AUSTRALIAN TRADE COMMISSION (TRANSITIONAL PROVISIONS AND CONSEQUENTIAL AMENDMENTS) ACT 1985 No. 187 of 1985 - SECT 7 National interest insurance contracts entered into, and guarantees given, by Insurance Corporation

AUSTRALIAN TRADE COMMISSION (TRANSITIONAL PROVISIONS AND CONSEQUENTIAL AMENDMENTS) ACT 1985 No. 187 of 1985 - SECT 7

7. Where the Insurance Corporation had informed the Minister by notice under
sub-section 20 (6), 21 (6), 24 (6), 32 (2) or 35 (6) of the Insurance
Corporation Act that the Corporation proposed to bear a proportion of the
liability of the Corporation under a contract of insurance, a contract of
indemnity or a guarantee, being a contract of insurance or a contract of
indemnity that the Corporation was empowered to enter into under section 20,
32 or 35C of that Act or a guarantee that that Corporation was empowered to
give under section 21, 24 or 35 of that Act -

   (a)  the Commission may, if the amount of any receipts that it is required
        to pay to the Commonwealth under sub-section 86 (3) of the
        Australian Trade  Commission Act 1985 includes receipts arising out of
        that contract or the guarantee, deduct from that amount such
        proportion of the receipts of the Commission arising out of that
        contract or that guarantee as is equal to the proportion specified in
        the notice; and

   (b)  there shall be deducted from an amount required under sub-section 86
        (4) of the Australian Trade Commission Act 1985 to be paid by the
        Commonwealth to the Commission in respect of that contract or that
        guarantee such proportion of that amount as is equal to the proportion
        so specified.