Commonwealth Consolidated Acts

EXPORT FINANCE AND INSURANCE CORPORATION ACT 1991

TABLE OF PROVISIONS

           Long Title

   PART 1--PRELIMINARY

   1.      Short title  
   2.      Commencement  
   3.      Interpretation  
   3A.     Meaning of large business  
   4.      Extension to Territories  
   5.      Application of Act outside Australia  
   5A.     Application of the Criminal Code  

   PART 2--ESTABLISHMENT--AND FUNCTIONS OF EXPORT FINANCE AND INSURANCE CORPORATION

   6.      Establishment of EFIC  
   7.      Functions of EFIC  
   8.      Primary duties of EFIC  
   9.      Ministerial directions to EFIC  
   10.     Reimbursement of cost of complying with directions  

   PART 3--GENERAL--POWERS AND DUTIES OF EFIC

   11.     General powers of EFIC  
   12.     Offices of EFIC  
   13.     Formation of companies, partnerships etc.  

   PART 4--INSURANCE--AND FINANCIAL SERVICES AND PRODUCTS

   14.     Export payments insurance contracts  
   15.     Reinsurance etc. in relation to business of EFIC  
   16.     Guarantees and subsidies in relation to loans to Australian suppliers  
   17.     Guarantees and subsidies in relation to loans to overseas buyers etc.  
   18.     Guarantees to co - lenders in relation to export transactions  
   18A.    Guarantees in relation to overseas infrastructure development  
   19.     Tender guarantees and performance guarantees  
   20.     Reinsurance of guarantees, insurance etc. relating to export business etc.  
   21.     Approved causes of loss  
   22.     Insurance in respect of overseas investment transactions  
   23.     Loans to finance eligible export transactions  
   23A.    Loans to support overseas infrastructure development  

   PART 5--NATIONAL--INTEREST TRANSACTIONS

   24.     Interpretation  
   25.     Reference of applications to Minister  
   26.     Ministerial directions regarding reference of applications  
   27.     Approval of EFIC entering into contracts etc.  
   28.     Conditional approvals  
   29.     Ministerial directions regarding entry into national interest contracts etc.  
   30.     Gazettal of national interest contracts etc.  
   31.     Reinsurance etc. in relation to EFIC business under Part 5  

   PART 6--BOARD

   32.     Establishment of the Board  
   33.     Functions of the Board  
   34.     Membership of the Board  
   35.     Term of office and conditions of office of members  
   36.     Terms and conditions of appointment  
   37.     Remuneration etc. of appointed members  
   38.     Acting Chairperson and acting Deputy Chairperson  
   39.     Acting members  
   40.     Leave of absence of appointed members  
   41.     Resignation of appointed members  
   42.     General provision for termination of appointment of appointed members  
   43.     Termination of appointment of appointed members at instance of Board or for non - performance etc.  
   44.     Meetings of the Board  
   46.     Resolutions without meetings  
   47.     Committees  

   PART 7--CORPORATE--PLANS

   49.     Matters to be included in corporate plans  

   PART 8--FINANCE

   52.     Capital of EFIC  
   53.     Transfers to capital from reserves  
   54.     Callable capital of EFIC  
   55.     Payment of annual dividends to the Commonwealth  
   55A.    Payment of additional dividends to the Commonwealth  
   56.     Maintenance of adequate capital and reserves  
   58.     Borrowings from the Commonwealth  
   59.     Other borrowings  
   60.     Security  
   61.     Limitation on borrowing etc.  
   61A.    Debt neutrality charge  
   62.     Guarantee by Commonwealth  
   62A.    Guarantee fees  
   63.     Exemptions from taxation  
   63A.    Tax - equivalent payments  
   64.     Transactions in the national interest: EFIC share of liability  
   65.     Contracts and guarantees in the national interest  
   66.     Loans made in the national interest  
   66A.    DIFF loans--assumption of risk by the Commonwealth  
   67.     Subsidy to EFIC  
   68.     Maximum contingent liability under Part 4  
   69.     Limit of total amount of loans under Part 4  
   70.     Annual report  

   PART 9--MANAGING--DIRECTOR AND DEPUTY MANAGING DIRECTOR

   71.     Appointment of Managing Director and Deputy Managing Director  
   72.     Appointments to be full - time and at Board's pleasure  
   73.     Terms and conditions of appointment  
   74.     Disclosure of interests  
   75.     Exclusion from certain Board deliberations  
   77.     Duties of Managing Director and Deputy Managing Director  
   78.     Outside employment  
   79.     Acting Managing Director and acting Deputy Managing Director  
   80.     Resignation  

   PART 10--MISCELLANEOUS

   81.     Use of name of Corporation  
   82.     Application of the Lands Acquisition Act 1989  
   83.     Delegations by Minister and Managing Director  
   84.     Delegation by the Board  
   84A.    EFIC must charge for certain services  
   85.     Annual reports  
   87.     Secrecy  
   88.     Offences  
   89.     Effectiveness of acts of EFIC  
   90.     Staff  
   91.     Regulations