Document ID: chunk:federal_register_of_legislation:F2021C00016:body:0:p6
Version: federal_register_of_legislation:F2021C00016
Segment Type: other
Provision Reference: 
Character Range: 13913–16930

agricultural industry issues to manage demand for finance and ensure assistance is reaching eligible farm businesses that are most in need.
    (4) On request, the Corporation will provide advice to responsible Ministers on the application of this instrument to an emerging issue or industry crisis, including how, where appropriate, the Corporation can respond.
    18. Corporate Governance
The Corporation is expected to have regard to principles of best practice in determining its approach to corporate governance principles, including environmental, social and governance issues.
    19. Reputation
The Corporation must not act in a way that is likely to cause damage to the Commonwealth's reputation.

Part 3—Transitional, application and savings provisions
    20 Regional Investment Corporation Operating Mandate Amendment (Drought Loans—Interest‑free Period) Direction 2019—transitional and application provisions
Definitions
    (1) In this section:
amendment means the amendment of Schedule 1 made by the Regional Investment Corporation Operating Mandate Amendment (Drought Loans— Interest‑free Period) Direction 2019.
commencement means the commencement of the Regional Investment Corporation Operating Mandate Amendment (Drought Loans—Interest‑free Period) Direction 2019.
Drought loans offered after commencement
    (2) The amendment applies in relation to a drought loan offered by the Corporation after commencement.
Drought loans offered before commencement but not yet drawn down
    (3) Subject to subsection (5), if a drought loan was offered to a farm business at any time before commencement, but the loan had not been drawn down immediately before commencement:
       (a) the amendment applies in relation to the loan; and
       (b) despite the actual terms and conditions of the offer, the loan is taken to have been offered on the basis of an initial interest‑free period of 2 years, followed by an interest‑only period of 3 years; and
       (c) the Corporation must give a written notice to the farm business stating the effects of this subsection and subsection (5) in relation to the particular circumstances of the loan.

         Note: Paragraph (b) does not affect the terms of the offer as they apply in relation to the period of the loan remaining after the end of the interest‑only period mentioned in that paragraph.

Drought loans drawn down before commencement
    (4) Subject to subsection (5), if a drought loan was drawn down by a farm business at any time before commencement:
       (a) in relation to the 5‑year period starting on the day the loan was drawn down, despite the actual terms and conditions of the loan, the loan is taken to have been made upon the basis of the following terms:
            (i) an interest‑only period starting on the day the loan was drawn down and ending on 31 December 2019;
            (ii) an interest‑free period starting on 1 January 2020 and ending on 31 December 2021;
            (iii) an interest‑only period for the remainder of