Document ID: chunk:federal_register_of_legislation:C2024C00824:section:3:p1
Version: federal_register_of_legislation:C2024C00824
Segment Type: section
Provision Reference: s 3 (pt 1/4)
Character Range: 6783–9843

3  Interpretation
 (1) In this Act, unless the contrary intention appears:
ADI has the same meaning as in the Banking Act 1959.
Note: ADI is short for authorised deposit‑taking institution.
appointed member means a member, other than the Managing Director of EFIC.
Australian benefit means a benefit that flows (whether directly or indirectly) from overseas to:
 (a) Australia; or
 (b) a person carrying on business or other activities in Australia.
Australia's greenhouse gas emissions reduction targets means:
 (a) if:
 (i) Australia's current nationally determined contribution was communicated in accordance with Article 4 of the Paris Agreement in June 2022; and
 (ii) that nationally determined contribution has not been adjusted in accordance with paragraph 11 of Article 4 of the Paris Agreement;
  the greenhouse gas emissions reduction targets set out in paragraphs 10(1)(a) and (b) of the Climate Change Act 2022; or
 (b) in any other case—the greenhouse gas emissions reduction targets included in:
 (i) Australia's current nationally determined contribution communicated in accordance with Article 4 of the Paris Agreement; or
 (ii) if that nationally determined contribution has been adjusted in accordance with paragraph 11 of Article 4 of the Paris Agreement—that nationally determined contribution, as adjusted and in force from time to time.
Board means the Export Finance and Insurance Corporation Board.
called capital, in relation to EFIC at a particular time, means the total amount paid by the Commonwealth to EFIC under subsection 54(4), less any amounts paid by EFIC to the Commonwealth under subsection 54(6).
Chairperson includes a person acting as Chairperson.
Commonwealth company has the same meaning as in the Public Governance, Performance and Accountability Act 2013.
Commonwealth entity has the same meaning as in the Public Governance, Performance and Accountability Act 2013.
constitutional corporation means a corporation to which paragraph 51(xx) of the Constitution applies.
Deputy Chairperson includes a person acting as Deputy Chairperson.
Deputy Managing Director includes a person acting as Deputy Managing Director.
EFIC means the Export Finance and Insurance Corporation.
EFIC's Commonwealth entities function means the function set out in paragraph 7(1)(dc).
EFIC's national economy function means the function set out in paragraph 7(1)(df).
EFIC's net zero function means the function set out in paragraph 7(1)(dg).
EFIC's Northern Australia economic infrastructure functions means the functions set out in paragraphs 7(1)(da) and (db).
EFIC's overseas infrastructure financing functions means the functions set out in paragraphs 7(1)(dd) and (de).
eligible activity: see section 3B.
export contract means a contract or arrangement:
 (a) for the export of goods produced or manufactured wholly or in part in Australia; or
 (b) for the rendering (whether inside or outside Australia) of a service to a person outside Australia.
Finance Minister means the Minister who administers the Public Governance, Performance