Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The powers and functions of the Commonwealth under this Part shall be exercised by the Secretary on behalf of the Commonwealth.
(2) The Secretary shall, in exercising the powers of the Commonwealth under this Part, comply with the Statement of Conditions, or the Statement of Conditions as varied under this section, and, for that purpose:
(a) any references in the Statement to the Corporation shall be treated as references to the Commonwealth; and
(b) any references in the Statement to insurance undertaken by or with the Corporation shall be treated as references to insurance undertaken by or with the Commonwealth under this Part.
(3) The Minister may, by notice in writing given to the Secretary, vary the Statement of Conditions in relation to all or any of the following matters:
(a) the risks against which the Commonwealth will undertake insurance;
(b) other terms and conditions relating to insurance undertaken by the Commonwealth.
(4) The Minister shall not vary the Statement of Conditions so as to remove the right of a person to receive a payment to which the person had become entitled before the variation.
(5) The Minister shall cause copies of any variation of the Statement of Conditions to be laid before each House of the Parliament within 15 sitting days of that House after the variation is made.
(6) In this section:
"Statement of Conditions" means the Statement of Conditions in force immediately before the commencing day under section 38 of this Act as then in force.