Commonwealth Numbered Acts

EXPORT FINANCE AND INSURANCE CORPORATION ACT 1974 No. 122 of 1974 - SECT 41

41. (1) Subject to sub-section (2), where-

   (a)  an application is made to the Corporation for the Corporation to lend
        moneys for the purpose of financing, in whole or in part, an
        eligible export transaction;

   (b)  the Corporation is not authorized to make the loan, or is not
        authorized to make the loan on the terms and conditions that are
        proposed, or the Corporation would not make the loan, or would not
        make the loan on those proposed terms and conditions, in the ordinary
        course of business, the Board may refer the application to the
        Minister for consideration under sub-section (3).

(2) The Minister may give directions to the Board with respect to the
circumstances or cases in which applications are, or are not, to be referred
to him under sub-section (1), and the Board shall comply with any such
direction.

(3) Where, in relation to an application referred to the Minister under
sub-section (1), the Minister is of opinion that it is in the national
interest that the Corporation should make a loan in respect of the transaction
the subject of the application, the Minister may, by writing under his hand,
approve the making of such a loan by the Corporation.

(4) An approval under sub-section (3) may contain conditions or directions in
relation to the proposed loan and the terms and conditions of the loan
(including conditions or directions with respect to the amount of the loan,
the rate of interest to be charged, and the security, if any, to be given).

(5) Where an approval is given under sub-section (3), the Corporation is
empowered, notwithstanding anything in section 39 or regulations made for the
purposes of sub-section 40 (3) to make a loan in accordance with the approval
and, unless the approval is revoked, shall not decline to do so.

(6) The Board may, before the Corporation makes a loan in accordance with an
approval given under sub-section (3), inform the Minister, by notice in
writing, that the Board proposes that the Corporation will provide such
proportion of the moneys to be lent as is specified in the notice.

(7) Where the Corporation makes a loan in accordance with an approval under
sub-section (3), the Minister shall notify the fact in the Gazette, together
with particulars of the amount of the loan and the interest rate to be charged
on the moneys lent.