Document ID: chunk:federal_register_of_legislation:C2004A04224:clause:1_8
Version: federal_register_of_legislation:C2004A04224
Segment Type: clause
Provision Reference: sch 1 cl 8
Character Range: 10002–11000

8  National interest loans entered into by Commission

 (1) For the purposes of the Export Finance and Insurance Corporation Act 1991, notice given by the Commission under subsection 50 (10) of the Australian Trade Commission Act 1985, in relation to a loan, 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 (2) of that Act; and
 (c) the proportion specified in the notice as a proportion of the money to be lent were specified as a proportion of the risk associated with the loan.

 (2) In spite of the repeal of section 85 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.