Export Payments Insurance Corporation Act 1956 (Cth)
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956 [Note: This Act is "repealed" by Act No. 122 of 1974]
(#DATE 19:12:1973)
(#DATE 19:12:1973)
- Reprinted as at 19 December 1973
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - TABLE OF PROVISIONS TABLE
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973
TABLE OF PROVISIONS
PART I-PRELIMINARY
Section
1. Short title
2. (Repealed)
3. Definitions
4. Extension to Territories
5. Insurance Act 1932-1937 not to apply
PART II-THE EXPORT PAYMENTS INSURANCE CORPORATION
Division 1-Establishment and Constitution of the Corporation
6. The Export Payments Insurance Corporation
7. Appointment of Commissioner
8. Leave of absence
9. Vacation of office
10. Acting Commissioner
10A. Business of Corporation
11. Relations of Corporation with Minister
12. Consultative Council
Division 2-Export Payments Insurance
13. Corporation may enter into export payments insurance contracts
13AA. Export payments insurance in respect of trade with external
Territories
13A. Guarantees in relation to contracts under s. 13 or s. 13AA
13B. Reinsurance in relation to transactions with overseas countries
13C. Reinsurance in relation to transactions with external Territories
13D. Guarantees in relation to foreign insurance contracts
14, 15. (Repealed)
16. Percentage of loss that may be covered
16AA. Reinsurance of liability of Corporation under certain contracts
16A. Contracts in national interest
16B. Guarantees in relation to national interest contracts
Division 2AA-Guarantees in respect of Loans to Overseas
Buyers
16BA. Business of Corporation includes giving of guarantees
16BB. Guarantees in respect of loans to overseas buyers
16BC. Guarantees in respect of loans to buyers in external Territories
16BD. Guarantees in national interest
16BE. Reinsurance of liability of persons guaranteeing loans to overseas
buyers
16BF. Reinsurance of liability of persons guaranteeing loans to buyers
in external Territories
16BG. Reinsurance of liability of Corporation under guarantees given
under this Division
Division 2A-Overseas Investment Insurance
16C. Definitions
16D. Approved cause of loss
16E. Applications for insurance
16F. Reference of applications to Minister
16G. Minister may give directions with respect to insurance to be
provided under insurance contracts
16H. Corporation to enter into contracts of insurance in accordance
with Minister's approval
16J. Insurance to be restricted to non-commercial risks, &c.
Division 3-Staff
17. Appointment of officers
18. Terms and conditions of employment
19. Principal executive officer
20. Temporary and casual employees
21. (Repealed)
Division 4-Finances of the Corporation
22. Corporation guaranteed by Commonwealth
23. Capital of Corporation
24. Loans to Corporation
25. Bank accounts
26. Application of moneys
27. Provision in the nature of reserves
28. Maximum contingent liability
29. Proper accounts to be kept
29A. National interest contracts and guarantees
29AA. Guarantees to which section 16BD applies
29B. Overseas investment insurance contracts
30. Audit
31. Liability to taxation
Division 5-Reports
32. Annual report of Corporation
33. Quarterly return of liabilities
PART III-MISCELLANEOUS
34. Validity of insurance contracts and guarantees
34A. Duties of Corporation
35. Delegation of powers of Minister
36. Secrecy
37. False statements
38. Regulations
THE SCHEDULE
Oath or Affirmation of Secrecy
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 1.
Short title.SECT
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973
Title substituted by No. 74, 1965, s. 3. An Act to establish a Corporation by the name of the Export Payments Insurance Corporation, and to make provision for and in relation to the Business to be carried on by the Corporation.
PART I-PRELIMINARY
Short title amended; No. 32, 1918, s. 2.
1. This Act may be cited as the Export Payments Insurance Corporation Act 1956-1973.*
Section 2 repealed by No. 216, 1973, s. 3.
* * * * * * * *
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 3.
Definitions.SECT
Amended by No. 14, 1961, s. 4; No. 104, 1964, s. 5; No. 74, 1965, s. 5; No. 24, 1970, s. 3; No. 91, 1971, s. 4; and No. 216, 1973, s. 3.
3. In this Act, unless the contrary intention appears-
''approved bank'' means the Reserve Bank of Australia or a bank approved by the Treasurer for the purposes of the provision in which the expression occurs;
''approved foreign insurer'' means a person who enters into foreign insurance contracts under which that person is the insurer or guarantor, being a person approved by the Minister for the purposes of this definition;
''Australia'' includes the Territories;
''external Territory'' means a Territory not forming part of the Commonwealth;
''foreign insurance contract'' means a contract entered into outside Australia under which an indemnity or guarantee is given in respect of monetary loss or other monetary detriment resulting from failure to receive payment in connexion with, or otherwise arising out of, acts or transactions in the course of, or for the purpose of, trade or commerce between two or more countries;
''guarantee'' means a guarantee given by the Corporation under section thirteen A, thirteen D, sixteen BB or sixteen BC of this Act;
''insurance'' includes an indemnity or guarantee given by the Corporation under section thirteen B, thirteen C, sixteen BE or sixteen BF of this Act;
''national interest contract'' means a contract of insurance entered into by the Corporation in accordance with an approval given under section sixteen A of this Act;
''national interest guarantee'' means a guarantee given by the Corporation in accordance with an approval given for the purposes of section sixteen B of this Act;
''overseas investment insurance contract'' means a contract of insurance entered into by the Corporation under section
sixteen H of this Act;
''the Auditor-General'' means the Auditor-General for the Commonwealth;
''the Commissioner'' means the Commissioner constituting the Corporation;
''the ''the means the Export Payments Insurance Corporation constituted by this Act.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 4.
Extension to Territories.SECT
Amended by No. 216, 1973, s. 3.
4. This Act extends to all the Territories.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 5.
Insurance Act 1932-1937 not to apply.SECT
5. The Insurance Act 1932-1937, to the extent to which it requires deposits with the Treasurer, does not apply to the Corporation.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 6.
The Export Payments Insurance Corporation.SECT
PART II-THE EXPORT PAYMENTS INSURANCE CORPORATION
Division 1-Establishment and Constitution of the Corporation
6. (1) For the purposes of this Act, there shall be an Export Payments Insurance Corporation, constituted by a Commissioner appointed and holding office as provided by this Act.
(2) The corporation-
(a) is a corporation sole with perpetual succession and an official seal; and
(b) is capable, in its corporate name and in Australia or elsewhere, of acquiring, holding and disposing of real and personal property and of suing and being sued.
(3) All courts, judges and persons acting judicially shall take judicial notice of the seal of the Corporation affixed to a document and shall presume that it was duly affixed.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 7.
Appointment of Commissioner.SECT
7. (1) Subject to this section, the Commissioner shall be appointed by the Governor-General for a period of seven years, but is eligible for re-appointment.
(2) Except as provided by the next succeeding sub-section, a person shall not be appointed or re-appointed as Commissioner for a period commencing after he has attained the age of sixty-five years.
(3) Where the period of appointment or re-appointment of a person as Commissioner would, but for this sub-section, expire after he attains the age of sixty-five years, his appointment or re-appointment shall be for a period ending upon the date upon which he attains that age, but the Governor-General may, as from the expiration of that last-mentioned period, re-appoint him for such period, not being more than three years, as the Governor-General determines.
Substituted by No. 124, 1970, s. 3; amended by No. 22, 1971, s. 3.(4) The Commissioner shall be paid salary at the rate of Seventeen thousand nine hundred and forty-seven dollars a year.*
Inserted by No. 24, 1970, s. 4.(4A) The Commissioner shall be paid such allowances as are prescribed.*
(5) The Governor-General may terminate the appointment of the Commissioner for inability, inefficiency or misbehaviour.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 8.
Leave of absence.SECT
8. The Minister may grant leave of absence to the Commissioner upon such terms and conditions as to payment of salary or otherwise as the Minister determines.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 9.
Vacation of office.SECT
9. If the Commissioner-
(a) engages in paid employment outside the duties of his office without the approval of the Minister;
(b) becomes bankrupt, applies to take the benefit of a law for the relief of bankrupt or insolvent debtors, compounds with his creditors or makes and assignment of his salary for their benefit;
(c) resigns his office by writing under his hand addressed to the Governor-General;
(d) is absent from duty, except on leave granted by the Minister, for fourteen consecutive days or for twenty-eight days in any twelve months; or
(e) in any way, otherwise than as a member, and in common with the other members, of an incorporated company consisting of not less than twenty-five persons-
(i) becomes concerned or interested in a contract entered into by or on behalf of the Corporation; or
(ii) participates or claims to participate in the profit of any such contract or in any benefit or emolument arising from any such contract,
the Governor-General shall declare, by notice in the Gazette, that the office of the Commissioner is vacant, and thereupon the office shall be deemed to be vacant.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 10.
Acting Commissioner.SECT
10. (1) If the office of the Commissioner is vacant at any time (whether or not an appointment has previously been made to the office), or in the event of the absence from duty of the Commissioner, the Governor-General may appoint a person to be Acting Commissioner.
(2) An Acting Commissioner appointed by reason of a vacancy in the office of Commissioner shall hold office during the pleasure of the Governor-General but shall not in any event continue in office for more than two years from the date of his appointment.
(3) An Acting Commissioner appointed in the event of the absence from duty of the Commissioner shall hold office during that absence, but his appointment may at any time be terminated by the Governor-General.
(4) An Acting Commissioner has all the powers and shall perform all the duties of the Commissioner.
Substituted by No. 124, 1970, s. 4; amended by No. 22, 1971, s. 3.(5) An Acting Commissioner shall be paid salary at the rate of Seventeen thousand nine hundred and forty-seven dollars a year.
Added by No. 24, 1970, s. 5; amended by No. 91, 1971, s. 5.(6) An Acting Commissioner shall be paid such allowances as are prescribed.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 10A.
Business of Corporation.SECT
Inserted by No. 74, 1965, s. 6.
10A. (1) The Corporation shall, subject to this Act, carry on the business of insurance, being insurance under contracts which the Corporation is empowered to enter into under this Act.
(2) The Corporation has power to do (whether in Australia or elsewhere) all things necessary or convenient to be done for or in connexion with, or as incidental to, the carrying on of its business and, in particular, power-
(a) to acquire, hold and dispose of land, goods or other property;
(b) to make contracts;
(c) to appoint agents and attorneys;
(d) to institute and defend legal proceedings;
(e) to advertise its services; and
(f) to obtain and pay for information necessary for its business.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 11.
Relations of Corporation with Minister.SECT
11. (1) The Corporation shall keep the Minister informed of the decisions of the Corporation with respect to matters of policy in relation to the conduct of its business.
Amended by No. 104, 1964, s. 6.(2) Before adopting a policy (including an altered policy) with respect to a matter included in any of the following subjects, namely:-
(a) the classes of contracts of insurance into which the Corporation will enter;
(b) the nature of the risks that may be covered under contracts of insurance with the Corporation;
(c) the undertaking of liabilities in relation to trade with particular countries; and
(d) the giving of guarantees,
the Corporation shall submit the policy for the approval of the Minister, and the Corporation shall not adopt the policy without the approval of the Minister, or, except during such time as the Minister permits, continue to pursue the policy where the Minister, having approved the policy, subsequently withdraws his approval.
Amended by No. 104, 1964, s. 6.(3) If the Corporation fails to obtain the Minister's approval to a policy with respect to a matter included in a subject specified in paragraph (a), (b), (c) or (d) of the last preceding sub-section or the Minister withdraws his approval of a policy of the Corporation with respect to such a matter, the Corporation shall endeavour to reach agreement with the Minister as to the policy to be adopted by the Corporation with respect to that matter and, in the event of agreement not being reached within a time which the Minister considers reasonable, the Minister may, by writing under his hand, determine a policy to be adopted by the Corporation with respect to that matter, and the Corporation shall adopt that policy.
Substituted by No. 104, 1964, s. 6.(4) Nothing in this section shall be construed-
(a) as requiring the approval of the Minister to the Corporation entering into a particular contract of insurance or to the Corporation giving a particular guarantee; or
(b) as empowering the Minister to determine that the Corporation shall or shall not enter into a particular contract of insurance or give a particular guarantee,
but the Corporation shall not enter into a particular contract of insurance or give a particular guarantee contrary to a policy approved or determined by the Minister under this section.
Added by No. 74, 1965, s. 7; amended by No. 91, 1971, s. 6.(5) A reference in this section to a contract of insurance shall be read as not including a reference to a contract into which the Corporation is empowered to enter under section sixteen AA, sixteen BG or sixteen H of this Act.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 12.
Consultative Council.SECT
12. (1) For the purposes of this Act there shall be a Consultative Council consisting of not more than ten members.
(2) A member of the Consultative Council-
(a) shall be appointed by the Governor-General for a term not exceeding three years, but is eligible for re-appointment;
(b) shall be paid such allowances (if any) for expenses as are determined by the Governor-General; and
(c) may be removed from office by the Governor-General for good cause.
(3) The Commissioner may, at his discretion, and shall, as required by the Minister, refer matters for advice to the Consultative Council.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 13.
Corporation may enter into export payments insurance contracts.SECT
Heading substituted by No. 74, 1965, s. 8.
Division 2-Export Payments Insurance
Sub-section (1) omitted by No. 74, 1965, s. 9.
13. * * * * * * *
Amended by No. 74, 1965, s. 9.(2) The Corporation may enter into contracts of insurance with, or for the benefit of, persons carrying on business in Australia, being contracts of insurance against risk of monetary loss or other monetary detriment attributable to circumstances outside the control of the person suffering the loss or detriment and resulting from failure to receive payment in connexion with, or otherwise arising out of, acts or transactions in the course of, or for the purpose of, trade with countries outside Australia.
(3) The Corporation shall not enter into contracts of insurance under this section against risks that are normally insured with commercial insurers.
Added by No. 104, 1964, s. 7.(4) In this section, ''trade with countries outside Australia'' includes any transaction (including a transaction for the rendering of a service) involving a consideration in money or money's worth accruing from a person in the course of carrying on business or other activities outside Australia to a person carrying on business or other activities in Australia.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 13AA.
Export payments insurance in respect of trade with external Territories.SECT
Inserted by No. 24, 1970, s. 6.
13AA. (1) In this section-
''Australia'' does not include an external Territory;
''trade with an external Territory'' includes any transaction (including a transaction for the rendering of a service) involving a consideration in money or money's worth accruing from a person in the course of carrying on business or other activities in an external Territory to a person carrying on business or other activities in Australia.
(2) The Corporation may enter into contracts of insurance with, or for the benefit of, persons carrying on business in Australia, being contracts of insurance against risk of monetary loss or other monetary detriment attributable to circumstances outside the control of the person suffering the loss or detriment and resulting from failure to receive payment in connexion with, or otherwise arising out of, acts or transactions in the course of, or for the purpose of, trade with an external Territory.
(3) The Corporation shall not enter into contracts of insurance under this section against risks that are normally insured with commercial insurers.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 13A.
Guarantees in relation to contracts under s. 13 or s. 13AA.SECT
Inserted by No. 104, 1964, s. 8.
13A. (1) The business of the Corporation extends to the giving of guarantees under this section.
Amended by No. 74, 1965, s. 10; No. 24, 1970, s. 7; and No. 91, 1971, s. 7.(2) Where-
(a) the Corporation has entered into, or proposes to enter into, a contract of insurance under either of the last two preceding sections with, or for the benefit of, any person;
(b) if the contract of insurance is, or the proposed contract is to be, a contract under section thirteen of this Act, it is against risk of monetary loss or other monetary detriment resulting from failure to receive payment in connexion with, or otherwise arising out of, acts or transactions in the course of, or for the purpose of, trade or commerce with a country outside Australia;
(c) the Corporation is satisfied that the value of the consideration payable to that person in respect of the acts or transactions to which the contract of insurance relates is not less than such amount as is prescribed for the purposes of this paragraph; and
(d) another person has advanced, or proposes to advance, moneys to that first-mentioned person for the purpose of financing, in whole or in part, the acts or transactions to which the contract of insurance relates,
the Corporation may, subject to the next succeeding sub-section, guarantee to that other person the repayment of the whole or any part of the moneys advanced or to be advanced by him and the payment of the whole or any part of any interest or other charges that may become payable to him in respect of those moneys.
(3) The regulations may make provision for limiting the extent to which a guarantee may be given under this section to a specified percentage of the moneys advanced.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 13B.
Reinsurance in relation to transactions with overseas countries.SECT
Inserted by No. 91, 1971, s. 8.
13B. (1) Subject to the next succeeding sub-section, the Corporation may enter into a contract with an approved foreign insurer under which an indemnity or guarantee is given to that insurer in respect of the liability of that insurer under a foreign insurance contract relating to a transaction involving-
(a) goods exported, or to be exported, from Australia by a person carrying on business in Australia or goods in the production or treatment of which goods so exported, or to be so exported, have been, or are to be, used; or
(b) services rendered or to be rendered (whether in or outside Australia) to a person carrying on business outside Australia by a person carrying on business in Australia.
(2) A contract entered into by the Corporation under this section shall relate only to such part of the liability of the approved foreign insurer as may reasonably be regarded as related to the goods exported, or to be exported, from Australia or to the services rendered, or to be rendered, by the person carrying on business in Australia.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 13C.
Reinsurance in relation to transactions with external Territories.SECT
Inserted by No. 91, 1971, s. 8.
13C. (1) In this section, ''Australia'' does not include the external Territories.
(2) Subject to the next succeeding sub-section, the Corporation may enter into a contract with an approved foreign insurer under which an indemnity or guarantee is given to that insurer in respect of the liability of that insurer under a foreign insurance contract relating to a transaction involving-
(a) goods exported, or to be exported, from Australia to an external Territory by a person carrying on business in Australia or goods in the production or treatment of which goods so exported, or to be so exported, have been, or are to be, used; or
(b) services rendered or to be rendered (whether in Australia or in an external Territory) to a person carrying on business in an external Territory by a person carrying on business in Australia.
(3) A contract entered into by the Corporation under this section shall relate only to such part of the liability of the approved foreign insurer as may reasonably be regarded as related to the goods exported, or to be exported, from Australia or to the services rendered, or to be rendered, by the person carrying on business in Australia.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 13D.
Guarantees in relation to foreign insurance contracts.SECT
Inserted by No. 91, 1971, s. 8.
13D. (1) The business of the Corporation extends to the giving of guarantees under this section.
(2) Where-
(a) in relation to the export of goods, or the rendering of services, by a person (in this section referred to as ''the exporter''), the Corporation has entered into, or proposes to enter into, a contract of insurance under either of the last two preceding sections in respect of the liability of an approved foreign insurer under a foreign insurance contract;
(b) the exporter is, or is to be, entitled (whether by virtue of an assignment or otherwise) to receive a part of any moneys payable by the approved foreign insurer under the foreign insurance contract;
(c) the Corporation is satisfied that the value of the consideration payable to the exporter in respect of those goods or services is not less than such amount as is prescribed for the purposes of this paragraph; and
(d) another person has advanced, or proposes to advance, moneys to the exporter for the purpose of financing, in whole or in part, his acts and transactions in relation to the export of those goods, or the rendering of those services,
the Corporation may, subject to the next succeeding sub-section, guarantee to that other person the repayment of the whole or any part of the moneys advanced or to be advanced by him and the payment of the whole or any part of any interest or other charges that may become payable to him in respect of those moneys.
(3) The regulations may make provision for limiting the extent to which a guarantee may be given under this section to a specified percentage of the moneys advanced.
Section 14 repealed by No. 91, 1971, s. 9; section 15 repealed by No. 74, 1965, s. 12.
* * * * * * * *
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 16.
Percentage of loss that may be covered.SECT
Substituted by No. 101, 1959, s. 3.
Sub-section (1) amended by No. 74, 1965, s. 13; and No. 91, 1971, s. 10.
16. (1) Subject to this section, in a contract of insurance entered into by the Corporation under section thirteen or section thirteen AA of this Act, there shall, in relation to each cause of loss to which the contract applies, be specified a percentage as the percentage of the amount of the loss, as defined in the contract, to which the indemnity under the contract extends.
(2) In relation to the one cause of loss, different percentages may be specified as being applicable in respect of loss sustained by reason of the occurrence of the cause at different times.
Substituted by No. 104, 1964, s. 9.(3) The regulations may prescribe a percentage as the maximum percentage that may be specified, in pursuance of this section, in a contract of insurance in relation to a cause of loss.
Substituted by No. 104, 1964, s. 9.(4) Regulations so made may prescribe different percentages for different classes of contracts and for different causes of loss, and according to different times of occurrence of a cause of loss.
Substituted by No. 104, 1964, s. 9.(5) The Minister may, if so requested by the Corporation in a particular case and if he thinks it appropriate so to do having regard to special circumstances applicable in the case, direct, by instrument in writing, that, in lieu of the percentage that is the maximum percentage applicable in that case under the regulations, such greater percentage as is specified in the instrument shall apply.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 16AA.
Reinsurance of liability of Corporation under certain contracts.SECT
Inserted by No. 91, 1971, s. 11.
16AA. The Corporation may enter into a contract under which the Corporation is given an indemnity or guarantee in respect of the whole or any part of the liability of the Corporation under a contract of insurance entered into, or a guarantee given, under this Division.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 16A.
Contracts in national interest.SECT
Inserted by No. 14, 1961, s. 5.
Sub-section (1) amended by No. 74, 1965, s. 14.
16A. (1) Subject to the next succeeding sub-section, where-
(a) an application is made to the Corporation under this Division for a contract of insurance of a kind to which the business of the Corporation extends; and
(b) the proposed contract would impose upon the Corporation a liability that the Corporation is not authorized to undertake, or would not undertake in the ordinary course of business,
the Corporation may refer the application to the Minister for consideration under this section.
(2) The Minister may give directions to the Corporation with respect to the circumstances or cases in which applications are, or are not, to be referred to him under this section, and the Corporation shall comply with any such direction.
(3) Where, in relation to an application referred to the Minister under this section, the Minister is of opinion that it is in the national interest that the Corporation should enter into a contract of insurance in respect of the matter the subject of the application, the Minister may, by writing under his hand, approve the entering into by the Corporation of such a contract.
(4) An approval under the last preceding sub-section may contain conditions or directions in relation to the proposed contract (including conditions or directions with respect to the amount of the premium to be charged or the percentage of the amount of the loss to which the indemnity is to extend).
Amended by No. 104, 1964, s. 10.(5) Where an approval is given under sub-section (3) of this section, the Corporation is empowered, notwithstanding anything contained in section eleven, or in section sixteen, of this Act, to enter into a contract in accordance with the approval and, unless the approval is revoked, shall not decline to do so.
Inserted by No. 104, 1964, s. 10.(5A) The Corporation may, before it enters into a contract of insurance in accordance with an approval given under sub-section (3) of this section, inform the Minister, by notice in writing, that the Corporation proposes to bear such proportion of the liability of the Corporation under the contract as is specified in the notice.
(6) Where a contract is entered into in accordance with an approval under this section, the Minister shall notify the fact in the Gazette (without reference to the names of the parties to the transaction to which the contract relates), together with particulars of the nature and extent of the liability under the contract.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 16B.
Guarantees in relation to national interest contracts.SECT
Inserted by No. 104, 1964, s. 11.
16B. (1) The Corporation shall not give a guarantee in relation to a national interest contract except under the authority of, and in accordance with, the approval in writing of the Minister.
(2) An approval of the Minister for the purposes of the last preceding sub-section may contain conditions or directions in relation to the proposed guarantee (including conditions or directions with respect to the amount to be charged by the Corporation for the giving of the guarantee or the percentage of the moneys advanced to which the guarantee is to extend).
(3) The Corporation may, before it gives a national interest guarantee, inform the Minister, by notice in writing, that the Corporation proposes to bear such proportion of the liability of the Corporation under the guarantee as is specified in the notice.
(4) For the purposes of this section, a guarantee shall be deemed to relate to a national interest contract if it is given in respect of moneys advanced for the purpose of financing the acts or transactions to which the national interest contract relates.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 16BA.
Business of Corporation includes giving of guarantees.SECT
Division 2AA inserted by No. 91, 1971, s. 12.
Division 2AA-Guarantees in respect of Loans to Overseas Buyers
Inserted by No. 91, 1971, s. 12.
16BA. The business of the Corporation extends to the giving of guarantees under this Division.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 16BB.
Guarantees in respect of loans to overseas buyers.SECT
Inserted by No. 91, 1971, s. 12.
16BB. (1) Where-
(a) a person (in this sub-section referred to as ''the overseas buyer''), in the course of carrying on business outside Australia, has entered into, or proposes to enter into, a contract with a person carrying on business in Australia (in this sub-section referred to as ''the Australian supplier''), being a contract involving-
(i) the export from Australia by the Australian supplier of goods manufactured or produced wholly or partly in Australia; or
(ii) both the export from Australia by the Australian supplier of such goods and the rendering of services by the Australian supplier in connexion with the goods; and
(b) a person (in this sub-section referred to as ''the lender'') has advanced, or proposes to advance, moneys to the overseas buyer or to another person for the purpose of financing the making of payments by the overseas buyer to the Australian supplier under the contract referred to in the last preceding paragraph,
the Corporation may, subject to the next two succeeding sub-sections, guarantee to the lender the repayment of the whole or any part of the moneys so advanced or proposed to be advanced by him and the payment of the whole or any part of any interest or other charges that may become payable to him in respect of those moneys.
(2) Subject to the next succeeding sub-section, a guarantee shall not be given under this section in respect of an advance made, or proposed to be made, in relation to a contract referred to in paragraph (a) of the last preceding sub-section unless-
(a) the amount of the advance is not less than such amount as is prescribed by the regulations for the purposes of this paragraph;
(b) the amount of the advance is not greater than such percentage of the amount, or of the total of the amounts, payable under the contract as is prescribed by the regulations for the purposes of this paragraph; and
(c) the Corporation is satisfied that the amount, or the total of the amounts, payable under the contract that relates or relate to the goods, or to the goods and services, as the case may be, referred to in paragraph (a) of the last preceding sub-section is not less than such percentage (not being less than fifty) of the amount, or of the total of the amounts, payable under the contract as is prescribed by the regulations for the purposes of this paragraph.
(3) The Minister may, if so requested by the Corporation in a particular case and if he thinks it appropriate so to do having regard to the special circumstances applicable in the case, direct, by instrument in writing, that-
(a) in lieu of the amount that is prescribed by the regulations for the purposes of paragraph (a) of the last preceding sub-section, such lesser amount as is specified in the instrument shall apply;
(b) in lieu of the percentage that is prescribed by the regulations for the purposes of paragraph (b) of the last preceding sub-section, such greater percentage as is specified in the instrument shall apply; and
(c) if the percentage that is prescribed by the regulations for the purposes of paragraph (c) of the last preceding sub-section exceeds fifty-in lieu of that percentage, such lesser percentage (not being less than fifty) as is specified in the instrument shall apply.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 16BC.
Guarantees in respect of loans to buyers in external Territories.SECT
Inserted by No. 91, 1971, s. 12.
16BC. (1) In this section, ''Australia'' does not include the external Territories.
(2) Where-
(a) a person (in this sub-section referred to as ''the Territory buyer''), in the course of carrying on business in an external Territory, has entered into, or proposes to enter into, a contract with a person carrying on business in Australia (in this sub- section referred to as ''the Australian supplier''), being a contract involving-
(i) the export from Australia by the Australian supplier of goods manufactured or produced wholly or partly in Australia; or
(ii) both the export from Australia by the Australian supplier of such goods and the rendering by the Australian supplier of services in connexion with the goods; and
(b) a person (in this sub-section referred to as ''the lender'') has advanced, or proposes to advance, moneys to the Territory buyer or to another person for the purpose of financing the making of payments by the Territory buyer to the Australian supplier under the contract referred to in the last preceding paragraph,
the Corporation may, subject to the next two succeeding sub-sections, guarantee to the lender the repayment of the whole or any part of the moneys so advanced or proposed to be advanced by him and the payment of the whole or any part of any interest or other charges that may become payable to him in respect of those moneys.
(3) Subject to the next succeeding sub-section, a guarantee shall not be given under this section in respect of an advance made, or proposed to be made, in relation to a contract referred to in paragraph (a) of the last preceding sub-section unless-
(a) the amount of the advance is not less than such amount as is prescribed by the regulations for the purposes of this paragraph;
(b) the amount of the advance is not greater than such percentage of the amount, or of the total of the amounts, payable under the contract as is prescribed by the regulations for the purposes of this paragraph; and
(c) the Corporation is satisfied that the amount, or the total of the amounts, payable under the contract that relates or relate to the goods, or to the goods and services, as the case may be, referred to in paragraph (a) of the last preceding sub-section is not less than such percentage (not being less than fifty) of the amount, or of the total of the amounts, payable under the contract as is prescribed by the regulations for the purposes of this paragraph.
(4) The Minister may, if so requested by the Corporation in a particular case and if he thinks it appropriate so to do having regard to the special circumstances applicable in the case, direct, by instrument in writing, that-
(a) in lieu of the amount that is prescribed by the regulations for the purposes of paragraph (a) of the last preceding sub-section, such lesser amount as is specified in the instrument shall apply;
(b) in lieu of the percentage that is prescribed by the regulations for the purposes of paragraph (b) of the last preceding sub-section, such greater percentage as is specified in the instrument shall apply; and
(c) if the percentage that is prescribed by the regulations for the purposes of paragraph (c) of the last preceding sub-section exceeds fifty-in lieu of that percentage, such lesser percentage (not being less than fifty) as is specified in the instrument shall apply.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 16BD.
Guarantees in national interest.SECT
Inserted by No. 91, 1971, s. 12.
16BD. (1) Subject to the next succeeding sub-section, where-
(a) an application is made to the Corporation under this Division for the giving of a guarantee of a kind referred to in either of the last two preceding sections; and
(b) the proposed guarantee would impose upon the Corporation a liability that the Corporation is not authorized to undertake, or would not undertake in the ordinary course of business,
the Corporation may refer the application to the Minister for consideration under this section.
(2) The Minister may give directions to the Corporation with respect to the circumstances or cases in which applications are, or are not, to be referred to him under this section, and the Corporation shall comply with any such direction.
(3) Where, in relation to an application referred to the Minister under this section, the Minister is of opinion that it is in the national interest that the Corporation should give a guarantee in respect of the matter the subject of the application, the Minister may, by writing under his hand, approve the giving by the Corporation of such a guarantee.
(4) An approval under the last preceding sub-section may contain conditions or directions in relation to the proposed guarantee (including conditions or directions with respect to the amount to be charged by the Corporation for the giving of the guarantee or the percentage of the moneys advanced to which the guarantee is to extend).
(5) Where an approval is given under sub-section (3) of this section, the Corporation is empowered, notwithstanding anything contained in section eleven, sixteen BB or sixteen BC of this Act, to give a guarantee in accordance with the approval and, unless the approval is revoked, shall not decline to do so.
(6) The Corporation may, before it gives a guarantee in accordance with an approval given under sub-section (3) of this section, inform the Minister, by notice in writing, that the Corporation proposes to bear such proportion of the liability of the Corporation under the guarantee as is specified in the notice.
(7) Where a guarantee is given in accordance with an approval under this section, the Minister shall notify the fact in the Gazette together with particulars of the nature and extent of the liability under the guarantee.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 16BE.
Reinsurance of liability of persons guaranteeing loans to overseas buyers.SECT
Inserted by No. 91, 1971, s. 12.
16BE. Where-
(a) a person (in this section referred to as ''the overseas buyer''), in the course of carrying on business outside Australia, has entered into, or proposes to enter into, a contract with another person carrying on business outside Australia (in this section referred to as ''the overseas supplier''), being a contract for the supply of goods or the carrying out of works outside Australia by the overseas supplier;
(b) a person (in this section referred to as ''the lender'') has advanced, or proposes to advance, moneys to the overseas buyer or to another person for the purpose of financing the making of payments by the overseas buyer to the overseas supplier under the contract referred to in the last preceding paragraph;
(c) a person (in this section referred to as ''the guarantor'') has guaranteed to the lender the repayment of the whole or any part of the moneys so advanced or proposed to be advanced by the lender and the payment of the whole or any part of any interest or other charges that may become payable to the lender in respect of those moneys; and
(d) for the purpose of supplying any of the goods or carrying out any of the works referred to in paragraph (a) of this sub-section, the overseas supplier has entered into a contract (in this section referred to as ''the sub-contract'') with a person carrying on business in Australia (in this section referred to as ''the Australian supplier''), being a contract involving-
(i) the export from Australia by the Australian supplier of goods manufactured or produced wholly or partly in Australia; or
(ii) both the export from Australia by the Australian supplier of such goods and the rendering of services by the Australian supplier in connexion with the goods,
the Corporation may enter into a contract with the guarantor under which the Corporation gives an indemnity or guarantee to the guarantor in respect of so much of the liability of the guarantor under the guarantee as does not exceed the amount, or the total of the amounts, payable under the sub-contract that relates or relate to the goods, or to the goods and services, as the case may be, referred to in sub-paragraph (i) or sub-paragraph (ii) of paragraph (d) of this section.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 16BF.
Reinsurance of liability of persons guaranteeing loans to buyers in external
Territories.SECT
Inserted by No. 91, 1971, s. 12.
16BF. (1) In this section, ''Australia'' does not include the external Territories.
(2) Where-
(a) a person (in this section referred to as ''the Territory buyer''), in the course of carrying on business in an external Territory has entered into, or proposes to enter into, a contract with a person carrying on business outside Australia (in this section referred to as ''the overseas supplier''), being a contract for the supply of goods or the carrying out of works in that Territory by the overseas supplier;
(b) a person (in this section referred to as ''the lender'') has advanced, or proposes to advance, moneys to the Territory buyer or to another person for the purpose of financing the making of payments by the Territory buyer to the overseas supplier under the contract referred to in the last preceding paragraph;
(c) a person (in this section referred to as ''the guarantor'') has guaranteed to the lender the repayment of the whole or any part of the moneys so advanced or proposed to be advanced by the lender and the payment of the whole or any part of any interest or other charges that may become payable to the lender in respect of those moneys; and
(d) for the purpose of supplying any of the goods or carrying out any of the works referred to in paragraph (a) of this sub-section, the overseas supplier has entered into a contract (in this section referred to as ''the sub-contract'') with a person carrying on business in Australia (in this section referred to as ''the Australian supplier''), being a contract involving-
(i) the export from Australia by the Australian supplier of goods manufactured or produced wholly or partly in Australia; or
(ii) both the export from Australia by the Australian supplier of such goods and the rendering of services by the Australian supplier in connexion with the goods,
the Corporation may enter into a contract with the guarantor under which the Corporation gives an indemnity or guarantee to the guarantor in respect of so much of the liability of the guarantor under the guarantee as does not exceed the amount, or the total of the amounts, payable under the sub-contract that relates or relate to the goods, or to the goods and services, as the case may be, referred to in sub-paragraph (i) or sub-paragraph (ii) of paragraph (d) of this sub-section.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 16BG.
Reinsurance of liability of Corporation under guarantees given under this
Division.SECT
Inserted by No. 91, 1971, s. 12.
16BG. The Corporation may enter into a contract under which the Corporation is given an indemnity or guarantee in respect of the whole or any part of the liability of the Corporation under a guarantee given under this Division.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 16C.
Division 2A inserted by No. 74, 1965, s. 15.SECT
Division 2A-Overseas Investment Insurance
Definitions.
Inserted by No. 74, 1965, s. 15; amended by No. 24, 1970, s. 9.
16C. In this Division, unless the contrary intention appears-
''overseas investment transaction'' means-
(a) the acquisition of shares or stock, or any other interest, in a corporation incorporated in a country outside Australia, being a corporation that, either alone or with other persons, carries on or proposes to carry on a business in that country;
(b) the acquisition of a right to share in the income or assets, or the income and assets, of a business carried on, or proposed to be carried on, in a country outside Australia, whether under a partnership or otherwise;
(c) the lending of moneys to a person for use by him in or in connexion with a business carried on, or proposed to be carried on, by him in a country outside Australia; or
(d) the transferring of moneys to, or the importing of equipment or other goods into, a country outside Australia for use in or in connexion with a business carried on, or proposed to be carried on, in that country by the person transferring the moneys or importing the equipment or other goods;
''war-like operation'' includes any operation in the course of any war (including civil war), riot, civil commotion, revolution, insurrection, rebellion or any similar happening.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 16D.
Approved cause of loss.SECT
Inserted by No. 74, 1965, s. 15; amended by No. 91, 1971, s. 13.
16D. For the purposes of this Division, each of the following is an approved cause of loss:-
(a) expropriation of property;
(b) damage to or destruction of property caused by a war-like operation;
(c) inability to transfer money to Australia from another country.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 16E.
Applications for insurance.SECT
Inserted by No. 74, 1965, s. 15.
16E. Where a person carrying on business in Australia has, on or after the first day of January, One thousand nine hundred and sixty-five, and before the commencement of this Division, entered upon, or, after the commencement of this Division, proposes to enter upon, an overseas investment transaction, he may, by application in writing made to the Corporation in such form and containing such particulars as the Corporation directs, request the Corporation to enter into a contract of insurance insuring him against monetary loss or other monetary detriment in respect of the transaction, being loss or detriment resulting from such approved cause of loss as is, or such approved causes of loss as are, specified in the application.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 16F.
Reference of applications to Minister.SECT
Inserted by No. 74, 1965, s. 15.
16F. (1) Subject to the next succeeding sub-section, where the Corporation receives an application under the last preceding section, the Corporation shall refer the application to the Minister for consideration under this section.
(2) The Minister may give directions to the Corporation with respect to the circumstances or cases in which applications are, or are not, to be referred to him under this section, and the Corporation shall comply with any such direction.
(3) Where-
(a) an application has been referred to the Minister under this section; and
(b) the Minister is of opinion that-
(i) the overseas investment transaction to which the application relates was entered upon, or is being entered upon, for the purpose of assisting in the production or marketing of goods in a country outside Australia and will have the effect of creating, preserving or expanding in that country a market for goods produced in Australia; and
(ii) it is in the national interest that the Corporation should enter into a contract of insurance of the kind referred to in the application,
the Minister may, by writing under his hand, approve the entering into by the Corporation of such a contract.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 16G.
Minister may give directions with respect to insurance to be provided under
insurance contracts.SECT
Inserted by No. 74, 1965, s. 15.
16G. (1) An approval under the last preceding section may contain conditions or directions in relation to the proposed contract of insurance (including conditions or directions with respect to the amount of the premium to be charged or the percentage of the amount of the loss to which the indemnity is to extend).
(2) Without limiting the generality of the last preceding sub-section, the Minister, in an approval given under sub-section (3) of the last preceding section in relation to a contract of insurance insuring a person against monetary loss or other monetary detriment resulting from expropriation of property-
(a) may direct that the insurance shall apply only in relation to expropriation of such kind or kinds, or expropriation of such property or property of such kind or kinds, or expropriation occurring in or as a result of such circumstances, as is or are specified in the approval; and
(b) may direct that the insurance shall extend to monetary loss or other monetary detriment resulting from-
(i) such acts similar to expropriation as are specified in the approval; or
(ii) any substantial interference with the rights of the owner of the business to which the contract relates to control or carry on the business or to dispose of the business or any of its assets, being interference of such kind, or interference occurring in or as a result of such circumstances, as is or are specified in the approval.
(3) Without limiting the generality of sub-section (1) of this section, the Minister, in an approval given under sub-section (3) of the last preceding section in relation to a contract of insurance insuring a person against monetary loss or other monetary detriment resulting from damage to or destruction of property caused by a war-like operation, may direct that the insurance shall apply only in relation to damage or destruction of such kind or kinds, or damage to or destruction of such property or property of such kind or kinds, or damage or destruction occurring in or as a result of such circumstances, as is or are specified in the approval.
(4) Without limiting the generality of sub-section (1) of this section, the Minister, in an approval given under sub-section (3) of the last preceding section in relation to a contract of insurance insuring a person against monetary loss or other monetary detriment resulting from inability to transfer money to Australia from another country-
(a) may direct that the insurance shall apply only where the inability is of such a kind, or occurs in or as a result of such circumstances, as is or are specified in the approval; and
(b) may direct that the insurance shall extend to monetary loss or other monetary detriment resulting from such other causes related to the transfer of moneys as are specified in the approval.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 16H.
Corporation to enter into contracts of insurance in accordance with Minister's
approval.SECT
Inserted by No. 74, 1965, s. 15.
16H. (1) Where, under this Division, the Minister approves the Corporation entering into a contract of insurance, the Corporation is empowered to enter into a contract in accordance with the approval and, unless the approval is revoked, shall not decline to do so.
(2) Where a contract of insurance is entered into in accordance with an approval under this Division, the Minister shall notify the fact in the Gazette (without reference to the names of the parties to the overseas investment transaction to which the contract relates), together with particulars of the nature and extent of the liability under the contract.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 16J.
Insurance to be restricted to non-commercial risks, &c.SECT
Inserted by No. 74, 1965, s. 15.
16J. The Minister shall not approve the entering into by the Corporation of a contract of insurance under this Division under which a person is insured-
(a) in respect of risks that are normally insured with commercial insurers or, in the opinion of the Minister, are normal commercial risks; or
(b) against loss or other detriment attributable to circumstances within the control of that person.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 17.
Appointment of officers.SECT
Division 3-Staff
17. (1) The Corporation may appoint such officers as it thinks necessary.
(2) Subject to the next succeeding sub-section, a person shall not be appointed as an officer of the Corporation unless-
(a) he is a British subject;
(b) the Commissioner is satisfied as to his health and physical fitness; and
(c) he makes and subscribes an oath or affirmation of allegiance in accordance with the form in the Schedule to the Constitution.
(3) The Corporation may appoint, to such positions or to positions of such classes as are approved by the Minister, persons who do not comply with all the provisions of the last preceding sub-section.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 18.
Terms and conditions of employment.SECT
18. (1) Subject to the next succeeding sub-section, the terms and conditions of employment of officers appointed by the Corporation shall be such as are, with the approval of the Public Service Board, determined by the Corporation.
Amended by No. 104, 1964, s. 12; No. 93, 1966, s. 3; and No. 24, 1970, s. 10.(2) The Corporation shall not, except with the approval of the Minister, determine the salary of a position in the service of the Corporation at a rate exceeding Nine thousand five hundred dollars, or such higher amount as is prescribed, per annum.
Amended by No. 1, 1959, s. 3; and No. 216, 1973, s. 3.(3) Where the Commissioner, an Acting Commissioner or an officer appointed in pursuance of this Act was, immediately before his appointment, an officer of the Public Service of the Commonwealth-
(a) he retains his existing and accruing rights; and
(b) for the purposes of determining those rights, his service as Commissioner or Acting Commissioner or as an officer of the Corporation shall be taken into account as if it were service in the Public Service of the Commonwealth.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 19.
Principal executive officer.SECT
19. (1) The Corporation shall appoint a person to be the principal executive officer of the Corporation.
(2) The principal executive officer shall, under the Commissioner, manage the affairs of the Corporation.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 20.
Temporary and casual employees.SECT
20. The Corporation may employ such temporary or casual employees as it thinks fit, on such terms and conditions as the Corporation determines.
Section 21 repealed by No. 216, 1973, s. 3.
* * * * * * * *
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 22.
Corporation guaranteed by Commonwealth.SECT
Division 4-Finances of the Corporation
22. The Commonwealth is responsible for the payment of all moneys due by the Corporation, but nothing in this section authorizes a creditor or other person claiming against the Corporation to sue the Commonwealth in respect of his claim.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 23.
Capital of Corporation.SECT
Sub-section (1) amended by No. 1, 1959, s. 4; No. 74, 1965, s. 16; No. 93, 1966, s. 3; and No. 88, 1972, s. 2.
23. (1) The Treasurer may pay to the Corporation, out of the Consolidated Revenue Fund, which is appropriated accordingly, sums not exceeding in all Eight million dollars.
(2) Payments under the last preceding sub-section shall be made at such times and on such terms and conditions as the Treasurer determines and those terms and conditions may provide for repayment to the Commonwealth of the whole or a part of the moneys paid to the Corporation under this section.
(3) The capital of the Corporation consists of the amounts paid to the Corporation under this section.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 24.
Loans to Corporation.SECT
24. (1) The Treasurer may, out of moneys appropriated by the Parliament for the purposes of this Act, make advances to the Corporation of such amounts, and upon such terms and conditions with respect to repayment, payment of interest and otherwise, as the Treasurer determines.
(2) Except with the consent of the Treasurer, the Corporation shall not borrow otherwise than in accordance with this section.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 25.
Bank accounts.SECT
Sub-section (1) substituted by No. 104, 1964, s. 13.
25. (1) The Corporation may open and maintain an account or accounts with an approved bank or approved banks and shall maintain at all times at least one such account.
(2) The Corporation shall pay all moneys received by it into an account referred to in this section.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 26.
Application of moneys.SECT
26. (1) Subject to the next succeeding sub-section, the moneys of the Corporation shall be applied only-
(a) in payment or discharge of the expenses, charges and obligations incurred or undertaken by the Corporation in the exercise of its powers under this Act; and
(b) in payment of the remuneration and allowances of the Commissioner or an Acting Commissioner, and of the allowances of the members of the Consultative Council established under section twelve of this Act.
Substituted by No. 101, 1959, s. 4; amended by No. 104, 1964, s. 14.(2) Moneys of the Corporation not immediately required for the purposes of the Corporation may be invested-
(a) on fixed deposit with an approved bank;
(b) in securities of the Commonwealth; or
(c) subject to such conditions, if any, as the Treasurer determines by instrument under his hand-by way of loan to a person for the time being approved by the Treasurer upon the security of securities of the Commonwealth.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 27.
Provision in the nature of reserves.SECT
27. The Corporation may make provision in its accounts for depreciation, superannuation or future or contingent liabilities to such extent only as is approved by the Treasurer.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 28.
Maximum contingent liability.SECT
Substituted by No. 104, 1964, s. 15. Sub-section (1) substituted by No. 74, 1965, s. 17; amended by No. 93, 1966, s. 3; No. 24, 1970, s. 11; No. 33, 1971, s. 3; No. 91, 1971, s. 14; and No. 15, 1973, s. 3.
28. (1) Subject to the next succeeding sub-section, the Corporation shall so carry on its business that the contingent liability of the Corporation under contracts of insurance, other than overseas investment insurance contracts, and under guarantees, does not at any time exceed Seven hundred and fifty million dollars and the contingent liability of the Corporation under overseas investment insurance contracts does not at any time exceed One hundred million dollars.
Amended by No. 91, 1971, s. 14.(2) For the purposes of the last preceding sub-section-
(a) where the Corporation has not given a notice under sub-section (5A) of section sixteen A of this Act in respect of a national interest contract-the contingent liability of the Corporation under the contract shall not be taken into account;
(b) where the Corporation has given a notice under that sub-section in respect of a national interest contract-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 Corporation has not given a notice under sub-section (3) of section sixteen B of this Act in respect of a national interest guarantee-the contingent liability of the Corporation under the guarantee shall not be taken into account;
(d) where the Corporation has given a notice under that sub-section in respect of a national interest guarantee-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;
(e) where the Corporation has not given a notice under sub-section (6) of section sixteen BD of this Act in respect of a guarantee given by the Corporation in accordance with an approval given for the purposes of that section-the contingent liability of the Corporation under the guarantee shall not be taken into account; and
(f) where the Corporation has given a notice under that sub-section in respect of a guarantee given by the Corporation in accordance with an approval given for the purposes of that section-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 PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 29.
Proper accounts to be kept.SECT
29. The Corporation shall keep proper accounts and records in accordance with the accounting principles generally applied in commercial practice and shall do all things necessary to ensure that all payments out of its moneys are correctly made and properly authorized and that adequate control is maintained over its assets and the incurring by it of liabilities.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 29A.
National interest contracts and guarantees.SECT
Substituted by No. 104, 1964, s. 16.
29A. (1) The Corporation shall keep a separate account of its receipts and disbursements arising out of national interest contracts and national interest guarantees.
(2) Subject to this section, the Corporation shall pay to the Commonwealth from time to time, as directed by the Treasurer, the receipts of the Corporation arising out of national interest contracts and national interest guarantees.
(3) Subject to this section, the Commonwealth shall pay to the Corporation, out of moneys lawfully available for the purpose, the amount needed to discharge any liability of the Corporation under a national interest contract or under a national interest guarantee.
(4) Where the Corporation informs the Minister by notice under sub-section (5A) of section sixteen A, or under sub-section (3) of section sixteen B, of this Act that the Corporation proposes to bear a proportion of the liability of the Corporation under a national interest contract or under a national interest guarantee-
(a) the Corporation may, if the amount of any receipts that it is required to pay to the Commonwealth under sub-section (2) of this section includes receipts arising out of that contract or that guarantee, deduct from that amount such proportion of the receipts of the Corporation arising out of that contract or that guarantee as corresponds to the proportion specified in the notice; and
(b) there shall be deducted from an amount required under the last preceding sub-section to be paid by the Commonwealth to the Corporation in respect of that contract or that guarantee such proportion of that amount as corresponds to the proportion so specified.
(5) The Corporation may deduct from the amount of any receipts that it is required to pay to the Commonwealth under sub-section (2) of this section a reasonable amount, to be ascertained in such manner as the Treasurer directs, in respect of the expenses of the Corporation, other than payments in discharge of liabilities of the Corporation under contracts of insurance or guarantees.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 29AA.
Guarantees to which section 16BD applies.SECT
Inserted by No. 91, 1971, s. 15.
29AA. (1) This section applies to guarantees given by the Corporation in accordance with approvals given for the purposes of section sixteen BD of this Act.
(2) The Corporation shall keep a separate account of its receipts and disbursements arising out of guarantees to which this section applies.
(3) Subject to this section, the Corporation shall pay to the Commonwealth from time to time, as directed by the Treasurer, the receipts of the Corporation arising out of guarantees to which this section applies.
(4) Subject to this section, the Commonwealth shall pay to the Corporation, out of moneys lawfully available for the purpose, the amount needed to discharge any liability of the Corporation under a guarantee to which this section applies.
(5) Where the Corporation informs the Minister by notice under sub-section (6) of section sixteen BD of this Act that the Corporation proposes to bear a proportion of the liability of the Corporation under a guarantee to which this section applies-
(a) the Corporation may, if the amount of any receipts that it is required to pay to the Commonwealth under sub-section (3) of this section includes receipts arising out of that guarantee, deduct from that amount such proportion of the receipts of the Corporation arising out of that guarantee as corresponds to the proportion specified in the notice; and
(b) there shall be deducted from an amount required under the last preceding sub-section to be paid by the Commonwealth to the Corporation in respect of that guarantee such proportion of that amount as corresponds to the proportion so specified.
(6) The Corporation may deduct from the amount of any receipts that it is required to pay to the Commonwealth under sub-section (3) of this section a reasonable amount, to be ascertained in such manner as the Treasurer directs, in respect of the expenses of the Corporation, other than payments in discharge of liabilities of the Corporation under guarantees.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 29B.
Overseas investment insurance contracts.SECT
Inserted by No. 74, 1965, s. 18.
29B. (1) The Corporation shall keep a separate account of its receipts and disbursements arising out of overseas investment insurance contracts.
(2) Subject to this section, the Corporation shall pay to the Commonwealth from time to time, as directed by the Treasurer, the receipts of the Corporation arising out of overseas investment insurance contracts.
(3) The Commonwealth shall pay to the Corporation, out of moneys lawfully available for the purpose, the amount needed to discharge any liability of the Corporation under an overseas investment insurance contract.
(4) The Corporation may deduct from the amount of any receipts that it is required to pay to the Commonwealth under sub-section (2) of this section a reasonable amount, to be ascertained in such manner as the Treasurer directs, in respect of the expenses of the Corporation, other than payments in discharge of liabilities of the Corporation under contracts of insurance or guarantees.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 30.
Audit.SECT
30. (1) The Auditor-General shall inspect and audit the accounts and records of financial transactions of the Corporation, and shall forthwith draw the Minister's attention to any irregularity revealed by the inspection and audit which, in the opinion of the Auditor-General, is of sufficient importance to justify his so doing.
(2) The Auditor-General shall, at least once in each year, report to the Minister the results of the inspection and audit carried out under the last preceding sub-section.
(3) The Auditor-General or an officer authorized by him is entitled at all reasonable times to full and free access to all accounts, records, documents and papers of the Corporation relating directly or indirectly to the receipt or payment of moneys by the Corporation or to the acquisition, receipt, custody or disposal of assets of the Corporation.
(4) The Auditor-General or an officer authorized by him may make copies of or take extracts from any such accounts, records, documents or papers.
(5) The Auditor-General or an officer authorized by him may require the Commissioner or an officer of the Corporation to furnish him with such information in the possession of the Commissioner or officer or to which the Commissioner or officer has access as the Auditor-General or authorized officer considers necessary for the purposes of an inspection or audit under this Act, and the Commissioner or officer of the Corporation shall comply with the requirement.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 31.
Liability to taxation.SECT
Sub-section (1) amended by No. 216, 1973, s. 3.
31. (1) Subject to this section, the Corporation is subject to taxation (other than taxes on income) under the laws of the Commonwealth, but is not subject to taxation under a law of a State or Territory to which the Commonwealth is not subject.
Amended by No. 216, 1973, s. 3.(2) Stamp duty under the law of a State or Territory is not payable by the Corporation or in respect of instruments or documents executed by or on behalf of the Corporation.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 32.
Annual report of Corporation.SECT
Division 5-Reports
32. (1) The Corporation shall, as soon as practicable after each thirtieth day of June, prepare and furnish to the Minister a report of its operations during the year ended on that date, together with financial statements in respect of that year in such form as the Treasurer approves.
Substituted by No. 74, 1965, s. 19; amended by No. 91, 1971, s. 16.(1A) The financial statements in respect of a year shall show separately-
(a) the total contingent liability of the Corporation at the end of the year under national interest contracts;
(aa) the total contingent liability of the Corporation at the end of the year under national interest guarantees;
(ab) the total contingent liability of the Corporation at the end of the year under guarantees given by the Corporation in accordance with approvals given for the purposes of section sixteen BD of this Act; and
(b) the total contingent liability of the Corporation at the end of the year under overseas investment insurance contracts.
(2) Before furnishing the financial statements to the Minister, the Corporation shall submit them to the Auditor-General, who shall report to the Minister-
(a) whether the statements are based on proper accounts and records;
(b) whether the statements are in agreement with the accounts and records and show fairly the financial operations and the state of the affairs of the Corporation;
(c) whether the receipt, expenditure and investment of moneys, and the acquisition and disposal of assets, by the Corporation during the year have been in accordance with this Act; and
(d) as to such other matters arising out of the statements as the Auditor-General considers should be reported to the Minister.
(3) The Minister shall lay the report and financial statements of the Corporation, together with the report of the Auditor-General, before each House of the Parliament within fifteen sitting days of that House after their receipt by the Minister.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 33.
Quarterly return of liabilities.SECT
Amended by No. 104, 1964, s. 17.
33. The Corporation shall, as soon as practicable after each period of three months ending on the thirty-first day of March, the thirtieth day of June, the thirtieth day of September or the thirty-first day of December, forward to the Minister a return in a form approved by the Minister with respect to-
(a) contracts of insurance entered into, and guarantees given, by the Corporation in that period of three months; and
(b) contracts of insurance entered into, and guarantees given, by the Corporation and in force at the end of that period of three months.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 34.
Validity of insurance contracts and guarantees.SECT
PART III-MISCELLANEOUS
Amended by No. 104, 1964, s. 18.
34. Without prejudice to the duty of the Corporation to comply with the provisions of this Act and to observe the limits of its powers under this Act, a contract of insurance entered into, or a guarantee given, by the Corporation is not invalidated by reason of a provision of this Act not having been complied with by the Corporation in relation to the contract or guarantee or by reason of its not being within those limits.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 34A.
Duties of Corporation.SECT
Inserted by No. 91, 1971, s. 17.
34A. The Corporation shall-
(a) endeavour to encourage trade with countries outside Australia and with the external Territories by developing and expanding its business under Divisions 2 and 2AA of Part II; and
(b) pursue a policy in relation to its business under those Divisions directed towards securing revenue sufficient to meet all its expenditure properly chargeable to revenue.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 35.
Delegation of powers of Minister.SECT
Sub-section (1) amended by No. 14, 1961, s. 9; No. 74, 1965, s. 20; and No. 91, 1971, s. 18.
35. (1) The Minister may, either generally or in relation to a particular matter or class of matters, by writing under his hand, delegate to the Permanent Head of the Department of State administered by the Minister or an officer of that Department occupying an office in the Second Division of the Public Service of the Commonwealth all or any of his powers under this Act, except this power of delegation, his powers under section sixteen A, sixteen B, sixteen BD, sixteen F or sixteen G of this Act and his power to make determinations under section eleven of this Act, so that the delegated powers may be exercised by the delegate either generally or with respect to the matter or class of matters specified in the instrument of delegation, as the case may be.
(2) A delegation under this section is revocable at will and does not prevent the exercise of a power by the Minister.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 36.
Secrecy.SECT
Sub-section (1) amended by No. 93, 1966, s. 3.
36. (1) A person who, in the course of his duty or employment under or in connexion with this Act as the Commissioner, an Acting Commissioner, a member of the Consultative Council, an officer or employee of the Corporation, the Auditor-General or an officer authorized by the Auditor-General, has acquired, or has access to, information relating to the affairs of a person shall not, except in the course of his duty in connexion with this Act, communicate that information, or make it available, to another person.
Penalty: Five hundred dollars or imprisonment for twelve months.
Inserted by No. 91, 1971, s. 19.(1A) The last preceding sub-section does not prevent a person from communicating or making available to another person particulars of a guarantee given, or proposed to be given, under Division 2AA of Part II.
(2) The Commissioner or an Acting Commissioner, a member of the Consultative Council and an officer or employee of the Corporation shall, before entering on the performance of his duties, make and subscribe, before a person authorized under the law of the Commonwealth or a State to take affidavits, an oath or affirmation of secrecy in accordance with the form in the Schedule to this Act.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 37.
False statements.SECT
Sub-section (1) substituted by No. 104, 1964, s. 19.
37. (1) A person who wilfully makes a false or misleading statement in or in connexion with-
(a) an application or proposal for insurance, or an application for a guarantee, under this Act; or
(b) a claim under a contract of insurance, or under a guarantee, under this Act,
is guilty of an offence.
(2) An offence against this section may be prosecuted either summarily or on indictment.
Amended by No. 93, 1966, s. 3.(3) The punishment for an offence against this section is-
(a) if the offence is prosecuted summarily-a fine not exceeding Two hundred dollars; or
(b) if the offence is prosecuted on indictment-imprisonment for a term not exceeding two years.
EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - SECT. 38.
Regulations.SECT
Amended by No. 93, 1966, s. 3.
38. The Governor-General may make regulations, not inconsistent with this Act, prescribing all matters which by this Act are required or permitted to be prescribed, or which are necessary or convenient to be prescribed for carrying out or giving effect to this Act, and, in particular, for prescribing penalties not exceeding a fine of One hundred dollars or imprisonment for a period not exceeding three months, or both, for offences against the regulations.
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EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - THE SCHEDULE SCH
THE SCHEDULE
Section 36
OATH OR AFFIRMATION OF SECRECY
I, do swear by Almighty God (or do solemnly and sincerely affirm and declare) that I will not, except in the course of my duty in connexion with the Export Payments Insurance Corporation Act 1956, communicate or make available to another person any information relating to the affairs of a person coming to my knowledge, or to which I have access, in the course of my duty (or employment) under that Act.
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EXPORT PAYMENTS INSURANCE CORPORATION ACT 1956-1973 - NOTES
NOTES
1. The Export Payments Insurance Corporation Act 1956-1973 comprises the Export Payments Insurance Corporation Act 1956 as amended by the other Acts specified in the following table:
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Number Date of
Act and year Date of
Assent commencement
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Export Payments
Insurance Corporation
Act 1956 No. 32, 1956 19 June 1956 17 July 1956
Export Payments
Insurance Corporation
Act 1959 No. 1, 1959 25 Mar 1959 S. 3: 17 July 1956
Remainder: Royal
Assent
Export Payments
Insurance Corporation
Act (No. 2) 1959 No. 101,1959 4 Dec 1959 4 Dec 1959
Export Payments
Insurance Corporation
Act 1961 No. 14, 1961 11 May 1961 11 May 1961
Export Payments
Insurance Corporation
Act 1964 No. 104, 1964 20 Nov 1964 S. 9: 30 Sept 1965
(see Gazette 1965,
p. 4229)
Remainder: Royal
Assent
Export Payments
Insurance Corporation
Act 1965 No. 74, 1965 25 Nov 1965 25 Nov 1965
Statute Law Revision
(Decimal Currency) Act
1966 No. 93, 1966 29 Oct 1966 1 Dec 1966
Export Payments
Insurance Corporation
Act 1970 No. 24, 1970 17 June 1970 17 June 1970
Export Payments
Insurance Corporation
Act (No. 2) 1970 No. 124, 1970 11 Nov 1970 11 Nov 1970
Salaries Act 1971 (a) No. 22, 1971 4 May 1971 14 Jan 1971
Export Payments
Insurance Corporation
Act 1971 No. 33, 1971 17 May 1971 17 May 1971
Export Payments
Insurance Corporation
Act (No. 2) 1971 No. 91, 1971 12 Nov 1971 12 Nov 1971
Export Payments
Insurance Corporation
Act 1972 No. 88, 1972 4 Oct 1972 1 Nov 1972
Export Payments
Insurance Corporation
Act 1973 No. 15, 1973 11 April 1973 11 April 1973
Statute Law Revision Act
1973 No. 216, 1973 19 Dec 1973 31 Dec 1973
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(a) The Salaries Act 1971 was repealed by section 7 of the Statute Law Revision Act 1973. That section provides that the repeal does not affect the operation of any amendment made by the repealed Act or any provision made by it for the citation of an Act as so amended.
2.-S. 7-By section 15 of, and Schedule 4 to, the Remuneration and Allowances Acts 1973, the rate per annum of the salary applicable to the office of Commissioner of the Export Payments Insurance Corporation is $20,810 with an annual allowance of $1,000.
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