Document ID: chunk:federal_register_of_legislation:C2017A00100:clause:1_6a
Version: federal_register_of_legislation:C2017A00100
Segment Type: clause
Provision Reference: sch 1 cl 6A
Character Range: 4472–5761

6A  At the end of section 16
Add:
 (3) However, EFIC must not make a guarantee or enter into a contract under this section in relation to a loan or a proposed loan that is to be used for the dominant purpose of direct investment outside Australia unless the requirements in subsection (4) are satisfied.
 (4) For the purposes of subsection (3), the requirements are the following:
 (a) the person who carries on the business must certify, by writing given to EFIC, that the person reasonably believes that the loan will result in a net increase in the number of people employed in Australia by the business, or a related party of the business, during the term of the loan;
 (b) at the completion of the loan, the person carrying on the business must certify to EFIC whether the loan has resulted in a net increase in the number of people employed in Australia by the business, or a related party of the business;
 (c) if the business is a large business—the person who carries on the business must certify, by writing given to EFIC, that the loan will not be used to move the whole or a substantial part of the business, or of a related party of the business, overseas; and
 (d) EFIC must ensure that it publicly discloses copies of the certification it receives under subsection (4)(b).