Document ID: chunk:federal_register_of_legislation:F2023N00171:clause:1_7
Version: federal_register_of_legislation:F2023N00171
Segment Type: clause
Provision Reference: sch 1 cl 7
Character Range: 2929–3864

7  Directions to delegates
 (1) Under subsection 7(2) of the Act, a delegate under section 6 of this instrument is directed to exercise the power in a manner consistent with the following:
 (a) the total face value, in Australian currency, of loans in connection with which guarantees are granted under the Act should not exceed $40 billion; and
 (b) all loans in connection with which a guarantee is granted under the Act are intended to be used only for business purposes.
 (2) Under subsection 7(2) of the Act, a delegate covered by paragraph 6(c) of this instrument is directed to exercise the power only in relation to administering guarantees already granted under the Act.
Example:  An SES employee (other than a Deputy Secretary) may determine whether or not to make a payment in response to a claim made by a participating lender in respect of a guaranteed liability. However, the SES employee may not grant a new guarantee.