Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Before it enters into a contract or gives a guarantee in accordance with an approval or direction under Part 5, EFIC may give the Minister written notice that EFIC will meet the whole, or a specified proportion, of the liability of EFIC under the contract or guarantee, as the case may be.
(2) Before it makes a loan in accordance with an approval or direction under Part 5, EFIC may give the Minister written notice that EFIC will bear the whole, or a specified proportion, of the risk associated with the loan.