Export Finance and Insurance Corporation Regulations (Cth)
EXPORT FINANCE AND INSURANCE CORPORATION REGULATIONS
- In force under the Export Finance and Insurance Corporation Act 1974
- Reprinted as at 31 January 1984 (HISTREG CHAP 363 #DATE 31:01:1984)
- In force under the Export Finance and Insurance Corporation Act 1974
- Reprinted as at 31 January 1984 (HISTREG CHAP 363 #DATE 31:01:1984)
*1* The Export Finance and Insurance Corporation Regulations (in force under the Export Finance and Insurance Corporation Act 1974) as shown in this reprint comprise Statutory Rules 1975 No. 9 amended as indicated in the Tables below.
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Date of Application,
saving
Year and notification Date of or transitional
number in Gazette commencement provisions
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1975 No. 9 28 Jan 1975 1 Feb 1975
1977 No. 14 16 Feb 1977 16 Feb 1977 -
1978 No. 271 21 Dec 1978 21 Dec 1978 -
1980 No. 312 28 Oct 1980 28 Oct 1980 -
1981 No. 351 3 Dec 1981 3 Dec 1981 -
1982 No. 195 18 Aug 1982 18 Aug 1982 -
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Table of Amendments
ad. = added or inserted am. = amended rep. =
repealed rs. = repealed and substituted
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Provision affected How affected
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R. 4 . . . . . . . . am. 1982 No. 195
R. 9A . . . . . . . . ad. 1978 No. 271
R. 9B . . . . . . . . ad. 1982 No. 195
R. 10 . . . . . . . . am. 1978 No. 271; 1980 No. 312
R. 11A . . . . . . . ad. 1978 No. 271
R. 12 . . . . . . . . am. 1977 No. 14; 1978 No. 271; 1980 No. 312; 1981
No. 351
Rr. 14, 15 . . . . . rep. 1977 No. 14
R. 16 . . . . . . . . am. 1977 No. 14
Rr. 17-19 . . . . . . rep. 1977 No. 14
R. 20 . . . . . . . . am. 1977 No. 14
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EXPORT FINANCE AND INSURANCE CORPORATION REGULATIONS - TABLE OF PROVISIONS TABLE
TABLE OF PROVISIONS
Regulation
1. Citation
2. Commencement
3. Interpretation
4. Percentage of loss that may be covered
5. Minimum amount for guarantees
6. Minimum consideration for guarantees
7. Minimum advances for guarantees
8. Maximum percentage for guarantees
9. Minimum percentage of amount for guarantees
9A. Limitation of amount of indemnity or guarantee
9B. Salaries of officers
10. Maximum contingent liability-Divisions 2, 3 and 5 of Part III
11. Maximum contingent liability-Division 4 of Part III
11A. Maximum contingent liability-Division 6 of Part III
12. Maximum amount of loans
13. Liability to pay-roll tax
16. Allowances in respect of service of appointed members
of the Board outside Australia
20. Allowances in respect of service outside Australia
21. Interpretation
EXPORT FINANCE AND INSURANCE CORPORATION REGULATIONS - REG 1
Citation
1. These Regulations may be cited as the Export Finance and Insurance Corporation Regulations.*1*
SEE NOTES TO FIRST ARTICLE OF THIS CHAPTER .
EXPORT FINANCE AND INSURANCE CORPORATION REGULATIONS - REG 2
Commencement
2. These Regulations shall come into operation on 1 February 1975.
EXPORT FINANCE AND INSURANCE CORPORATION REGULATIONS - REG 3
Interpretation
3. In these Regulations-
''commercial cause'' means a cause related expressly to-
(a) the failure of a person by whom moneys are payable in connexion with an act or transaction to which the contract of insurance relates, not being-
(i) a Government;
(ii) a person who the Corporation is satisfied is an authority of a Government; or
(iii) a person in respect of whom the Corporation is satisfied that his contractual obligations are guaranteed by a Government,
to pay any moneys so payable; or
(b) the insolvency, within the meaning of the contract of insurance, of such a person;
''the Act'' means the Export Finance and Insurance Corporation Act 1974 .
EXPORT FINANCE AND INSURANCE CORPORATION REGULATIONS - REG 4
Percentage of loss that may be covered
4. (1) The maximum percentage that may be specified, in pursuance of section 15 of the Act, in a contract of insurance that relates to a contract of sale of goods exported or to be exported is-
(a) in relation to a commercial cause-90 per cent; and
(b) in relation to any other cause-95 per cent.
(2) The maximum percentage that may be specified, in pursuance of section 15 of the Act, in a contract of insurance that relates to an act or transaction other than a contract of sale of goods exported or to be exported is-
(a) in relation to a commercial cause-90 per cent; or
(b) in relation to any other cause-95 per cent.
EXPORT FINANCE AND INSURANCE CORPORATION REGULATIONS - REG 5
Minimum amount for guarantees
5. For the purposes of paragraph 16 (1) (b) of the Act, the amount is $1,000.
EXPORT FINANCE AND INSURANCE CORPORATION REGULATIONS - REG 6
Minimum consideration for guarantees
6. For the purposes of paragraph 19 (1) (c) of the Act, the amount is $1,000.
EXPORT FINANCE AND INSURANCE CORPORATION REGULATIONS - REG 7
Minimum advances for guarantees
7. For the purposes of paragraphs 22 (2) (a) and 23 (2) (a) of the Act, the amount is $15,000.
EXPORT FINANCE AND INSURANCE CORPORATION REGULATIONS - REG 8
Maximum percentage for guarantees
8. For the purposes of paragraphs 22 (2) (b) and 23 (2) (b) of the Act, the percentage is 90 per cent.
EXPORT FINANCE AND INSURANCE CORPORATION REGULATIONS - REG 9
Minimum percentage of amount for guarantees
9. For the purposes of paragraphs 22 (2) (c) and 23 (2) (c) of the Act, the percentage is 65 per cent.
EXPORT FINANCE AND INSURANCE CORPORATION REGULATIONS - REG 9A
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.
EXPORT FINANCE AND INSURANCE CORPORATION REGULATIONS - REG 9B
Salaries of officers
9B. For the purposes of sub-section 62 (2) of the Act the following rate is prescribed, namely, the maximum rate of salary per annum payable to an officer of the Australian Public Service occupying an office classified as Clerk Class 11.
EXPORT FINANCE AND INSURANCE CORPORATION REGULATIONS - REG 10
Maximum contingent liability-Divisions 2, 3 and 5 of Part III
10. (1) For the purposes of paragraph 76 (1) (a) of the Act, the amount is $1,750,000,000. (2) For the purposes of paragraph 76 (1) (a) of the Act-
(a) where the Board has not given a notice under sub-section 20 (6) of the Act in respect of a contract of insurance or a contract of indemnity entered into by the Corporation in accordance with an approval given for the purposes of section 20-the contingent liability of the Corporation under the contract shall not be taken into account;
(b) where the Board has given a notice under sub-section 20 (6) of the Act in respect of a contract of insurance or a contract of indemnity entered into by the Corporation in accordance with an approval given for the purposes of section 20-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;
(c) where the Board has not given a notice under sub-section 21 (6) of the Act in respect of a guarantee given by the Corporation in accordance with an approval given for the purposes of section 21-the contingent liability of the Corporation under the guarantee shall not be taken into account;
(d) where the Board has given a notice under sub-section 21 (6) of the Act in respect of a guarantee given by the Corporation in accordance with an approval given for the purposes of section 21-only such proportion of the contingent liability of the Corporation as corresponds to the proportion specified in the notice shall be taken into account;
(e) where the Board has not given a notice under sub-section 24 (6) of the Act in respect of a guarantee given by the Corporation in accordance with an approval given for the purposes of section 24-the contingent liability of the Corporation under the guarantee shall not be taken into account;
(f) where the Board has given a notice under sub-section 24 (6) in respect of a guarantee given by the Corporation in accordance with an approval given for the purposes of section 24-only such proportion of the contingent liability of the Corporation under the guarantee as corresponds to the proportion specified in the notice shall be taken into account;
(g) where the Board has not given a notice under sub-section 35 (6) of the Act in respect of a guarantee given by the Corporation in accordance with an approval given for the purposes of section 35-the contingent liability of the Corporation under the guarantee shall not be taken into account; and
(h) where the Board has given a notice under sub-section 35 (6) of the Act in respect of a guarantee given by the Corporation in accordance with an approval given for the purposes of section 35-only such proportion of the contingent liability of the Corporation under the guarantee as corresponds to the proportion specified in the notice shall be taken into account.
EXPORT FINANCE AND INSURANCE CORPORATION REGULATIONS - REG 11
Maximum contingent liability-Division 4 of Part III
11. For the purposes of paragraph 76 (1) (b) of the Act, the amount is $200 million.
EXPORT FINANCE AND INSURANCE CORPORATION REGULATIONS - REG 11A
Maximum contingent liability-Division 6 of 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.
EXPORT FINANCE AND INSURANCE CORPORATION REGULATIONS - REG 12
Maximum amount of loans
12. (1) For the purposes of sub-section 77 (1) of the Act, the amount is $625,000,000. (2) For the purposes of sub-section 77 (1) of the Act-
(a) where the Board has not given a notice under sub-section 41 (6) of the Act in respect of a loan given by the Corporation in accordance with an approval given for the purposes of section 41-the amount of the loan given by the Corporation shall not be taken into account; and
(b) where the Board has given a notice under sub-section 41 (6) of the Act in respect of a loan given by the Corporation in accordance with an approval given for the purposes of section 41-only such proportion of the loan given by the Corporation as corresponds to the proportion specified in the notice shall be taken into account.
EXPORT FINANCE AND INSURANCE CORPORATION REGULATIONS - REG 13
Liability to pay-roll tax
13. Sub-section 80 (2) of the Act does not apply in relation to taxation under any of the following laws of a State or under any of those laws as amended and for the time being in force: (a) Pay-roll Tax Act, 1971 of New South Wales;
(b) Pay-roll Tax Act 1971 of Victoria;
(c) Pay-roll Tax Act 1971 of Queensland;
(d) Pay-roll Tax Act, 1971 of South Australia;
(e) Pay-roll Tax Assessment Act, 1971 of Western Australia; and
(f) Pay-roll Tax Act 1971 of Tasmania.
EXPORT FINANCE AND INSURANCE CORPORATION REGULATIONS - REG 16
Allowances in respect of service of appointed members of the Board outside
Australia
16. (1) Where an appointed member of the Board performs duties outside Australia and the Territories of Australia, he is entitled to be paid such allowances as he would be entitled to be paid if he were an officer of the Australian Public Service and were included in the First Division.
EXPORT FINANCE AND INSURANCE CORPORATION REGULATIONS - REG 20
Allowances in respect of service outside Australia
20. (1) Where the Managing Director or the Deputy Managing Director performs duties outside Australia and the Territories of Australia, he is entitled to be paid such allowances as he would be entitled to be paid if he were an officer of the Australian Public Service and were included-
(a) in the case of the Managing Director-in the First Division; or
(b) in the case of the Deputy Managing Director-in the Second Divison.
EXPORT FINANCE AND INSURANCE CORPORATION REGULATIONS - REG 21
Interpretation
21. In these Regulations, references to an appointed member of the Board shall be read as references to such a person who is not an officer of the Australian Public Service.
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