EXPORT FINANCE AND INSURANCE CORPORATION (TRANSITIONAL PROVISIONS AND CONSEQUENTIAL AMENDMENTS) ACT 1991 No. 149, 1991
EXPORT FINANCE AND INSURANCE CORPORATION (TRANSITIONAL PROVISIONS AND CONSEQUENTIAL AMENDMENTS) ACT 1991 No. 149 of 1991 - TABLE OF PROVISIONS
TABLE OF PROVISIONS PART 1 - PRELIMINARYSection 1. Short title 2. Commencement 3. Expressions defined in the Export Finance and Insurance Corporation Act 1991 4. Interpretation PART 2 - SAVINGS AND TRANSITIONAL PROVISIONS CONCERNING FUNCTIONS OF COMMISSION ASSUMED BY EFIC 5. Functions of Commission assumed by EFIC 6. Saving of applications made to, and declarations concerning business of, Commission 7. National interest insurance contracts entered into, and guarantees given, by Commission 8. National interest loans entered into by Commission 9. Final report in relation to Export Finance and Insurance Fund PART 3 - STAFF 10. Minister may make declarations 11. Terms and conditions applicable to persons taken to be employed by EFIC 12. Persons previously engaged for specified terms 13. Retention of recreation and sick leave credits etc. 14. Leave of absence taken to have been granted 15. Probation 16. Deductions from salary PART 4 - ASSETS AND LIABILITIES 17. Transfer of certain assets to EFIC 18. Certificates in relation to land and interests in land 19. Transfer of capital to EFIC 20. Assumption of certain liabilities by EFIC 21. Certificates with respect to assets, liabilities and instruments 22. Exemption from taxation PART 5 - AMENDMENTS OF THE AUSTRALIAN TRADE COMMISSION ACT 1985 23. Principal Act 24. Interpretation 25. Functions of Commission 26. Membership of Board 27. Remuneration and allowances of appointed members 28. Acting Chairperson and acting Deputy Chairperson 29. Acting member 30. Termination of appointment of appointed members 31. Repeal of sections 31 and 32 32. Repeal of Part V 33. Repeal of sections 51 and 52 and insertion of new sections: 51. Appointment of Managing Director and Deputy Managing Director 52. Appointments to be full-time and at Board's pleasure 34. Remuneration and allowances 35. Acting Managing Director and acting Deputy Managing Director 36. Resignation 37. Repeal of section 59 38. Commission to develop corporate plans 39. Repeal of section 70 40. Money of the Commission 41. Application of money of Commission 42. Repeal of sections 73, 74 and 75 43. Commission may give security 44. Repeal of sections 84, 85, 86 and 87 45. Delegations by Minister and Managing Director 46. Secrecy 47. Regulations 48. Transitional provision - existing Managing Director 49. Transitional provision - existing Deputy Managing Director PART 6 - AMENDMENTS OF OTHER ACTS 50. Amendments of other Acts SCHEDULE AMENDMENTS OF OTHER ACTS EXPORT FINANCE AND INSURANCE CORPORATION (TRANSITIONAL PROVISIONS AND CONSEQUENTIAL AMENDMENTS) ACT 1991 No. 149 of 1991 - LONG TITLE
An Act to enact certain transitional provisions, to make certain amendments in consequence of the enactment of the Export Finance and Insurance Corporation Act 1991, and for related purposes EXPORT FINANCE AND INSURANCE CORPORATION (TRANSITIONAL PROVISIONS AND CONSEQUENTIAL AMENDMENTS) ACT 1991 No. 149 of 1991 - PART 1 PART 1 - PRELIMINARY
EXPORT FINANCE AND INSURANCE CORPORATION (TRANSITIONAL PROVISIONS AND CONSEQUENTIAL AMENDMENTS) ACT 1991 No. 149 of 1991 - SECT 1 Short title

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(Assented to 21 October 1991) 1. This Act may be cited as the Export Finance and Insurance Corporation (Transitional Provisions and Consequential Amendments) Act 1991.*1* (Minister's second reading speech made in- House of Representatives on 12 September 1991 Senate on 8 October 1991) *1* No. 186, 1985. For previous amendments, see No. 168, 1986; No. 141, 1987; Nos. 21, 91 and 129, 1989; and No. 122, 1991. EXPORT FINANCE AND INSURANCE CORPORATION (TRANSITIONAL PROVISIONS AND CONSEQUENTIAL AMENDMENTS) ACT 1991 No. 149 of 1991 - SECT 2 Commencement
2. This Act commences on 1 November 1991. EXPORT FINANCE AND INSURANCE CORPORATION (TRANSITIONAL PROVISIONS AND CONSEQUENTIAL AMENDMENTS) ACT 1991 No. 149 of 1991 - SECT 3 Expressions defined in the Export Finance and Insurance Corporation Act 1991
3. Except where otherwise provided, expressions used in this Act have the same meaning as they have for the purposes of the Export Finance and Insurance Corporation Act 1991. EXPORT FINANCE AND INSURANCE CORPORATION (TRANSITIONAL PROVISIONS AND CONSEQUENTIAL AMENDMENTS) ACT 1991 No. 149 of 1991 - SECT 4 Interpretation
4. In this Act, unless the contrary intention appears: "assets" means property of every kind and, without limiting the generality of the foregoing, includes: (a) choses in action; and (b) rights, interests and claims of every kind in or to property, whether arising under or because of an instrument or otherwise, and whether liquidated or unliquidated, certain or contingent, accrued or accruing; "authorised officer" means: (a) the Minister; or (b) the Managing Director, or Deputy Managing Director, of EFIC; or (c) a person employed by EFIC; "Commission" means the Australian Trade Commission; "employee of the Commission" means a person employed under section 60 of the Australian Trade Commission Act 1985; "instrument" includes a contract, guarantee or agreement (whether express or implied and whether made or given orally or in writing), bond, authority, order, power of attorney, mortgage, transfer, conveyance or other assurance, charge, lien, bill of lading, bill of exchange, letter of credit or security; "liabilities" means liabilities of every kind and, without limiting the generality of the foregoing, includes obligations of every kind, whether arising under or because of an instrument or otherwise, and whether liquidated or unliquidated, certain or contingent, accrued or accruing; "relevant instrument" means an instrument which relates to a function of the Commission under Part V of the Australian Trade Commission Act 1985 as in force immediately before the commencement of this Act and: (a) to which the Commission is a party; or (b) which was given to or in favour of the Commission; or (c) in which a reference is made to the Commission; or (d) under which money is or may become payable, or any other property is to be, or may become liable to be, transferred, conveyed or assigned, to or by the Commission; being an instrument subsisting immediately before the commencement of this Act. EXPORT FINANCE AND INSURANCE CORPORATION (TRANSITIONAL PROVISIONS AND CONSEQUENTIAL AMENDMENTS) ACT 1991 No. 149 of 1991 - PART 2 PART 2 - SAVINGS AND TRANSITIONAL PROVISIONS CONCERNING FUNCTIONS OF COMMISSION ASSUMED BY EFIC
EXPORT FINANCE AND INSURANCE CORPORATION (TRANSITIONAL PROVISIONS AND CONSEQUENTIAL AMENDMENTS) ACT 1991 No. 149 of 1991 - SECT 5 Functions of Commission assumed by EFIC
5.(1) In this section, "transferred transaction" means: (a) a contract entered into, a guarantee given, or a loan made, by the Commission under Part V of the Australian Trade Commission Act 1985 before 1 November 1991; or (b) a contract entered into under section 78 or 79 of that Act before 1 November 1991, to the extent that it relates to a function of the Commission under Part V of that Act. (2) A transferred transaction has effect, on and after 1 November 1991, as if: (a) the Export Finance and Insurance Corporation Act 1991 had been in operation when the transaction was entered into, given or made; and (b) the transaction had been entered into, given or made under that Act; and (c) anything done in relation to the transaction under the Australian Trade Commission Act 1985 had been done under the Export Finance and Insurance Corporation Act 1991. (3) A relevant instrument continues, by force of this subsection, in full force and effect, but, in its operation in relation to acts, transactions, matters or things done, entered into or occurring on or after 1 November 1991,
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has effect as if a reference in the instrument to the Commission were a reference to EFIC. EXPORT FINANCE AND INSURANCE CORPORATION (TRANSITIONAL PROVISIONS AND CONSEQUENTIAL AMENDMENTS) ACT 1991 No. 149 of 1991 - SECT 6 Saving of applications made to, and declarations concerning business of, Commission
6.(1) Where applications for contracts of insurance, contracts of indemnity, guarantees or loans under Part V of the Australian Trade Commission Act 1985 have been received by the Commission before the commencement of this Act but have not been finally dealt with by the Commission before that commencement, those applications: (a) are taken, for the purposes of this Act and of the Export Finance and Insurance Corporation Act 1991, to have been received by EFIC on 1 November 1991; and (b) are to be dealt with by EFIC under the relevant provisions of the Export Finance and Insurance Corporation Act 1991; and (c) in the case of such of those applications (if any) as the Commission had not, before 1 November 1991 commenced to deal with - are to be dealt with, so far as practicable, in the order in which they were received by the Commission. (2) A declaration by the Board of the Commission under section 45 of the Australian Trade Commission Act 1985 specifying a cause of loss as an approved cause of loss for the purposes of Division 3 of Part V of that Act, being a declaration that was in force immediately before 1 November 1991, is, on and after that day, to be treated as if it were a declaration made by EFIC to the same effect under section 21 of the Export Finance and Insurance Corporation Act 1991. (3) A declaration by the Minister under subsection 33(3) of the Australian Trade Commission Act 1985 to the effect that specified goods, or goods included in a specified class of goods, are capital goods for the purposes of subsection 33(2) of that Act, being a declaration that was in force immediately before 1 November 1991, is, on and after that day, to be treated as if it were a declaration made by the Minister to the same effect for the purposes of subsection 3(3) of the Export Finance and Insurance Corporation Act 1991. EXPORT FINANCE AND INSURANCE CORPORATION (TRANSITIONAL PROVISIONS AND CONSEQUENTIAL AMENDMENTS) ACT 1991 No. 149 of 1991 - SECT 7 National interest insurance contracts entered into, and guarantees given, by Commission
7.(1) For the purposes of the Export Finance and Insurance Corporation Act 1991, notice given by the Commission under subsection 44(8) or 48(9) of the Australian Trade Commission Act 1985, in relation to a contract or guarantee, has the same effect on and after 1 November 1991 as if: (a) the Export Finance and Insurance Corporation Act 1991 had been in force when the notice was given; and (b) the notice had been given by EFIC under subsection 64(1) of that Act. (2) In spite of the repeal of section 84 of the Australian Trade Commission Act 1985 by this Act, liabilities of the Commonwealth to the Commission existing under that section immediately before the commencement of this Act become, on the commencement of this Act and by force of this subsection, liabilities of the Commonwealth to EFIC. EXPORT FINANCE AND INSURANCE CORPORATION (TRANSITIONAL PROVISIONS AND CONSEQUENTIAL AMENDMENTS) ACT 1991 No. 149 of 1991 - SECT 8 National interest loans entered into by Commission
8.(1) For the purposes of the Export Finance and Insurance Corporation Act 1991, notice given by the Commission under subsection 50(10) of the Australian Trade Commission Act 1985, in relation to a loan, has the same effect on and after 1 November 1991 as if: (a) the Export Finance and Insurance Corporation Act 1991 had been in force when the notice was given; and (b) the notice had been given by EFIC under subsection 64(2) of that Act; and (c) the proportion specified in the notice as a proportion of the money to be lent were specified as a proportion of the risk associated with the loan. (2) In spite of the repeal of section 85 of the Australian Trade Commission Act 1985 by this Act, liabilities of the Commonwealth to the Commission existing under that section immediately before the commencement of this Act become, on the commencement of this Act and by force of this subsection, liabilities of the Commonwealth to EFIC. EXPORT FINANCE AND INSURANCE CORPORATION (TRANSITIONAL PROVISIONS AND CONSEQUENTIAL AMENDMENTS) ACT 1991 No. 149 of 1991 - SECT 9 Final report in relation to Export Finance and Insurance Fund
9.(1) The Board must, as soon as practicable after 1 November 1991, give the Minister: (a) a written report of the operations of the Export Finance and Insurance Fund during the period that commenced on 1 July 1991 and ended immediately before 1 November 1991; and (b) financial statements in respect of that period prepared under section 63H of the Audit Act 1901 (as that section applies to the Commission because of subsection 89(1) of the Australian Trade Commission Act 1985).
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(2) Section 92 of the Australian Trade Commission Act 1985 applies, in respect of the report and financial statements, as if: (a) section 73 of the Australian Trade Commission Act 1985 had not been repealed; and (b) the period to which that report and those financial statements relate were a year that ended on 30 June. (3) In this section: "Board" means the Australian Trade Commission Board; "Export Finance and Insurance Fund" means the Export Finance and Insurance Fund established by section 73 of the Australian Trade Commission Act 1985. EXPORT FINANCE AND INSURANCE CORPORATION (TRANSITIONAL PROVISIONS AND CONSEQUENTIAL AMENDMENTS) ACT 1991 No. 149 of 1991 - PART 3 PART 3 - STAFF
EXPORT FINANCE AND INSURANCE CORPORATION (TRANSITIONAL PROVISIONS AND CONSEQUENTIAL AMENDMENTS) ACT 1991 No. 149 of 1991 - SECT 10 Minister may make declarations
10.(1) The Minister may, from time to time, by declaration published in the Gazette, declare that, with effect from a day mentioned in the declaration, being 1 November 1991 or a later day (in this Part called the "transfer day"), a specified class of employees of the Commission are employed by EFIC. (2) A person included in a class of employees of the Commission specified in a declaration under subsection (1) is, on and after the transfer day in relation to the person, taken, by force of this subsection, to be employed by EFIC under section 90 of the Export Finance and Insurance Corporation Act 1991. (3) Without limiting, by implication, the manner in which a class of employees of the Commission may be described for the purposes of subsection (1), that class may be described by reference to the functions that persons included in that class performed in carrying out their duties immediately before the day that is the transfer day for that class of persons. EXPORT FINANCE AND INSURANCE CORPORATION (TRANSITIONAL PROVISIONS AND CONSEQUENTIAL AMENDMENTS) ACT 1991 No. 149 of 1991 - SECT 11 Terms and conditions applicable to persons taken to be employed by EFIC
11. The terms and conditions of employment of a person who is taken, under section 10, to be employed by EFIC, are, until EFIC determines otherwise, the terms and conditions of employment that applied to the person immediately before the transfer day in relation to the person. EXPORT FINANCE AND INSURANCE CORPORATION (TRANSITIONAL PROVISIONS AND CONSEQUENTIAL AMENDMENTS) ACT 1991 No. 149 of 1991 - SECT 12 Persons previously engaged for specified terms
12.(1) Subject to subsection (2), a person who: (a) is taken to be employed by EFIC under section 10; and (b) immediately before the transfer day in relation to the person, was employed for a specified term as an employee of the Commission; is taken to be employed by EFIC for the balance of that term. (2) Subsection (1) does not limit the generality of: (a) section 90 of the Export Finance and Insurance Corporation Act 1991; or (b) section 11 of this Act; in relation to the determination of the terms and conditions of employment applicable to persons who are taken, under section 10 of this Act, to be employed by EFIC. EXPORT FINANCE AND INSURANCE CORPORATION (TRANSITIONAL PROVISIONS AND CONSEQUENTIAL AMENDMENTS) ACT 1991 No. 149 of 1991 - SECT 13 Retention of recreation and sick leave credits etc.
13. Where a person was, immediately before the transfer day in relation to that person, an employee of the Commission: (a) the person retains the rights (if any) in respect of: (i) recreation leave; and (ii) leave on the ground of illness; that had accrued to that person immediately before the transfer day; and (b) the period of service of that person with the Commission, being service that was recognised by the Commission as service for the purposes of determining leave and other entitlements, counts, for the purposes of EFIC determining those entitlements, as if it were service as an employee of EFIC. EXPORT FINANCE AND INSURANCE CORPORATION (TRANSITIONAL PROVISIONS AND CONSEQUENTIAL AMENDMENTS) ACT 1991 No. 149 of 1991 - SECT 14 Leave of absence taken to have been granted
14.(1) Where a person who is taken to be employed by EFIC under section 10 was granted leave of absence for a period commencing on or before the transfer day in relation to the person and ending on or after that day, the person is taken to have been granted leave of absence by EFIC in accordance with the terms and conditions of the person's employment with EFIC in so far as they relate to leave of absence or in accordance with the Long Service Leave (Commonwealth Employees) Act 1976 or the Maternity Leave (Commonwealth Employees) Act 1973, as the case requires. (2) The leave is to be taken to be: (a) for a period commencing on the transfer day in relation to the person and ending at the end of the period mentioned in subsection (1); and (b) to be for the purpose for which the person had been granted leave of
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absence by the Commission. (3) Any salary or allowances paid in respect of the part of the leave after the transfer day are to be taken to have been paid by EFIC. EXPORT FINANCE AND INSURANCE CORPORATION (TRANSITIONAL PROVISIONS AND CONSEQUENTIAL AMENDMENTS) ACT 1991 No. 149 of 1991 - SECT 15 Probation
15.(1) Subject to subsection (2), a person who is taken to be employed by EFIC under section 10 is not taken to be employed on probation. (2) Where a person who, with effect on a particular day, is taken to be employed by EFIC under section 10 had been, before that day appointed on probation as an employee of the Commission and that person's appointment or engagement had not been confirmed before that day: (a) that person is taken to be employed by EFIC on probation; and (b) any decision made before that day under the terms and conditions of that person's employment under the Australian Trade Commission Act 1985 that the period of probation of that person be extended has effect, on and after that day, as if it were a decision made under and in accordance with the terms and conditions of that person's employment with EFIC; and (c) for the purpose of the application to that person of the terms and conditions of that person's employment with EFIC in so far as they relate to service on probation, that person's service on probation as a member of the staff of the Commission counts as if it were service as an employee of EFIC. EXPORT FINANCE AND INSURANCE CORPORATION (TRANSITIONAL PROVISIONS AND CONSEQUENTIAL AMENDMENTS) ACT 1991 No. 149 of 1991 - SECT 16 Deductions from salary
16. An authority given by a person who is taken, under section 10 of this Act, to be employed by EFIC with effect from a particular day for: (a) the deduction of an amount from each payment of that person's salary; and (b) the payment, on behalf of that person, of each amount so deducted to a specified body or person; being an authority in force immediately before that day, continues in force on and after that day, until cancelled by that person, as an authority for EFIC: (c) to deduct that amount from each payment of that person's salary; and (d) to pay, on behalf of that person, each amount so deducted to the person or body specified in the authority. EXPORT FINANCE AND INSURANCE CORPORATION (TRANSITIONAL PROVISIONS AND CONSEQUENTIAL AMENDMENTS) ACT 1991 No. 149 of 1991 - PART 4 PART 4 - ASSETS AND LIABILITIES
EXPORT FINANCE AND INSURANCE CORPORATION (TRANSITIONAL PROVISIONS AND CONSEQUENTIAL AMENDMENTS) ACT 1991 No. 149 of 1991 - SECT 17 Transfer of certain assets to EFIC
17.(1) The Minister may declare, in writing, that specified assets of the Commission are, on and from the date specified in the instrument, transferred to EFIC. (2) On the date specified in the instrument, assets specified in a declaration under subsection (1) are, by force of this section, vested in EFIC. (3) Subsection (1) does not prevent the Commission from transferring an asset to EFIC otherwise than under that subsection. (4) Where, immediately before the transfer: (a) a right, liability or obligation of any other person in favour of the Commission existed in respect of the asset; or (b) a debt, liability or obligation of the Commission existed in respect of the asset; then, by force of this section: (c) the right, liability or obligation of the other person becomes a right, liability or obligation in favour of EFIC; and (d) the debt, liability or obligation of the Commission becomes a debt, liability or obligation of EFIC. EXPORT FINANCE AND INSURANCE CORPORATION (TRANSITIONAL PROVISIONS AND CONSEQUENTIAL AMENDMENTS) ACT 1991 No. 149 of 1991 - SECT 18 Certificates in relation to land and interests in land
18.(1) In this section: "interest" includes any estate, right or title, whether legal or equitable; "land" includes buildings and fixed structures. (2) Where: (a) under section 17, land or an interest in land becomes vested in EFIC; and (b) a certificate that: (i) is signed by an authorised officer; and (ii) identifies the land or interest, whether by reference to a map or otherwise; and (iii) sets out particulars of a declaration under section 17 relating to the land or interest; is lodged with the Registrar-General, Registrar of Titles or other proper officer of the State or Territory in which the land is situated; the officer with whom the certificate is lodged may: (c) deal with, and give effect to, the certificate as if it were a grant, conveyance, memorandum or instrument of transfer of the land or of the
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interest in land, as the case may be, to EFIC that had been properly executed under the law of the State or Territory; and (d) make such entries in the records kept by the officer as are necessary having regard to the effect of section 17. EXPORT FINANCE AND INSURANCE CORPORATION (TRANSITIONAL PROVISIONS AND CONSEQUENTIAL AMENDMENTS) ACT 1991 No. 149 of 1991 - SECT 19 Transfer of capital to EFIC
19. There is payable to EFIC, as capital, out of the assets of the Commission, such amount as the Minister determines in writing. EXPORT FINANCE AND INSURANCE CORPORATION (TRANSITIONAL PROVISIONS AND CONSEQUENTIAL AMENDMENTS) ACT 1991 No. 149 of 1991 - SECT 20 Assumption of certain liabilities by EFIC
20. The Minister may, in writing, declare that liabilities, or classes of liabilities, of the Commission specified in the instrument cease, on a day specified in the instrument, to be liabilities of the Commission and on that day become, by force of this section, liabilities of EFIC as if they had been incurred by EFIC under the Export Finance and Insurance Corporation Act 1991. EXPORT FINANCE AND INSURANCE CORPORATION (TRANSITIONAL PROVISIONS AND CONSEQUENTIAL AMENDMENTS) ACT 1991 No. 149 of 1991 - SECT 21 Certificates with respect to assets, liabilities and instruments
21.(1) An authorised officer may, in writing, certify: (a) that an asset specified or described in the certificate is an asset referred to in a declaration under section 17; or (b) that a liability specified or described in the certificate is a liability referred to in a declaration under section 20; or (c) that an instrument specified or described in the certificate is a relevant instrument. (2) In all courts and for all purposes: (a) an asset specified or described in a certificate under subsection (1) as an asset referred to in a declaration under section 17 is to be taken to be such an asset; and (b) a liability specified or described in a certificate under subsection (1) as a liability referred to in a declaration under section 20 is to be taken to be such a liability; and (c) an instrument specified or described in a certificate as a relevant instrument is to be taken to be such an instrument. (3) A document that purports to be a certificate under subsection (1) is to be taken to be such a certificate in the absence of evidence to the contrary.