Export Finance and Insurance Corporation Amendment Act 1997 (Cth)

Export Finance and Insurance Corporation Amendment Act 1997

No. 65, 1997

An Act to amend the Export Finance and Insurance Corporation Act 1991

Contents 1 Short title..................................1 2 Commencement..............................1 3 Schedule(s).................................2

Schedule 1—Amendment of the Export Finance and Insurance Corporation Act 1991 3

Export Finance and Insurance Corporation Amendment Act 1997

No. 65, 1997

An Act to amend the Export Finance and Insurance Corporation Act 1991

[Assented to 30 May 1997]

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the Export Finance and Insurance Corporation Amendment Act 1997.

2 Commencement

(1) Subject to subsection (2), this Act commences on a day to be fixed by Proclamation.

(2) If this Act does not commence under subsection (1) within the period of 6 months beginning on the day on which it receives the Royal Assent, it commences on the first day after the end of that period.

3 Schedule(s)

Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—Amendment of the Export Finance and Insurance Corporation Act 1991

1 At the end of subsection 54(9) Add: ; and (c) an expected loss by, or liability of, EFIC under or in relation to a DIFF loan, as defined in section 66A, is to be ignored to the extent that the Commonwealth would be liable to pay an amount to EFIC under that section in relation to the loss or liability.

2 At the end of subsection 56(2) Add: ; and (c) a likely liability of EFIC in relation to a DIFF loan, as defined in section 66A, or a likely default of a kind referred to in paragraph (1)(b) in relation to such a loan, is to be ignored to the extent that the Commonwealth would be liable to pay an amount to EFIC under section 66A in relation to the same matter.