Document ID: chunk:federal_register_of_legislation:C2024C00824:section:89
Version: federal_register_of_legislation:C2024C00824
Segment Type: section
Provision Reference: s 89
Character Range: 106257–107368

89  Effectiveness of acts of EFIC
 (1) In this section, transaction entered into by EFIC means:
 (a) a contract entered into by EFIC; or
 (b) a guarantee given by EFIC; or
 (c) a loan made by EFIC.
 (2) The effect of a transaction entered into by EFIC may not be called in question merely because:
 (a) a provision of this Act has been contravened in relation to the transaction; or
 (b) the transaction is not within the limits of EFIC's powers.
 (3) Subsection (1) does not affect the duty of EFIC to comply with this Act and to observe the limits of its powers under this Act.
 (4) In favour of a person dealing in good faith with EFIC:
 (a) a document that purports to bear the imprint of the seal of EFIC and to have been sealed under the authority of the Board is to be taken to have been so sealed with the seal of EFIC; and
 (b) a person held out by EFIC as a person authorised to act on behalf of EFIC is to be taken to have authority to exercise, on behalf of EFIC, the powers usually exercisable by a person of similar status, or a person occupying a similar position, in relation to a corporation.