Document ID: chunk:federal_register_of_legislation:C2017A00100:clause:1_6b
Version: federal_register_of_legislation:C2017A00100
Segment Type: clause
Provision Reference: sch 1 cl 6B
Character Range: 5761–7042

6B  At the end of section 23
Add:
 (3) However, EFIC must not lend money under this section for the purpose of financing a transaction whose dominant purpose is direct investment outside Australia by a person carrying on business in Australia unless the requirements in subsection (4) are satisfied.
 (4) For the purposes of subsection (3), the requirements are the following:
 (a) a person to whom the money is lent must certify, by writing given to EFIC, that the person reasonably believes that the loan will result in a net increase in the number of people employed in Australia by the business, or a related party of the business, during the term of the loan;
 (b) at the completion of the loan, the person carrying on the business must certify to EFIC whether the loan has resulted in a net increase in the number of people employed in Australia by the business, or a related party of the business;
 (c) if the business is a large business—the person who carries on the business must certify, by writing given to EFIC, that the loan will not be used to move the whole or a substantial part of the business, or of a related party of the business, overseas; and
 (d) EFIC must ensure that it publicly discloses copies of the certification it receives under subsection (4)(b).