Document ID: chunk:federal_register_of_legislation:C2004A04224:clause:1_7
Version: federal_register_of_legislation:C2004A04224
Segment Type: clause
Provision Reference: sch 1 cl 7
Character Range: 9098–10002

7  National interest insurance contracts entered into, and guarantees given, by Commission

 (1) For the purposes of the Export Finance and Insurance Corporation Act 1991, notice given by the Commission under subsection 44 (8) or 48 (9) of the Australian Trade Commission Act 1985, in relation to a contract or guarantee, has the same effect on and after 1 November 1991 as if:
 (a) the Export Finance and Insurance Corporation Act 1991 had been in force when the notice was given; and
 (b) the notice had been given by EFIC under subsection 64 (1) of that Act.

 (2) In spite of the repeal of section 84 of the Australian Trade Commission Act 1985 by this Act, liabilities of the Commonwealth to the Commission existing under that section immediately before the commencement of this Act become, on the commencement of this Act and by force of this subsection, liabilities of the Commonwealth to EFIC.