the Public Authorities (Dividends) Act 1983
Electricity Industry (Further Amendment) Act 1994, No. 110/1994
Assent Date: / 20.12.94Commencement Date: / S. 38 on 20.12.94: Special Gazette (No. 100) 20.12.94 p.1
Current State: / This information relates only to the provision/s amending the Public Authorities (Dividends) Act 1983
Gas Industry Act 1994, No. 112/1994
Assent Date: / 20.12.94Commencement Date: / S. 114(Sch. 5 item 9) on 20.12.94: Special Gazette (No. 100) 20.12.94 p. 1
Current State: / This information relates only to the provision/s amending the Public Authorities (Dividends) Act 1983
Gas and Fuel Corporation (Repeal) Act 1995, No. 31/1995
Assent Date: / 6.6.95Commencement Date: / S. 52(Sch. 1 item 9) on 21.6.95: Special Gazette (No.49) 14.6.95 p. 1
Current State: / This information relates only to the provision/s amending the Public Authorities (Dividends) Act 1983
Gas Industry (Further Amendment) Act 1997, No. 91/1997
Assent Date: / 9.12.97Commencement Date: / S. 49 on 11.12.97: Special Gazette (No. 155) 9.12.97 p. 1
Current State: / This information relates only to the provision/s amending the Public Authorities (Dividends) Act 1983
Endnotes
Port Services (Port of Melbourne Reform) Act 2003, No.23/2003
Assent Date: / 13.5.03Commencement Date: / S. 29 on 3.11.03: Government Gazette 30.10.03 p.2744
Current State: / This information relates only to the provision/s amending the Public Authorities (Dividends) Act 1983
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3.Explanatory Details
Endnotes
No entries at date of publication.
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