Document ID: chunk:federal_register_of_legislation:C2004A02553:body:0:p9
Version: federal_register_of_legislation:C2004A02553
Segment Type: other
Provision Reference: 
Character Range: 21648–24511

this section, 'assessed net commercial risk', in relation to the Corporation, means the maximum financial liability, as assessed by the Board, that the Corporation might be required to discharge in respect of contracts that have been, or are to be, entered into by the Corporation in connection with the performance of its functions.
"(2) The Corporation shall carry on its business so that its assessed net commercial risk does not, at any time, exceed $250,000,000 or, if a higher amount is prescribed, that higher amount.
"(3) The Board shall make an assessment under sub-section (1) of the assessed net commercial risk of the Corporation whenever it considers it necessary to do so for the purpose of ensuring compliance by the Corporation with sub-section (2) and, in any event, whenever it is considering a proposal, being a proposal likely to be approved by the Board, to—
      (a) carry out the whole, or a part, of an overseas development project, whether as principal or agent;
      (b) join with another person or other persons in the formation of an association for the purpose of carrying out the whole, or a part, of an overseas development project; or
      (c) assist, or further assist, an Australian organization to carry out an overseas development project.
"(4) In making any assessment under this section of the maximum financial liability of the Corporation in respect of existing and proposed contracts, the Board shall—
      (a) act in accordance with generally accepted commercial practice; and
      (b) assess the likelihood of the Corporation being required to discharge liabilities under all such contracts and, if it considers that the Corporation is not likely to be required to discharge liabilities under all such contracts, make appropriate allowance accordingly.".

PART VIII—AMENDMENTS OF THE BANKRUPTCY ACT 1966

Principal Act
28. The Bankruptcy Act 19667 is in this Part referred to as the Principal Act.

Bankruptcy courts
29. Section 27 of the Principal Act is amended—
      (a) by omitting paragraph (1) (c) and substituting the following paragraph:
          "(c) the Supreme Court of the State of Victoria;"; and
      (b) by omitting paragraph (1) (e) and substituting the following paragraph:
       "(e) the Supreme Court of the State of South Australia;".

Transitional provisions
30. (1) In this section—
      "former court" means the Court of Insolvency in and for the State of Victoria or the Court of Insolvency of the State of South Australia;
      "commencing day" means the day on which this Part comes into operation.
(2) Where, immediately before the commencing day, proceedings instituted in a former court were uncompleted—
      (a) the proceedings are, by force of this Act, transferred to the Federal Court of Australia on the commencing day;
      (b) the Federal Court of Australia may hear, or