Export Payments Insurance Corporation Act (No. 2) 1970

Overview

The Export Payments Insurance-Corporation Act (No. 2) 1970 was enacted by the Parliament of the Commonwealth of Australia to amend the Export Payments Insurance Corporation Act 1956–1966 and address issues related to the salaries of the Commissioner and an Acting Commissioner of the Export Payments Insurance Corporation. This Act was necessary to provide specific remuneration details for these roles, ensuring that they are compensated appropriately for their responsibilities within the Corporation. By amending the Principal Act, this legislation aims to align the salaries with the duties and expectations of the roles, providing clarity and consistency in compensation practices. The Act received Royal Assent on 11 November 1970 and came into operation on the same day, reflecting the urgency and importance placed on these amendments.

Scope and Application

The Export Payments Insurance-Corporation Act (No. 2) 1970 is a specific piece of Australian legislation that pertains to the salaries of the Commissioner and an Acting Commissioner of the Export Payments Insurance Corporation (EPIC). This Act amends the Export Payments Insurance Corporation Act 1956–1966, as subsequently amended by the Export Payments Insurance Corporation Act 1970, to set the annual salary of the Commissioner and the Acting Commissioner at Sixteen thousand nine hundred and thirty-one dollars. The Act applies directly to the roles of the Commissioner and the Acting Commissioner within the EPIC and does not extend to other personnel or entities. It operates within the Commonwealth jurisdiction and its provisions apply nationally. There are no stated exclusions, exemptions, or thresholds in the text provided, and the Act itself does not extend or restrict its application through subordinate instruments, as the focus remains strictly on the remuneration of the specified officials.

Key Provisions

The Export Payments Insurance Corporation Act (No. 2) 1970 primarily revises the salaries of the Commissioner and an Acting Commissioner of the Export Payments Insurance Corporation. Specifically, sections 3 and 4 of the Act amend the Principal Act to set the annual salary for both the Commissioner and the Acting Commissioner at sixteen thousand nine hundred and thirty-one dollars. These sections replace previous provisions regarding their remuneration, thereby establishing a clear and uniform salary structure for these positions. The Act imposes specific financial obligations on the Export Payments Insurance Corporation, mandating that it adhere to the newly set salary rates for both the Commissioner and the Acting Commissioner. These obligations are straightforward and require the Corporation to ensure that the specified annual salaries are paid to the respective officeholders without deviation. This statutory requirement ensures transparency and consistency in the compensation of these key roles within the Corporation. In terms of enforcement and compliance, the Act does not explicitly outline specific offences, penalties, or consequences for breaches of its provisions. However, failure to comply with the mandated salary rates could potentially lead to legal challenges regarding the enforcement of employment terms or breaches of statutory duty. While the Act does not detail specific penalties, breaches of employment or corporate governance laws could result in civil actions or regulatory sanctions under broader Australian employment and corporate legislation.