Commonwealth Consolidated Acts Commonwealth Consolidated ActsNo. 148, 1991
Compilation No. 24
Compilation date: 14 September 2022
Includes amendments up to: Act No. 38, 2022
Registered: 16 September 2022
About this compilation
This compilation
This is a compilation of the Export Finance and Insurance Corporation Act 1991 that shows the text of the law as amended and in force on 14 September 2022 (the compilation date).
The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.
Uncommenced amendments
The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law.
Application, saving and transitional provisions for provisions and amendments
If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.
Editorial changes
For more information about any editorial changes made in this compilation, see the endnotes.
Modifications
If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law.
Self-repealing provisions
If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.
Contents
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
Endnotes
Endnote 1--About the endnotes
Endnote 2--Abbreviation key
Endnote 3--Legislation history
Endnote 4--Amendment history
The endnotes provide information about this compilation and the compiled law.
The following endnotes are included in every compilation:
Endnote 1--About the endnotes
Endnote 2--Abbreviation key
Endnote 3--Legislation history
Endnote 4--Amendment history
Abbreviation key--Endnote 2
The abbreviation key sets out abbreviations that may be used in the endnotes.
Legislation history and amendment history--Endnotes 3 and 4
Amending laws are annotated in the legislation history and amendment history.
The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.
The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.
Editorial changes
The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.
If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.
Misdescribed amendments
A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.
If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and "(md not incorp)" is added to the amendment history.
ad = added or inserted | o = order(s) |
am = amended | Ord = Ordinance |
amdt = amendment | orig = original |
c = clause(s) | par = paragraph(s)/subparagraph(s) |
C[x] = Compilation No. x | /sub-subparagraph(s) |
Ch = Chapter(s) | pres = present |
def = definition(s) | prev = previous |
Dict = Dictionary | (prev ... ) = previously |
disallowed = disallowed by Parliament | Pt = Part(s) |
Div = Division(s) | r = regulation(s)/rule(s) |
ed = editorial change | reloc = relocated |
exp = expires/expired or ceases/ceased to have | renum = renumbered |
effect | rep = repealed |
F = Federal Register of Legislation | rs = repealed and substituted |
gaz = gazette | s = section(s)/subsection(s) |
LA = Legislation Act 2003 | Sch = Schedule(s) |
Sdiv = Subdivision(s) | |
(md) = misdescribed amendment can be given | SLI = Select Legislative Instrument |
effect | SR = Statutory Rules |
(md not incorp) = misdescribed amendment | Sub-Ch = Sub-Chapter(s) |
cannot be given effect | SubPt = Subpart(s) |
mod = modified/modification | underlining = whole or part not |
No. = Number(s) | commenced or to be commenced |
Endnote 3--Legislation history
Act | Number and year | Assent | Commencement | Application, saving and transitional provisions |
148, 1991 | 21 Oct 1991 | 1 Nov 1991 (s 2) |
| |
65, 1997 | 30 May 1997 | 30 June 1997 (s 2(1) and gaz 1997, No S222) | -- | |
121, 1997 | 8 July 1997 | Sch 3 (item 68): 1 July 1997 (s 2(2), (3)) | ||
152, 1997 | 24 Oct 1997 | Sch 2 (items 736-750): 1 Jan 1998 (s 2(2) and gaz 1997, No GN49) | -- | |
156, 1999 | 24 Nov 1999 | Sch 10 (item 82): 13 Mar 2000 (s 2(2)(c) and gaz 2000, No S114) | -- | |
11, 2000 | 15 Mar 2000 | Sch 1 (items 1-3): 15 Mar 2000 (s 2(1)) | -- | |
Foreign Affairs and Trade Legislation Amendment (Application of Criminal Code) Act 2001 | 35, 2001 | 28 Apr 2001 | 26 May 2001 (s 2) | |
Abolition of Compulsory Age Retirement (Statutory Officeholders) Act 2001 | 159, 2001 | 1 Oct 2001 | 29 Oct 2001 (s 2) | Sch 1 (item 97) |
8, 2005 | 22 Feb 2005 | Sch 2 (items 98-112, 174): 22 Feb 2005 (s 2(1) item 12) | Sch 2 (item 174) | |
56, 2006 | 21 June 2006 | Sch 3 (items 2-5): 1 July 2006 (s 2(1) item 7) | -- | |
Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006 | 101, 2006 | 14 Sept 2006 | Sch 2 (item 49) and Sch 6 (items 1, 6-11): 14 Sept 2006 (s 2(1) items 2, 4) | Sch 6 (items 1, 6-11) |
6, 2007 | 19 Feb 2007 | Sch 1: 1 July 2007 (s 2(1) item 2) | Sch 1 (items 8, 12) | |
5, 2011 | 22 Mar 2011 | Sch 7 (item 56): 19 Apr 2011 (s 2(1) item 18) | -- | |
46, 2011 | 27 June 2011 | Sch 2 (items 570-577) and Sch 3 (items 10, 11): 27 Dec 2011 (s 2(1) items 3, 12) | Sch 3 (items 10, 11) | |
Export Finance and Insurance Corporation Amendment (Finance) Act 2013 | 30, 2013 | 30 Mar 2013 | 31 Mar 2013 (s 2) | -- |
62, 2014 | 30 June 2014 | Sch 8 (items 159-172) and Sch 14: 1 July 2014 (s 2(1) items 6, 14) | Sch 14 | |
as amended by |
|
|
|
|
Public Governance and Resources Legislation Amendment Act (No. 1) 2015 | 36, 2015 | 13 Apr 2015 | Sch 2 (items 7-9) and Sch 7: 14 Apr 2015 (s 2) | Sch 7 |
as amended by |
|
|
|
|
Acts and Instruments (Framework Reform) (Consequential Provisions) Act 2015 | 126, 2015 | 10 Sept 2015 | Sch 1 (item 486): 5 Mar 2016 (s 2(1) item 2) | -- |
Acts and Instruments (Framework Reform) (Consequential Provisions) Act 2015 | 126, 2015 | 10 Sept 2015 | Sch 1 (item 495): 5 Mar 2016 (s 2(1) item 2) | -- |
Export Finance and Insurance Corporation Amendment (Direct Lending and Other Measures) Act 2015 | 18, 2015 | 19 Mar 2015 | 20 Mar 2015 (s 2) | Sch 1 (items 6, 7) and Sch 2 (items 4, 5) |
31, 2016 | 23 Mar 2016 | Sch 2 (item 14): 1 May 2016 (s 2(1) item 3) | -- | |
Northern Australia Infrastructure Facility (Consequential Amendments) Act 2016 | 42, 2016 | 4 May 2016 | Sch 1: 1 July 2016 (s 2(1) item 2) | -- |
61, 2016 | 23 Sept 2016 | Sch 1 (items 235, 236): 21 Oct 2016 (s 2(1) item 1) | -- | |
Export Finance and Insurance Corporation Amendment (Support for Commonwealth Entities) Act 2017 | 100, 2017 | 14 Sept 2017 | 15 Sept 2017 (s 2(1) item 1) | -- |
Export Finance and Insurance Corporation Amendment (Support for Infrastructure Financing) Act 2019 | 33, 2019 | 5 Apr 2019 | 6 Apr 2019 (s 2(1) item 1) | -- |
Treasury Laws Amendment (2019 Measures No. 3) Act 2020 | 64, 2020 | 22 June 2020 | Sch 3 (items 169, 325, 326): 1 Oct 2020 (s 2(1) item 6) | Sch 3 (items 325, 326) |
Export Finance and Insurance Corporation Amendment (Equity Investments and Other Measures) Act 2021 | 114, 2021 | 28 Oct 2021 | 28 Oct 2021 (s 2(1) item 1) | Sch 1 (item 22) |
38, 2022 | 13 Sept 2022 | Sch 1 (items 33, 34): 14 Sept 2022 (s 2(1) item 1) | -- |
Provision affected | How affected |
Title.................... | am No 33, 2019 |
Part 1 |
|
s 3..................... | am No 11, 2000; No 8, 2005; No 56, 2006; No 6, 2007; No 62, 2014; No 18, 2015; No 42, 2016; No 100, 2017; No 33, 2019; No 114, 2021; No 38, 2022 |
s 3A.................... | ad No 100, 2017 |
s 5A.................... | ad No 35, 2001 |
Part 2 |
|
s 6..................... | am No 152, 1997; No 62, 2014 |
s 7..................... | am No 42, 2016; No 100, 2017; No 33, 2019; No 114, 2021 |
s 8..................... | am No 42, 2016; No 100, 2017; No 33, 2019; No 38, 2022 |
s 9..................... | am No 42, 2016; No 100, 2017 |
Part 3 |
|
s 11.................... | am No 152, 1997; No 62, 2014 |
Part 4 |
|
s 16.................... | am No 100, 2017; No 114, 2021 |
s 17.................... | am No 114, 2021 |
s 18.................... | am No 114, 2021 |
s 18A................... | ad No 33, 2019 |
| rs No 114, 2021 |
s 23.................... | am No 100, 2017; No 33, 2019; No 114, 2021 |
s 23A................... | ad No 33, 2019 |
| am No 114, 2021 |
Part 5 |
|
s 27.................... | am No 33, 2019; No 114, 2021 |
s 28.................... | am No 114, 2021 |
s 29.................... | am No 114, 2021 |
s 30.................... | am No 114, 2021 |
Part 6 |
|
s 34.................... | am No 56, 2006; No 6, 2007 |
s 35.................... | am No 159, 2001; No 6, 2007 |
s 36.................... | am No 159, 2001; No 30, 2013 |
s 38.................... | am No 56, 2006; No 6, 2007; No 46, 2011 |
s 39.................... | am No 46, 2011 |
s 42.................... | am No 152, 1997; No 156, 1999; No 62, 2014 |
s 44.................... | am No 6, 2007 |
s 45.................... | rep No 152, 1997 |
s 46.................... | am No 152, 1997 |
Part 7 |
|
s 48.................... | rep No 152, 1997 |
s 49.................... | am No 152, 1997; No 30, 2013; No 62, 2014 |
s 50.................... | rep No 152, 1997 |
s 51.................... | rep No 152, 1997 |
Part 8 |
|
s 54.................... | am No 65, 1997; No 8, 2005; No 30, 2013; No 33, 2019 |
s 55.................... | am No 30, 2013 |
s 55A................... | ad No 30, 2013 |
s 56.................... | am No 65, 1997; No 114, 2021 |
s 57.................... | rep No 152, 1997 |
s 58.................... | am No 8, 2005 |
s 59.................... | am No 8, 2005; No 62, 2014 |
s 61A................... | ad No 11, 2000 |
| am No 18, 2015 |
s 62A................... | ad No 11, 2000 |
| am No 18, 2015 |
s 63.................... | am No 121, 1997; No 101, 2006; No 64, 2020 |
s 63A................... | ad No 11, 2000 |
| am No 18, 2015 |
s 65.................... | am No 8, 2005 |
s 66.................... | am No 65, 1997; No 8, 2005; No 114, 2021 |
s 66A................... | ad No 65, 1997 |
| am No 8, 2005; No 31, 2016 |
s 67.................... | am No 33, 2019 |
s 69.................... | am No 65, 1997 |
s 70.................... | am No 152, 1997 |
| rs No 62, 2014 |
Part 9 |
|
s 71.................... | am No 6, 2007 |
s 74.................... | am No 62, 2014 |
s 76.................... | rep No 159, 2001 |
s 79.................... | am No 46, 2011 |
Part 10 |
|
s 81.................... | am No 61, 2016; No 33, 2019 |
s 84A................... | ad No 42, 2016 |
| rs No 100, 2017 |
s 85.................... | am No 152, 1997; No 62, 2014 |
s 86.................... | rep No 152, 1997 |
s 87.................... | am No 5, 2011 |
s 91.................... | am No 61, 2016 |