Export Finance and Insurance Corporation Amendment (Finance) Act 2013

No. 30, 2013

An Act to amend the Export Finance and Insurance Corporation Act 1991, and for related purposes

Contents

1 Short title 1

2 Commencement 2

3 Schedule(s) 2

Schedule 1—Amendments 3

Export Finance and Insurance Corporation Act 1991 3

An Act to amend the Export Finance and Insurance Corporation Act 1991, and for related purposes

[Assented to 30 March 2013]

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Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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

Minister may direct payment of a specified dividend

[Minister’s second reading speech made in—

House of Representatives on 13 February 2013

Senate on 14 March 2013]

(23/13)

 1

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

 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).