Document ID: chunk:federal_register_of_legislation:C2024C00824:section:66:p2
Version: federal_register_of_legislation:C2024C00824
Segment Type: section
Provision Reference: s 66 (pt 2/2)
Character Range: 86511–87724

will bear a proportion of the risk associated with a loan to which this section applies:
 (a) if EFIC would be required by subsection (4) to pay an amount to the Commonwealth in respect of the loan—EFIC may deduct from the amount the proportion of the amount that equals the proportion specified in the notice; and
 (b) the liability of the Commonwealth to EFIC under subsection (6) or (8), as the case may be, in relation to the loan is reduced by the proportion specified in the notice.
 (10) EFIC may deduct from any amount that it is required to pay under subsection (4) a reasonable amount, to be ascertained in such manner as the Finance Minister directs, in respect of the expenses of EFIC in relation to the making of loans to which this section applies.
 (10A) For the purpose of subsection (10), the expenses of EFIC in relation to a loan made in the form of an equity investment include expenses incurred by EFIC in relation to the acquisition, management or sale of its equity interest.
 (11) On the commencement of section 66A, this section ceases to apply to a loan to which that section applies. This does not affect any liability incurred under this section before the commencement of section 66A.