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Export Finance and Insurance Corporation Act 1991
In force
Administered by
Department of Foreign Affairs and Trade
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C2022C00246 (C24)
14 September 2022
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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
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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
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Part 3—General powers and duties of EFIC
11 General powers of EFIC
12 Offices of EFIC
13 Formation of companies, partnerships etc.
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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
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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
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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
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Part 7—Corporate plans
49 Matters to be included in corporate plans
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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
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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
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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
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Endnotes
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history