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Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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