Commonwealth Numbered Acts

EXPORT FINANCE AND INSURANCE CORPORATION ACT 1974 No. 122 of 1974 - SECT 40

40. (1) Subject to this section, where an eligible export transaction has been
entered into, or is proposed to be entered into, the Corporation may, for the
purpose of financing that transaction in whole or in part, lend moneys to such
person or persons as the Board considers appropriate, whether or not that
person is or will be, or those persons are or will be, parties to the
transaction or proposed transaction.

(2) The Corporation shall not lend moneys under sub-section (1) for the
purpose of financing a transaction unless the Board is of opinion that moneys
to finance the transaction will not otherwise be available on reasonable and
suitable terms and conditions.

(3) The regulations may prescribe a rate of interest as the minimum rate of
interest that may be charged by the Corporation on moneys lent by the
Corporation under sub-section (1).

(4) Regulations so made may prescribe different rates of interest for
different classes of loans, and, without limiting the generality of the
foregoing, loans may be classified for the purposes of those regulations by
reference to classes of borrowers or by reference to transactions relating to
trade with particular countries.

(5) The Minister may, if requested by the Board in the case of a particular
transaction and if he thinks it appropriate so to do having regard to special
circumstances applicable in that case, direct, by instrument in writing, that,
in lieu of the rate of interest that is the minimum rate of interest
applicable in that case under the regulations, such lesser rate as is
specified in the instrument shall apply.