Commonwealth Numbered Acts

EXPORT FINANCE AND INSURANCE CORPORATION ACT 1974 No. 122 of 1974 - SECT 14

14. (1) The Corporation may enter into contracts of insurance with, or for the
benefit of, persons carrying on business in Australia, being contracts of
insurance against risk of monetary loss or other monetary detriment
attributable to circumstances outside the control of the person suffering the
loss or detriment and resulting from failure to receive payment in connexion
with, or otherwise arising out of, acts or transactions in the course of, or
for the purpose of, trade with an external Territory.

(2) The Corporation shall not enter into contracts of insurance under
sub-section (1) against risks that are normally insured with commercial
insurers.

(3) In sub-section (1)-



"Australia" does not include an external Territory;



"trade with an external territory" includes any transaction (including a
transaction for the rendering of a service) involving a consideration in money
or money's worth accruing from a person in the course of carrying on business
or other activities in an external Territory to a person carrying on business
or other activities in Australia.