Accident Compensation Amendment (Repayments and Dividends) Act 2012

Authorised by the Chief Parliamentary Counsel Authorised Version i Accident Compensation Amendment (Repayments and Dividends) Act 2012 No. 18 of 2012 TABLE OF PROVISIONS Section Page 1 Purpose 1 2 Commencement 1 3 Payments out of WorkCover Authority Fund 2 4 Capital and dividends 2 33A Repayment of capital 2 33B Dividends 2 5 Repeal of amending Act 3 ═══════════════ ENDNOTES 4 -- 1 of 5 -- Authorised by the Chief Parliamentary Counsel Authorised Version 1 Accident Compensation Amendment (Repayments and Dividends) Act 2012 † No. 18 of 2012 [Assented to 24 April 2012] The Parliament of Victoria enacts: 1 Purpose The purpose of this Act is to amend the Accident Compensation Act 1985 in order to enable the Victorian WorkCover Authority to repay capital and pay dividends to the State. 2 Commencement This Act comes into operation on the day after the day on which this Act receives the Royal Assent. Victoria -- 2 of 5 -- Accident Compensation Amendment (Repayments and Dividends) Act 2012 No. 18 of 2012 2 Authorised by the Chief Parliamentary Counsel 3 Payments out of WorkCover Authority Fund After section 32(4)(e) of the Accident Compensation Act 1985 insert— "(ea) any payment of an amount under section 33A or 33B;". 4 Capital and dividends After section 33 of the Accident Compensation Act 1985 insert— "33A Repayment of capital (1) The capital of the Authority is repayable to the State at the times and in the amounts determined by the Treasurer after consultation with the Authority and the Minister. (2) In making a determination under this section, the Treasurer must have regard to any advice that the Authority has given to the Treasurer in relation to the Authority's affairs. 33B Dividends (1) The Authority must pay to the State a dividend at the time and in the manner determined by the Treasurer after consultation with the Authority and the Minister. (2) In determining the dividend policy that applies to the Authority, the Treasurer must have regard to the solvency margin determined to maintain the long term financial viability of the accident compensation scheme.". s. 3 -- 3 of 5 -- Accident Compensation Amendment (Repayments and Dividends) Act 2012 No. 18 of 2012 3 Authorised by the Chief Parliamentary Counsel 5 Repeal of amending Act This Act is repealed on the first anniversary of its commencement. Note The repeal of this Act does not affect the continuing operation of the amendments made by it (see section 15(1) of the Interpretation of Legislation Act 1984). ═══════════════ s. 5 -- 4 of 5 -- Accident Compensation Amendment (Repayments and Dividends) Act 2012 No. 18 of 2012 4 Authorised by the Chief Parliamentary Counsel ENDNOTES † Minister's second reading speech— Legislative Assembly: 14 March 2012 Legislative Council: 29 March 2012 The long title for the Bill for this Act was "A Bill for an Act to amend the Accident Compensation Act 1985 to enable the Victorian WorkCover Authority to repay capital and pay dividends to the State and for other purposes." Endnotes -- 5 of 5 --