Commonwealth Numbered Acts

AUSTRALIAN TRADE COMMISSION (TRANSITIONAL PROVISIONS AND CONSEQUENTIAL AMENDMENTS) ACT 1985 No. 187 of 1985 - SECT 19

19. (1) On the commencing day, by force of this section -

   (a)  the assets of the Insurance Corporation subsisting immediately before
        that day cease to be assets of the Insurance Corporation and become
        assets of the Commission;

   (b)  the assets of the Projects Corporation subsisting immediately before
        that day cease to be assets of the Projects Corporation and become
        assets of the Commission;

   (c)  such of the assets of the Commonwealth subsisting immediately before
        that day, being assets administered by the Department, as have been
        identified by the Minister, in writing, on or before that day, as
        assets appropriate for use by the Commission in connection with the
        performance of its functions cease to be assets of the Commonwealth
        and become assets of the Commission;

   (d)  the liabilities of the Insurance Corporation subsisting immediately
        before that day cease to be liabilities of the Insurance Corporation
        and become liabilities of the Commission;

   (e)  the liabilities of the Projects Corporation subsisting immediately
        before that day cease to be liabilities of the Projects Corporation
        and become liabilities of the Commission; and

   (f)  such of the liabilities of the Commonwealth subsisting immediately
        before that day, being liabilities incurred or undertaken in
        connection with the administration of matters for which the Minister
        is responsible, as are identified by the Minister, in writing, on or
        before that day, as liabilities appropriate to be assumed by the
        Commission in connection with the performance of its functions cease
        to be liabilities of the Commonwealth and become liabilities of the
        Commission.

(2) On 1 July 1986, by force of this section -

   (a)  such of the assets of the Commonwealth subsisting immediately before
        that day, being assets administered by the Department of Foreign
        Affairs or the Department of Local Government and Administrative
        Services, as are identified by the Minister for Finance, in writing,
        on or before that day, as assets appropriate for use by the Commission
        in connection with the performance of its functions cease to be assets
        of the Commonwealth and become assets of the Commission; and

   (b)  such of the liabilities of the Commonwealth subsisting immediately
        before that day, being liabilities incurred or undertaken in
        connection with the administration of matters for which the Minister
        for Foreign Affairs or the Minister for Local Government and
        Administrative Services is responsible, as are identified by the
        Minister for Finance, in writing, on or before that day, as
        liabilities appropriate to be assumed by the Commission in connection
        with the performance of its functions cease to be liabilities of the
        Commonwealth and become liabilities of the Commission.

(3) Without limiting the generality of sub-section (1), the reference in
paragraph (1) (d) to the liabilities of the Insurance Corporation includes a
reference to -

   (a)  the liability to repay to the Commonwealth, at such times and in such
        amounts as the Minister for Finance determines, the amount that,
        immediately before the commencing day, constituted the capital of the
        Insurance Corporation for the purposes of section 67 of the Insurance
        Corporation Act; and

   (b)  the liability to pay interest to the Commonwealth on the amount
        referred to in paragraph (a), or so much of that amount as has not
        from time to time been repaid to the Commonwealth at such rate as the
        Minister for Finance from time to time determines.

(4) The Commission shall indemnify the Commonwealth, and keep the Commonwealth
indemnified, from and against all actions, claims, demands, proceedings,
suits, damages, expenses and costs that may be brought against, or incurred
by, the Commonwealth at any time for or in respect of a liability that becomes
a liability of the Commission under sub-section (1) or (2).

(5) The assets of the Insurance Corporation (other than fixed assets of the
Insurance Corporation) that become, by virtue of sub-section (1), assets of
the Commission on the commencing day shall -

   (a)  to the extent that they are money - be deemed to be money standing to
        the credit of the Fund; and

   (b)  to the extent that they are investments - be deemed to be investments
        of money standing to the credit of the Fund that have been duly made
        in accordance with section 63E of the Audit Act 1901 as applied by
        sub-section 89 (1) of the Australian Trade Commission Act 1985.

(6) The liabilities of the Insurance Corporation that become, by virtue of
sub-section (1), liabilities of the Commission on the commencing day shall, as
they fall due for payment, be paid by the Commission from the money standing
to the credit of the Fund as if they were liabilities incurred by the
Commission under or in connection with the conduct of its business under Part
V of the Australian Trade Commission Act 1985.
(7) In sub-section (5), "fixed assets of the Insurance Corporation" means -

   (a)  real property, office equipment, furniture and motor vehicles; and

   (b)  funds set aside for maintenance of assets referred to in paragraph
        (a).
(8) In this section, "Fund" means the Export Finance and Insurance Fund
established by section 73 of the Australian Trade Commission Act 1985.