Commonwealth Consolidated Acts

EXPORT FINANCE AND INSURANCE CORPORATION ACT 1991 - SECT 55A

One - off dividend

  (1)   EFIC must pay the Commonwealth a dividend of $200,000,000 before 30   June 2013.

Minister may direct payment of a specified dividend

  (2)   The Minister may, in writing, direct EFIC to pay the Commonwealth a specified dividend within a specified period.

  (3)   In giving a direction under subsection   (2), the Minister must:

  (a)   have regard to:

  (i)   the policies of the Commonwealth Government; and

  (ii)   the general policy of EFIC in relation to the performance of its functions; and

  (iii)   such commercial considerations as the Minister considers appropriate; and

  (b)   be satisfied that the specified dividend is reasonable having regard to:

  (i)   the likely capital and reserves of EFIC at the time the direction is given; and

  (ii)   the expected liabilities, losses and claims of and against EFIC at that time.

  (4)   Before the Minister gives a direction under subsection   (2), the Minister must:

  (a)   consult the Board about the matters referred to in subparagraphs   (3)(a)(ii) and (b)(i) and (ii); and

  (b)   obtain the agreement of the Prime Minister, Treasurer and Finance Minister to the direction.

  (5)   EFIC must comply with a direction given under subsection   (2).