Document ID: chunk:federal_register_of_legislation:C2004A04224:clause:1_5
Version: federal_register_of_legislation:C2004A04224
Segment Type: clause
Provision Reference: sch 1 cl 5
Character Range: 5919–7152

5  Functions of Commission assumed by EFIC

 (1) In this section, transferred transaction means:
 (a) a contract entered into, a guarantee given, or a loan made, by the Commission under Part V of the Australian Trade Commission Act 1985 before 1 November 1991; or
 (b) a contract entered into under section 78 or 79 of that Act before 1 November 1991, to the extent that it relates to a function of the Commission under Part V of that Act.

 (2) A transferred transaction has effect, on and after 1 November 1991, as if:
 (a) the Export Finance and Insurance Corporation Act 1991 had been in operation when the transaction was entered into, given or made; and
 (b) the transaction had been entered into, given or made under that Act; and
 (c) anything done in relation to the transaction under the Australian Trade Commission Act 1985 had been done under the Export Finance and Insurance Corporation Act 1991.

 (3) A relevant instrument continues, by force of this subsection, in full force and effect, but, in its operation in relation to acts, transactions, matters or things done, entered into or occurring on or after 1 November 1991, has effect as if a reference in the instrument to the Commission were a reference to EFIC.