Export Finance and Insurance Corporation Regulations (Amendment) (Cth)

Statutory Rules

1978 No. 271

REGULATIONS UNDER THE EXPORT FINANCE AND INSURANCE CORPORATION ACT 1974*

I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Export Finance and Insurance Corporation Act 1974.

Dated this fourteenth day of December 1978.

ZELMAN COWEN

Governor-General

By His Excellency’s Command,

J. D. ANTHONY

Minister of State for Trade and Resources

 

AMENDMENTS OF THE EXPORT FINANCE AND INSURANCE CORPORATION REGULATIONS 

1. After regulation 9 of the Export Finance and Insurance Corporation Regulations the following regulation is inserted:

Limitation of amount of indemnity or guarantee

“ 9a. (1) An indemnity or guarantee given by the Corporation to an approved guarantor under sub-section 35b (1) of the Act shall not be in respect of an amount that exceeds 95 per cent of the amount of the liability, or proposed liability, of the approved guarantor in respect of which the indemnity or guarantee is given by the Corporation.

“ (2) In this regulation, ‘approved guarantor’ has the same meaning as in section 35a of the Act.”.

Maximum contingent liability—Divisions 2, 3 and 5 of Part III

2. Regulation 10 of the Export Finance and Insurance Corporation Regulations is amended—

(a) by omitting sub-regulation (1) and substituting the following sub-regulation:

 

* Notified in the Commonwealth of Australia Gazette on 21 December 1978.

  Statutory Rules 1975 No. 9 as amended by Statutory Rules 1977 No. 14.

 

“ (1) For the purposes of paragraph 76 (1) (a) of the Act, the amount is $1,500,000,000.”; and

(b) by omitting from sub-regulation (2) “ sub-section (1) ” and substituting “ paragraph 76 (1) (a) of the Act—”.

3. After regulation 11 of the Export Finance and Insurance Corporation Regulations the following regulation is inserted:

Maximum contingentliability—Division 6 Part III

“ 11a.(1) For the purposes of paragraph 76 (1) (c) of the Act, the amount is $30,000,000.

“ (2) For the purposes of paragraph 76 (1) (c) of the Act—

(a) where the Board has not given a notice under sub-section 35c (6) of the Act in respect of a contract entered into by the Corporation in accordance with an approval given for the purposes of section 35c—the contingent liability of the Corporation under the contract shall not be taken into account; and

(b) where the Board has given a notice under sub-section 35c (6) of the Act in respect of a contract entered into by the Corporation in accordance with an approval given for the purposes of section 35c—only such proportion of the contingent liability of the Corporation under the contract as corresponds to the proportion specified in the notice shall be taken into account.”.

Maximum amount of loans

4. Regulation 12 of the Export Finance and Insurance Corporation Regulations is amended—

(a) by omitting sub-regulation (1) and substituting the following sub-regulation:

“ (1) For the purposes of sub-section 77 (1) of the Act, the amount is $250,000,000.”; and

(b) by omitting from sub-regulation (2) “ For the purposes of sub-section (1)—” and substituting “ For the purposes of sub-section 77 (1) of the Act— ”.