Federal Register of Legislation - Australian Government

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A Bill for an Act to amend the Export Finance and Insurance Corporation Act 1991, and for related purposes
Administered by: Foreign Affairs and Trade
For authoritative information on the progress of bills and on amendments proposed to them, please see the House of Representatives Votes and Proceedings, and the Journals of the Senate as available on the Parliament House website.
Registered 20 Feb 2013
Introduced HR 13 Feb 2013
Table of contents.

2010‑2011‑2012‑2013

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

 

 

 

 

 

Export Finance and Insurance Corporation Amendment (Finance) Bill 2013

 

No.      , 2013

 

(Trade and Competitiveness)

 

 

 

A Bill for an Act to amend the Export Finance and Insurance Corporation Act 1991, and for related purposes

  

  


Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Schedule(s)......................................................................................... 2

Schedule 1—Amendments                                                                                                3

Export Finance and Insurance Corporation Act 1991                                        3

 


A Bill for an Act to amend the Export Finance and Insurance Corporation Act 1991, and for related purposes

The Parliament of Australia enacts:

1  Short title

                   This Act may be cited as the Export Finance and Insurance Corporation Amendment (Finance) Act 2013.

2  Commencement

                   This Act commences on the day after this Act receives the Royal Assent.

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                   Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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 1Amendments

  

Export Finance and Insurance Corporation Act 1991

1  Subsection 36(3)

Omit “(3)”.

2  Subsection 49(2)

Omit “(2)” (first occurring).

3  At the end of subsection 49(2) (before the note)

Add:

            ; and (d)  any direction by the Minister under subsection 55A(2) for the payment of a dividend by EFIC in the financial year to which the target relates.

4  Subsection 54(8)

Repeal the subsection, substitute:

             (8)  EFIC’s called capital at any time must not exceed:

                     (a)  $200,000,000; or

                     (b)  if a greater amount is specified in a legislative instrument made by the Minister—that greater amount.

5  Section 55 (heading)

Before “dividends”, insert “annual”.

6  After section 55

Insert:

55A  Payment of additional dividends to the Commonwealth

One‑off dividend

             (1)  EFIC must pay the Commonwealth a dividend of $200,000,000 before 30 June 2013.

Minister may direct payment of a specified dividend

             (2)  The Minister may, in writing, direct EFIC to pay the Commonwealth a specified dividend within a specified period.

             (3)  In giving a direction under subsection (2), the Minister must:

                     (a)  have regard to:

                              (i)  the policies of the Commonwealth Government; and

                             (ii)  the general policy of EFIC in relation to the performance of its functions; and

                            (iii)  such commercial considerations as the Minister considers appropriate; and

                     (b)  be satisfied that the specified dividend is reasonable having regard to:

                              (i)  the likely capital and reserves of EFIC at the time the direction is given; and

                             (ii)  the expected liabilities, losses and claims of and against EFIC at that time.

             (4)  Before the Minister gives a direction under subsection (2), the Minister must:

                     (a)  consult the Board about the matters referred to in subparagraphs (3)(a)(ii) and (b)(i) and (ii); and

                     (b)  obtain the agreement of the Prime Minister, Treasurer and Finance Minister to the direction.

             (5)  EFIC must comply with a direction given under subsection (2).