Commonwealth Numbered Acts

EXPORT FINANCE AND INSURANCE CORPORATION ACT 1974 No. 122 of 1974 - SECT 19

19. (1) Where-

   (a)  in relation to the export of goods, or the rendering of services, by a
person (in this section referred to as "the exporter"), the Corporation has
entered into, or proposes to enter into, a contract of indemnity under section
17 or 18 in respect of the liability of an approved foreign insurer under a
foreign contract of indemnity;

   (b)  the exporter is, or is to be, entitled (whether by virtue of an
        assignment or otherwise) to receive a part of any moneys payable by
        the approved foreign insurer under the foreign contract of indemnity;

   (c)  the value of the consideration payable to the exporter in respect of
        those goods or services is not less than such amount as is prescribed
        for the purposes of this paragraph; and

   (d)  another person has lent, or proposes to lend, moneys to the exporter
        for the purpose of financing, in whole or in part, his acts and
        transactions in relation to the export of those goods, or the
        rendering of those services, the Corporation may, subject to any
        regulations made by virtue of sub-section (2), guarantee to that other
        person the repayment of the whole or any part of the moneys lent, or
        to be lent, by him and the payment of the whole or any part of any
        interest or other charges that may become payable to him in respect of
        those moneys.

(2) The regulations may make provision for limiting the extent to which a
guarantee may be given by the Corporation under sub-section (1).