Statutory Rules
1975 No. 9
REGULATIONS UNDER THE EXPORT FINANCE AND INSURANCE CORPORATION ACT 1974.*
I, THE GOVERNOR-GENERAL of Australia, acting with the advice of the Executive Council, hereby make the following Regulations under the Export Finance and Insurance Corporation Act 1974.
Dated this twenty-third day of January, 1975.
JOHN R. KERR
Governor-General.
By His Excellency’s Command,
R. F. X. CONNOR
Minister of State for Minerals and Energy for and on behalf
of the Minister of State for Overseas Trade.
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EXPORT FINANCE AND INSURANCE CORPORATION REGULATIONS
Citation.
1. These Regulations may be cited as the Export Finance and Insurance Corporation Regulations.
Commencement.
2. These Regulations shall come into operation on 1 February 1975.
Definitions.
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.
* Notified in the Australian Government Gazette on 28 January 1975.
Percentage of loss that may be coveted.
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—
(i) in respect of loss sustained by reason of the occurrence of the cause after the goods have been exported within the meaning of the contract of insurance—95 per cent; or
(ii) in respect of any loss sustained by reason of the occurrence of the cause at any other time—90 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.
Minimum amount for guarantees.
5. For the purposes of paragraph 16 (1) (b) of the Act, the amount is $1,000.
Minimum consideration for guarantees.
6. For the purposes of paragraph 19 (1) (c) of the Act, the amount is $1,000.
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.
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.
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.
Maximum contingent liability— Divisions 2, 3 and 5 of Part III.
10. (1) Subject to sub-regulation (2), for the purposes of paragraph 76 (1) (a) of the Act, the amount is $1,250 million.
(2) For the purposes of sub-section (1)—
(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.
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.
Maximum amount of loans.
12. (1) Subject to sub-regulation (2), for the purposes of sub-section 77 (1) of the Act, the amount is $50 million.
(2) For the purposes of sub-section (1)—
(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.
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.
Remuneration of appointed members of the Board.
14. Remuneration is payable to an appointed member of the Board—
(a) in the case of the Chairman—at the rate of $5,150 per year;
(b) in the case of the Deputy Chairman—at the rate of $3,200 per year; and
(c) in the case of an appointed member of the Board other than the Chairman or Deputy Chairman—at the rate of $1,950 per year.
Travelling allowance of appointed members of the Board.
15. (1) Subject to regulation 16, where an appointed member of the Board is, in the course of performing his duties, necessarily absent overnight from the city in which he normally resides, travelling allowance is payable to him at the rate of $28 per day.
(2) Travelling allowance payable under sub-regulation (1) is in addition to, and does not include, the cost of conveyance.
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 Second Division.
(2) An appointed member of the Board who is entitled to be paid travelling allowance under sub-regulation (1) in respect of a period is not entitled to be paid travelling allowance under regulation 15 in respect of that period.
Remuneration and annual allowance of Managing Director.
17. Remuneration is payable to the Managing Director at the rate of $25,000 per year and an annual allowance is payable to the Managing Director at the rate of $1,200 per year.
Remuneration of Deputy Managing Director.
18. Remuneration is payable to the Deputy Managing Director at the rate of $20,502 per year.
Travelling allowance.
19. (1) Subject to regulation 20, where the Managing Director or the Deputy Managing Director is, in the course of performing his duties, necessarily absent overnight from the city in which he ordinarily resides, travelling allowance is payable to him in accordance with this regulation.
(2) Subject to sub-regulation (3), travelling allowance in respect of a period of absence is payable—
(a) in the case of the Managing Director—at the rate of $34 per day; and
(b) in the case of the Deputy Managing Director—at the rate of $28 per day.
(3) Travelling allowance payable under this regulation is in addition to, and does not include, the cost of conveyance.
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 in the Second Division.
(2) A person who is entitled to be paid travelling allowance under sub-regulation (1) in respect of a period is not entitled to be paid travelling allowance under regulation 19 in respect of that period.
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.