Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) EFIC has power to do all things necessary or convenient to be done for or in connection with, or incidental to, the performance of its functions.
(2) In particular, EFIC may:
(a) enter into contracts; and
(b) appoint agents and attorneys, and act as agent for other persons; and
(c) engage persons to perform services for EFIC; and
(d) enter into:
(i) arrangements known as swaps, foreign exchange agreements, forward rate agreements, options or hedge agreements; or
(ii) arrangements having a similar purpose or effect; and
(e) accept gifts, grants, bequests and devises made to it, and act as trustee of money or other property vested in it on trust; and
(f) do anything incidental to any of its powers or the exercise of any of those powers.
Note: Section 59 of the Public Governance, Performance and Accountability Act 2013 also gives EFIC the power to invest money that is not immediately required for the purposes of EFIC.
(3) A power conferred by subsection (1) is not to be taken to be limited merely by implication from another provision, whether of this or any other Act, that confers a power on EFIC.
(4) So far as practicable, EFIC must exercise its powers in a way that will give effect to the corporate plan in force at the time.
(5) EFIC may provide insurance or financial services or products, information or advice for reward.
(6) EFIC's powers may be exercised within or outside Australia.