Commonwealth Numbered Acts

EXPORT FINANCE AND INSURANCE CORPORATION ACT 1974 No. 122 of 1974 - SECT 32

32. (1) Where, under sub-section 30 (3), the Minister approves the Corporation
entering into a contract of insurance, the Corporation is empowered to enter
into a contract in accordance with the approval and, unless the approval is
revoked, shall not decline to do so.

(2) The Board may, before the Corporation enters into a contract of insurance
in accordance with an approval given under sub-section 30 (3), inform the
Minister, by notice in writing, that the Corporation will bear the whole of
the liability of the Corporation under the contract or such proportion of that
liability as is specified in the notice.

(3) Where a contract of insurance is entered into in accordance with an
approval under sub-section 30 (3), the Minister shall notify the fact in the
Gazette (without reference to the names of the parties to the overseas
investment transaction to which the contract relates), together with
particulars of the nature and extent of the liability under the contract.