Document ID: chunk:federal_register_of_legislation:C2024C00824:section:3c
Version: federal_register_of_legislation:C2024C00824
Segment Type: section
Provision Reference: s 3C
Character Range: 18161–19177

3C  Terms and conditions of insurance, financial services or products for certain activities carried out by constitutional corporations
 (1) This section applies if EFIC enters into a contract of insurance, or provides a financial service or product, in relation to one or more activities carried out by a constitutional corporation that are not eligible activities under one or more of paragraphs 3B(a) to (l).
 (2) The terms and conditions on which the contract is entered into, or the financial service or product is provided, must be set out in a written agreement between EFIC and the constitutional corporation.
 (3) The constitutional corporation must comply with the terms and conditions.
 (4) Without limiting subsection (2), the terms and conditions must provide for the circumstances in which the constitutional corporation must repay amounts to EFIC.
 (5) An amount payable to EFIC under the agreement:
 (a) is a debt due to EFIC; and
 (b) may be recovered by EFIC in a court of competent jurisdiction.