Document ID: chunk:federal_register_of_legislation:C2024C00824:section:29:p1
Version: federal_register_of_legislation:C2024C00824
Segment Type: section
Provision Reference: s 29 (pt 1/2)
Character Range: 51367–53921

29  Ministerial directions regarding entry into national interest contracts etc.
 (1) The Minister may direct that whenever EFIC receives an application for EFIC to enter into a contract of insurance or indemnity included in a specified class of contracts of insurance or indemnity under Part 4, EFIC is to enter into the transaction, whether or not EFIC would, apart from this section, be authorised to enter into the transaction and whether or not EFIC would enter into the transaction in the ordinary course of business.
 (2) The Minister may direct that whenever EFIC receives an application for EFIC to give a guarantee included in a specified class of guarantees under Part 4, EFIC is to give the guarantee, whether or not EFIC would, apart from this section, be authorised to give the guarantee or would give the guarantee in the ordinary course of business.
 (3) The Minister may direct that whenever EFIC receives an application for EFIC to make a loan included in a specified class of loans under Part 4, EFIC is to make the loan, whether or not EFIC would, apart from this section, be authorised to make the loan or to make the loan on the terms and conditions proposed and whether or not EFIC would make the loan, or would make the loan on the terms and conditions proposed, in the ordinary course of business.
 (4) The Minister may only give a direction if he or she considers it is in the national interest that the direction be given.
 (5) A direction may include requirements relating to:
 (a) where the direction relates to a contract of insurance or indemnity (other than a contract of insurance under section 22) or a guarantee—the amount of the premium or fee to be charged by EFIC; or
 (b) where the direction relates to a contract of insurance under section 22:
 (i) the amount of the premium to be charged by EFIC; and
 (ii) the cause of the loss or detriment to which the contract may relate; or
 (c) where the direction relates to a loan under Part 4—the amount of the loan, the rate of interest to be charged (if applicable), other terms and conditions of the loan and security (if any) to be given.
 (6) The Minister must not direct EFIC to enter into a contract of insurance that would have the effect of a person being insured against loss or detriment attributable to circumstances within the control of the person.
 (7) A direction under this section must be in writing.
 (8) EFIC has power to enter into a contract, give a guarantee or make a loan, in accordance with a direction under this section.
 (9) While a direction