Commonwealth Numbered Acts

EXPORT FINANCE AND INSURANCE CORPORATION ACT 1974 No. 122 of 1974 - SECT 11

11. (1) The Board shall keep the Minister informed of the decisions of the
Board with respect to matters of policy in relation to the conduct of the
Corporation's business under this Part.

(2) Before adopting a policy (including an altered policy) with respect to a
matter included in any of the following subjects, namely:-

   (a)  the classes of contracts of insurance into which the Corporation will
        enter;

   (b)  the nature of the risks that may be covered under contracts of
        insurance with the Corporation;

   (c)  the undertaking of liabilities in relation to trade with particular
        countries;

   (d)  the giving of guarantees; and

   (e)  the entering into of contracts of indemnity, the Board shall submit
        the policy for the approval of the Minister, and the Board shall not
        adopt the policy without the approval of the Minister, or, except
        during such time as the Minister permits, continue to pursue the
        policy where the Minister, having approved the policy, subsequently
        withdraws his approval.

(3) If the Board fails to obtain the Minister's approval to a policy with
respect to a matter included in a subject specified in paragraph (2) (a), (b),
(c), (d) or (e) or the Minister withdraws his approval of a policy with
respect to such a matter, the Board shall endeavour to reach agreement with
the Minister as to the policy to be adopted by the Board with respect to that
matter and, in the event of agreement not being reached within a time which
the Minister considers reasonable, the Minister may, by writing under his
hand, determine a policy to be adopted by the Board with respect to that
matter, and the Board shall adopt that policy.

(4) Nothing in this section shall be construed-

   (a)  as requiring the approval of the Minister to the Corporation entering
        into a particular contract of insurance or a particular
        contract of indemnity, or to the Corporation giving a particular
        guarantee; or

   (b)  as empowering the Minister to determine that the Corporation shall or
        shall not enter into a particular contract of insurance or a
        particular contract of indemnity, or give a particular guarantee, but
        the Corporation shall not enter into a particular contract of
        insurance or a particular contract of indemnity, or give a particular
        guarantee, contrary to a policy approved or determined by the Minister
        under this section.