Commonwealth Consolidated Acts

EXPORT FINANCE AND INSURANCE CORPORATION ACT 1991 - SECT 31

  (1)   EFIC may, with the written approval of the Minister, enter into a contract of insurance or indemnity, take a guarantee or take security to cover any actual or contingent liability of EFIC in respect of contracts entered into, or guarantees given, in accordance with an approval or direction under this Part.

  (2)   EFIC may, with the written approval of the Minister, enter into any other contract in order to reduce or reschedule any actual or contingent liability of EFIC in respect of contracts entered into, or guarantees given, in accordance with an approval or direction under this Part.

  (3)   The Minister may, in writing, direct EFIC to exercise its power under subsection   (1) or (2) in respect of a contract entered into, or a guarantee given, in accordance with an approval or direction under this Part.

  (4)   EFIC must comply with a direction.