Commonwealth Numbered Acts

EXPORT FINANCE AND INSURANCE CORPORATION AMENDMENT ACT 1976 No. 102 of 1976 - SECT 10

10. (1) Notwithstanding the amendments of the Principal Act made by this Act,
the Principal Act shall continue to apply, on and after the date of
commencement of this Act, to and in relation to an application made to the
Export Finance and Insurance Corporation under section 29 of the Principal
Act-

   (a)  if the application had not been referred to the Minister before that
        date; or

   (b)  if, before that date, the application had been so referred to the
        Minister but-

        (i)    the Minister had not approved, and had not refused to approve,
               the entry by the Corporation into a contract of insurance in
               respect of the matter the subject of the application; or

        (ii)   although the Minister had approved the entry by the Corporation
               into a contract of insurance in respect of the matter the
               subject of the application, the Corporation had not entered
               into that contract of insurance.

(2) The Principal Act shall be deemed to have applied before the date of
commencement of this Act, and shall continue to apply on and after that date
notwithstanding the amendments of the Principal Act made by this Act, to and
in relation to an application that was referred under section 16F of the
Export Payments Insurance Corporation Act 1956-1973 to the Minister
administering the last-mentioned Act (being an application in respect of which
that Minister did not, before the commencement of the Principal Act, approve,
or refuse to approve, the entry by the Export Payments Insurance Corporation
into a contract of insurance of the kind referred to in the application) as if
the application-

   (a)  had been made under section 29 of the Principal Act to the Export
        Finance and Insurance Corporation after the commencement of the
        Principal Act;

   (b)  had been referred under section 30 of the Principal Act to the
        Minister administering the Principal Act; and

   (c)  related to a transaction entered upon on 22 January 1974.

(3) Where, before the commencement of the Principal Act, the Minister
administering the Export Payments Insurance Corporation Act 1956-1973 had
approved, under sub-section 16F (3) of that Act, the entry by the Export
Payments Insurance Corporation into a contract of insurance insuring a person
against monetary loss or other monetary detriment resulting from a particular
cause of loss in respect of a particular overseas investment transaction, a
contract of insurance entered into by the Export Finance and Insurance
Corporation insuring that person against monetary loss or other monetary
detriment resulting from that cause of loss in respect of that transaction
shall be deemed to be, and to have been, as valid and effectual as it would be
and would have been if, before the contract was entered into, the Minister
administering the Principal Act had duly given his approval under sub-section
30 (3) of the Principal Act for the entry by the Export Finance and Insurance
Corporation into a contract of such a kind with that person in respect of that
transaction.
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