The Export Finance and Insurance Corporation (Transitional Provisions and Consequential Amendments) Act 1991 (Cth) is the statutory mechanism that severed the export finance and insurance functions from the Australian Trade Commission (commonly known as Austrade) and vested them in the newly reconstituted Export Finance and Insurance Corporation (EFIC). Enacted on 21 October 1991 and commencing on 1 November 1991, the Act represents a fundamental structural reorganization of Australia's state-backed export credit and trade insurance apparatus. Mechanically, the Act functions as a transitional bridge, transferring commercial assets, liabilities, contracts, and personnel from the Commission to EFIC, while simultaneously purging the Australian Trade Commission Act 1985 of its finance and insurance powers.

The Act does not merely alter administrative reporting lines. It operates by statutory force to substitute EFIC as the contracting party in all pre-existing export finance, guarantee, and insurance arrangements entered into by the Commission. Under section 5, any contract, loan, or guarantee executed by the Commission under Part V of the Australian Trade Commission Act 1985 is legally deemed to have been made by EFIC under its own newly enacted 1991 legislation. This statutory fiction ensures absolute continuity for commercial counterparties, avoiding the need for individual contract renegotiations or novation agreements, which would otherwise be required at common law.

Beyond contract substitution, the Act establishes a comprehensive framework for the reallocation of public resources. It empowers the Minister to declare that specified assets and liabilities of the Commission are vested directly in EFIC, bypassing traditional transfer procedures and exempting all such transactions from federal, state, and territory stamp duties and taxes. Simultaneously, the Act reconfigures the governance of the remaining Australian Trade Commission. It slashes the Commission's board size, strips its top executives of fixed-term statutory tenure, and places their employment at the absolute pleasure of the reconstituted board. Through its schedule of consequential amendments, the Act isolates EFIC's core commercial operations from standard administrative accountability mechanisms, specifically exempting them from the disclosure requirements of the and the statement-of-reasons provisions of the .

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Export Finance and Insurance Corporation (Transitional Provisions and Consequential Amendments) Act 1991

No. 149, 1991

An Act to enact certain transitional provisions, to make certain amendments in consequence of the enactment of the Export Finance and Insurance Corporation Act 1991, and for related purposes

Contents

Part 1—Preliminary

1 Short title

2 Commencement

3 Expressions defined in the Export Finance and Insurance Corporation Act 1991

4 Interpretation

Part 2—Savings and transitional provisions concerning functions of Commission assumed by EFIC

5 Functions of Commission assumed by EFIC

6 Saving of applications made to, and declarations concerning business of, Commission

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

8 National interest loans entered into by Commission

9 Final report in relation to Export Finance and Insurance Fund

Part 3—Staff

10 Minister may make declarations

11 Terms and conditions applicable to persons taken to be employed by EFIC

12 Persons previously engaged for specified terms

13 Retention of recreation and sick leave credits etc.

14 Leave of absence taken to have been granted

15 Probation

16 Deductions from salary

Part 4—Assets and liabilities

17 Transfer of certain assets to EFIC

18 Certificates in relation to land and interests in land

19 Transfer of capital to EFIC

20 Assumption of certain liabilities by EFIC

21 Certificates with respect to assets, liabilities and instruments

22 Exemption from taxation

Part 5—Amendments of the Australian Trade Commission Act 1985

23 Principal Act [see Note 2]

24 Interpretation

25 Functions of Commission

26 Membership of Board

27 Remuneration and allowances of appointed members

28 Acting Chairperson and acting Deputy Chairperson

29 Acting member

30 Termination of appointment of appointed members

31 Sections 31 and 32 of the Principal Act are repealed.

32 Part V of the Principal Act is repealed.

33 Sections 51 and 52 of the Principal Act are repealed and the following sections are substituted:

34 Remuneration and allowances

35 Acting Managing Director and acting Deputy Managing Director

36 Resignation

38 Commission to develop corporate plans

39 Section 70 of the Principal Act is repealed.

40 Money of the Commission

41 Application of money of Commission

42 Sections 73, 74 and 75 of the Principal Act are repealed.

43 Commission may give security

44 Sections 84, 85, 86 and 87 of the Principal Act are repealed.

45 Delegations by Minister and Managing Director

46 Secrecy

47 Regulations

48 Transitional provision—existing Managing Director

49 Transitional provision—existing Deputy Managing Director

Part 6—Amendments of other Acts

50 Amendments of other Acts

Schedule 1—Amendments of other Acts

Administrative Decisions (Judicial Review) Act 1977

Freedom of Information Act 1982

Insurance Act 1973

Insurance (Agents and Brokers) Act 1984

Insurance Contracts Act 1984

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Export Finance and Insurance Corporation (Transitional Provisions and Consequential Amendments) Act 1991

No. 149, 1991

An Act to enact certain transitional provisions, to make certain amendments in consequence of the enactment of the Export Finance and Insurance Corporation Act 1991, and for related purposes

[Assented to 21 October 1991]

The Parliament of Australia enacts:

Part 1—Preliminary

1 Short title

This Act may be cited as the Export Finance and Insurance Corporation (Transitional Provisions and Consequential Amendments) Act 1991.

2 Commencement

This Act commences on 1 November 1991.

3 Expressions defined in the Export Finance and Insurance Corporation Act 1991

Except where otherwise provided, expressions used in this Act have the same meaning as they have for the purposes of the Export Finance and Insurance Corporation Act 1991.

4 Interpretation

In this Act, unless the contrary intention appears:

assets means property of every kind and, without limiting the generality of the foregoing, includes:

(a) choses in action; and

(b) rights, interests and claims of every kind in or to property, whether arising under or because of an instrument or otherwise, and whether liquidated or unliquidated, certain or contingent, accrued or accruing.

authorised officer means:

(a) the Minister; or

(b) the Managing Director, or Deputy Managing Director, of EFIC; or

Commission means the Australian Trade Commission.

employee of the Commission means a person employed under section 60 of the Australian Trade Commission Act 1985.

instrument includes a contract, guarantee or agreement (whether express or implied and whether made or given orally or in writing), bond, authority, order, power of attorney, mortgage, transfer, conveyance or other assurance, charge, lien, bill of lading, bill of exchange, letter of credit or security.

liabilities means liabilities of every kind and, without limiting the generality of the foregoing, includes obligations of every kind, whether arising under or because of an instrument or otherwise, and whether liquidated or unliquidated, certain or contingent, accrued or accruing.

relevant instrument means an instrument which relates to a function of the Commission under Part V of the Australian Trade Commission Act 1985 as in force immediately before the commencement of this Act and:

(a) to which the Commission is a party; or

(b) which was given to or in favour of the Commission; or

(d) under which money is or may become payable, or any other property is to be, or may become liable to be, transferred, conveyed or assigned, to or by the Commission;

being an instrument subsisting immediately before the commencement of this Act.

Part 2—Savings and transitional provisions concerning functions of Commission assumed by EFIC

5 Functions of Commission assumed by EFIC

(1) In this section, transferred transaction means:

(a) a contract entered into, a guarantee given, or a loan made, by the Commission under Part V of the Australian Trade Commission Act 1985 before 1 November 1991; or

(b) a contract entered into under section 78 or 79 of that Act before 1 November 1991, to the extent that it relates to a function of the Commission under Part V of that Act.

(2) A transferred transaction has effect, on and after 1 November 1991, as if:

(a) the Export Finance and Insurance Corporation Act 1991 had been in operation when the transaction was entered into, given or made; and

(b) the transaction had been entered into, given or made under that Act; and

(c) anything done in relation to the transaction under the Australian Trade Commission Act 1985 had been done under the Export Finance and Insurance Corporation Act 1991.

(3) A relevant instrument continues, by force of this subsection, in full force and effect, but, in its operation in relation to acts, transactions, matters or things done, entered into or occurring on or after 1 November 1991, has effect as if a reference in the instrument to the Commission were a reference to EFIC.

6 Saving of applications made to, and declarations concerning business of, Commission

(1) Where applications for contracts of insurance, contracts of indemnity, guarantees or loans under Part V of the Australian Trade Commission Act 1985 have been received by the Commission before the commencement of this Act but have not been finally dealt with by the Commission before that commencement, those applications:

(a) are taken, for the purposes of this Act and of the Export Finance and Insurance Corporation Act 1991, to have been received by EFIC on 1 November 1991; and

(b) are to be dealt with by EFIC under the relevant provisions of the Export Finance and Insurance Corporation Act 1991; and

(c) in the case of such of those applications (if any) as the Commission had not, before 1 November 1991 commenced to deal with—are to be dealt with, so far as practicable, in the order in which they were received by the Commission.

(2) A declaration by the Board of the Commission under section 45 of the Australian Trade Commission Act 1985 specifying a cause of loss as an approved cause of loss for the purposes of Division 3 of Part V of that Act, being a declaration that was in force immediately before 1 November 1991, is, on and after that day, to be treated as if it were a declaration made by EFIC to the same effect under section 21 of the Export Finance and Insurance Corporation Act 1991.

(3) A declaration by the Minister under subsection 33 (3) of the Australian Trade Commission Act 1985 to the effect that specified goods, or goods included in a specified class of goods, are capital goods for the purposes of subsection 33 (2) of that Act, being a declaration that was in force immediately before 1 November 1991, is, on and after that day, to be treated as if it were a declaration made by the Minister to the same effect for the purposes of subsection 3 (3) of the Export Finance and Insurance Corporation Act 1991.

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.

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.

9 Final report in relation to Export Finance and Insurance Fund

(1) The Board must, as soon as practicable after 1 November 1991, give the Minister:

(a) a written report of the operations of the Export Finance and Insurance Fund during the period that commenced on 1 July 1991 and ended immediately before 1 November 1991; and

(b) financial statements in respect of that period prepared under section 63H of the Audit Act 1901 (as that section applies to the Commission because of subsection 89 (1) of the Australian Trade Commission Act 1985).

(2) Section 92 of the Australian Trade Commission Act 1985 applies, in respect of the report and financial statements, as if:

(a) section 73 of the Australian Trade Commission Act 1985 had not been repealed; and

(b) the period to which that report and those financial statements relate were a year that ended on 30 June.

(3) In this section:

Board means the Australian Trade Commission Board.

Export Finance and Insurance Fund means the Export Finance and Insurance Fund established by section 73 of the Australian Trade Commission Act 1985.

Part 3—Staff

10 Minister may make declarations

(1) The Minister may, from time to time, by declaration published in the Gazette, declare that, with effect from a day mentioned in the declaration, being 1 November 1991 or a later day (in this Part called the transfer day), a specified class of employees of the Commission are employed by EFIC.

(2) A person included in a class of employees of the Commission specified in a declaration under subsection (1) is, on and after the transfer day in relation to the person, taken, by force of this subsection, to be employed by EFIC under section 90 of the Export Finance and Insurance Corporation Act 1991.

(3) Without limiting, by implication, the manner in which a class of employees of the Commission may be described for the purposes of subsection (1), that class may be described by reference to the functions that persons included in that class performed in carrying out their duties immediately before the day that is the transfer day for that class of persons.

11 Terms and conditions applicable to persons taken to be employed by EFIC

The terms and conditions of employment of a person who is taken, under section 10, to be employed by EFIC, are, until EFIC determines otherwise, the terms and conditions of employment that applied to the person immediately before the transfer day in relation to the person.

12 Persons previously engaged for specified terms

(1) Subject to subsection (2), a person who:

(a) is taken to be employed by EFIC under section 10; and

(b) immediately before the transfer day in relation to the person, was employed for a specified term as an employee of the Commission;

is taken to be employed by EFIC for the balance of that term.

(2) Subsection (1) does not limit the generality of:

(a) section 90 of the Export Finance and Insurance Corporation Act 1991; or

(b) section 11 of this Act;

in relation to the determination of the terms and conditions of employment applicable to persons who are taken, under section 10 of this Act, to be employed by EFIC.

13 Retention of recreation and sick leave credits etc.

Where a person was, immediately before the transfer day in relation to that person, an employee of the Commission:

(a) the person retains the rights (if any) in respect of:

(i) recreation leave; and

(ii) leave on the ground of illness;

that had accrued to that person immediately before the transfer day; and

(b) the period of service of that person with the Commission, being service that was recognised by the Commission as service for the purposes of determining leave and other entitlements, counts, for the purposes of EFIC determining those entitlements, as if it were service as an employee of EFIC.

14 Leave of absence taken to have been granted

(1) Where a person who is taken to be employed by EFIC under section 10 was granted leave of absence for a period commencing on or before the transfer day in relation to the person and ending on or after that day, the person is taken to have been granted leave of absence by EFIC in accordance with the terms and conditions of the person’s employment with EFIC in so far as they relate to leave of absence or in accordance with the Long Service Leave (Commonwealth Employees) Act 1976 or the Maternity Leave (Commonwealth Employees) Act 1973, as the case requires.

(2) The leave is to be taken to be:

(a) for a period commencing on the transfer day in relation to the person and ending at the end of the period mentioned in subsection (1); and

(b) to be for the purpose for which the person had been granted leave of absence by the Commission.

(3) Any salary or allowances paid in respect of the part of the leave after the transfer day are to be taken to have been paid by EFIC.

15 Probation

(1) Subject to subsection (2), a person who is taken to be employed by EFIC under section 10 is not taken to be employed on probation.

(2) Where a person who, with effect on a particular day, is taken to be employed by EFIC under section 10 had been, before that day appointed on probation as an employee of the Commission and that person’s appointment or engagement had not been confirmed before that day:

(a) that person is taken to be employed by EFIC on probation; and

(b) any decision made before that day under the terms and conditions of that person’s employment under the Australian Trade Commission Act 1985 that the period of probation of that person be extended has effect, on and after that day, as if it were a decision made under and in accordance with the terms and conditions of that person’s employment with EFIC; and

(c) for the purpose of the application to that person of the terms and conditions of that person’s employment with EFIC in so far as they relate to service on probation, that person’s service on probation as a member of the staff of the Commission counts as if it were service as an employee of EFIC.

16 Deductions from salary

An authority given by a person who is taken, under section 10 of this Act, to be employed by EFIC with effect from a particular day for:

(a) the deduction of an amount from each payment of that person’s salary; and

(b) the payment, on behalf of that person, of each amount so deducted to a specified body or person;

being an authority in force immediately before that day, continues in force on and after that day, until cancelled by that person, as an authority for EFIC:

(d) to pay, on behalf of that person, each amount so deducted to the person or body specified in the authority.

Part 4—Assets and liabilities

17 Transfer of certain assets to EFIC

(1) The Minister may declare, in writing, that specified assets of the Commission are, on and from the date specified in the instrument, transferred to EFIC.

(2) On the date specified in the instrument, assets specified in a declaration under subsection (1) are, by force of this section, vested in EFIC.

(3) Subsection (1) does not prevent the Commission from transferring an asset to EFIC otherwise than under that subsection.

(4) Where, immediately before the transfer:

(a) a right, liability or obligation of any other person in favour of the Commission existed in respect of the asset; or

(b) a debt, liability or obligation of the Commission existed in respect of the asset;

then, by force of this section:

(c) the right, liability or obligation of the other person becomes a right, liability or obligation in favour of EFIC; and

(d) the debt, liability or obligation of the Commission becomes a debt, liability or obligation of EFIC.

18 Certificates in relation to land and interests in land

(1) In this section:

interest includes any estate, right or title, whether legal or equitable.

land includes buildings and fixed structures.

(2) Where:

(a) under section 17, land or an interest in land becomes vested in EFIC; and

(b) a certificate that:

(i) is signed by an authorised officer; and

(ii) identifies the land or interest, whether by reference to a map or otherwise; and

(iii) sets out particulars of a declaration under section 17 relating to the land or interest;

is lodged with the Registrar‑General, Registrar of Titles or other proper officer of the State or Territory in which the land is situated;

the officer with whom the certificate is lodged may:

(c) deal with, and give effect to, the certificate as if it were a grant, conveyance, memorandum or instrument of transfer of the land or of the interest in land, as the case may be, to EFIC that had been properly executed under the law of the State or Territory; and

(d) make such entries in the records kept by the officer as are necessary having regard to the effect of section 17.

19 Transfer of capital to EFIC

There is payable to EFIC, as capital, out of the assets of the Commission, such amount as the Minister determines in writing.

20 Assumption of certain liabilities by EFIC

The Minister may, in writing, declare that liabilities, or classes of liabilities, of the Commission specified in the instrument cease, on a day specified in the instrument, to be liabilities of the Commission and on that day become, by force of this section, liabilities of EFIC as if they had been incurred by EFIC under the Export Finance and Insurance Corporation Act 1991.

21 Certificates with respect to assets, liabilities and instruments

(1) An authorised officer may, in writing, certify:

(a) that an asset specified or described in the certificate is an asset referred to in a declaration under section 17; or

(b) that a liability specified or described in the certificate is a liability referred to in a declaration under section 20; or

(2) In all courts and for all purposes:

(a) an asset specified or described in a certificate under subsection (1) as an asset referred to in a declaration under section 17 is to be taken to be such an asset; and

(b) a liability specified or described in a certificate under subsection (1) as a liability referred to in a declaration under section 20 is to be taken to be such a liability; and

(c) an instrument specified or described in a certificate as a relevant instrument is to be taken to be such an instrument.

(3) A document that purports to be a certificate under subsection (1) is to be taken to be such a certificate in the absence of evidence to the contrary.

22 Exemption from taxation

A document that an authorised officer certifies to have come into existence because of, or for a purpose connected with or arising out of, the operation of this Act, is not liable to stamp duty or other duty or tax under a law of the Commonwealth, of a State or of a Territory.

Part 5—Amendments of the Australian Trade Commission Act 1985

23 Principal Act [see Note 2]

In this Part, Principal Act means the Australian Trade Commission Act 1985.

24 Interpretation

Section 3 of the Principal Act is amended:

(a) by adding “and the Managing Director of EFIC” at the end of the definition of appointed member of the Board or appointed member in subsection (1);

(b) by inserting in subsection (1) the following definition:

EFIC means the Export Finance and Insurance Corporation;”;

(c) by omitting from subsection (1) the definitions of contract of indemnity, guarantee, Insurance Corporation and Projects Corporation;

(d) by adding “and” at the end of paragraphs (2) (a) and (b);

(e) by omitting paragraph (2) (c).

25 Functions of Commission

Section 8 of the Principal Act is amended by omitting subparagraph (a) (vii).

26 Membership of Board

Section 12 of the Principal Act is amended:

(a) by inserting after paragraph (1) (c) the following paragraph:

“(ca) the Managing Director of EFIC;”;

(b) by omitting from paragraph (1) (e) “5” and substituting “4”;

(d) by inserting after subsection (1A) the following subsection:

“(1B) The Managing Director, and the Deputy Managing Director, of EFIC may not be appointed as Chairperson or Deputy Chairperson.”;

(e) by inserting in subsection (2) “and the Managing Director of EFIC” after “Managing Director”;

(f) by omitting from subsection (4) “7” and substituting “5”;

(g) by omitting from subsection (10) “5” and substituting “4”.

27 Remuneration and allowances of appointed members

Section 15 of the Principal Act is amended by omitting “Remuneration Tribunals Act 1973” and substituting “Remuneration Tribunal Act 1973”.

28 Acting Chairperson and acting Deputy Chairperson

Section 16 of the Principal Act is amended:

(a) by inserting in subsection (1) “(other than the Managing Director, or the Deputy Managing Director, of EFIC)” after “person” (first occurring);

(b) by inserting in subsection (2) “(other than the Managing Director, or the Deputy Managing Director, of EFIC)” after “person” (first occurring).

29 Acting member

Section 17 of the Principal Act is amended:

(a) by inserting in paragraph (3) (a) “and the Deputy Managing Director of EFIC” after “Deputy Managing Director”;

(b) by omitting from subsection (8) “or the Managing Director” and substituting “, the Managing Director or the Managing Director of EFIC”.

30 Termination of appointment of appointed members

Section 20 of the Principal Act is amended by adding at the end the following subsections:

“(3) The Minister may terminate the appointment of an appointed member if:

(a) the Board has resolved that the appointment of the member be terminated; and

(b) the resolution was passed at a meeting of the Board convened for the purpose of considering a motion that the appointment of the member be terminated; and

(c) the resolution was passed by not less than a two‑thirds majority of the members present, excluding the member to whom the resolution relates.

“(4) The Minister may terminate the appointment of an appointed member if the Minister is satisfied:

(a) that it is not in the best interests of the Commission that the member continue in office; or

(b) that the performance of an appointed member has been unsatisfactory for a significant period.”.

31 Sections 31 and 32 of the Principal Act are repealed.

32 Part V of the Principal Act is repealed.

33 Sections 51 and 52 of the Principal Act are repealed and the following sections are substituted:

51 Appointment of Managing Director and Deputy Managing Director

“(1) There is to be a Managing Director of the Commission.

“(2) The Managing Director is to be appointed by the Minister after the Minister has received a recommendation from the Board.

“(3) The Minister may appoint a Deputy Managing Director after the Minister has received a recommendation from the Board.

“(4) The Minister must not appoint as Managing Director or Deputy Managing Director a person who has reached 65 years of age.

“(5) The Managing Director and Deputy Managing Director hold office on such terms and conditions (if any) in respect of matters not provided for by this Act as are determined by the Board.

“(6) An appointment under this section is not ineffective merely because of a defect or irregularity in relation to the appointment.

52 Appointments to be full‑time and at Board’s pleasure

“The Managing Director and Deputy Managing Director hold office:

(a) on a full‑time basis; and

(b) at the pleasure of the Board.”.

34 Remuneration and allowances

Section 54 of the Principal Act is amended by omitting from subsection (3) “Remuneration Tribunals Act 1973” and substituting “Remuneration Tribunal Act 1973”.

35 Acting Managing Director and acting Deputy Managing Director

Section 56 of the Principal Act is amended:

(a) by omitting from subsection (2) “Minister” and substituting “Board”;

(b) by omitting from subsection (4) “Minister” and substituting “Board”;

(d) by omitting subsection (6) and substituting the following subsection:

“(6) The appointment of a person to act as Managing Director or Deputy Managing Director ceases to have effect if the person resigns by giving the Chairperson a signed notice of resignation.”.

36 Resignation

Section 58 of the Principal Act is amended by omitting “Minister” and substituting “Chairperson”.

37

Section 59 of the Principal Act is repealed.

38 Commission to develop corporate plans

Section 64 of the Principal Act is amended by omitting from subsection (1) “policies and”.

39 Section 70 of the Principal Act is repealed.

40 Money of the Commission

Section 71 of the Principal Act is amended by omitting subsection (1) and substituting the following subsection:

“(1) There are to be available to the Commission such amounts as are, from time to time, appropriated by the Parliament for the purposes of the Commission, including, but without limiting the generality of the foregoing, amounts for the purpose of making payments of grants under the Export Market Development Grants Act 1974.”.

41 Application of money of Commission

Section 72 of the Principal Act is amended:

(a) by omitting “, other than the money standing to the credit of the Fund,”;

(b) by omitting from paragraph (a) “, not being liabilities required to be paid from the Fund”;

(d) by omitting paragraphs (ca) and (d).

42 Sections 73, 74 and 75 of the Principal Act are repealed.

43 Commission may give security

Section 80 of the Principal Act is amended:

(a) by omitting from subsection (1) “Subject to subsection (2), the” and substituting “The”;

(b) by omitting subsection (2).

44 Sections 84, 85, 86 and 87 of the Principal Act are repealed.

45 Delegations by Minister and Managing Director

Section 90 of the Principal Act is amended by omitting from paragraph (1)(a) “44, 48, 50,”.

46 Secrecy

Section 94 of the Principal Act is amended by omitting paragraph (4) (a).

47 Regulations

Section 97 of the Principal Act is amended by omitting paragraph (c).

48 Transitional provision—existing Managing Director

(1) The person who, immediately before the commencement of this Part, held office as the Managing Director of the Commission continues to hold that office.

(2) Sections 51, 52, 56, 58 and 59 of the Principal Act as in force immediately before the commencement of this Part continue to apply in relation to the person.

(3) Sections 51, 52, 56, 58 and 59 of the Principal Act as amended by this Act do not apply in relation to the person.

(4) Subsections (2) and (3) cease to have effect when the office of Managing Director next becomes vacant.

49 Transitional provision—existing Deputy Managing Director

(1) The person who, immediately before the commencement of this Part, held office as the Deputy Managing Director of the Commission continues to hold that office.

(2) Sections 51, 52, 56, 58 and 59 of the Principal Act as in force immediately before the commencement of this Part continue to apply in relation to the person.

(3) Sections 51, 52, 56, 58 and 59 of the Principal Act as amended by this Act do not apply in relation to the person.

(4) Subsections (2) and (3) cease to have effect when the office of Deputy Managing Director next becomes vacant.

Part 6—Amendments of other Acts

50 Amendments of other Acts

(1) The Acts specified in the Schedule are amended as set out in that Schedule.

(2) The reference in subsection 9 (1) of the Insurance Contracts Act 1984, as that subsection is amended by this Act, to contracts and proposed contracts of insurance entered into, or proposed to be entered into, by EFIC includes a reference to contracts of insurance that were entered into by the Commission under Part V of the Australian Trade Commission Act 1985 as in force before the commencement of this Act.

Schedule 1—Amendments of other Acts

Section 50

Administrative Decisions (Judicial Review) Act 1977

Schedule 2:

Add at the end:

“(zb) decisions relating to the activities of the Export Finance and Insurance Corporation under Part 4 or 5 of the Export Finance and Insurance Corporation Act 1991.”.

Freedom of Information Act 1982

Schedule 2 (Part II):

(a) Omit the item relating to the Australian Trade Commission, substitute:

“ ‘Australian Trade Commission’, in relation to documents concerning the carrying out, in whole or in part, of overseas development projects”;

(b) After the item relating to the Department of the Treasury, insert:

“Export Finance and Insurance Corporation, in relation to documents concerning anything done by it under Part 4 or 5 of the Export Finance and Insurance Corporation Act 1991”.

Insurance Act 1973

Paragraph 5(2)(c):

Omit the paragraph, substitute:

“(c) the Export Finance and Insurance Corporation established by the Export Finance and Insurance Corporation Act 1991;”.

Insurance (Agents and Brokers) Act 1984

Section 7:

Add at the end:

“; or (c) of insurance entered into, or proposed to be entered into, by the Export Finance and Insurance Corporation under the Export Finance and Insurance Corporation Act 1991.”.

Insurance Contracts Act 1984

Paragraph 9(1)(c):

Omit “Australian Trade Commission”, substitute “Export Finance and Insurance Corporation”.

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Export Finance and Insurance Corporation (Transitional Provisions and Consequential Amendments) Act 1991

No. 149, 1991

An Act to enact certain transitional provisions, to make certain amendments in consequence of the enactment of the Export Finance and Insurance Corporation Act 1991, and for related purposes

Contents

Part 1—Preliminary

1 Short title

2 Commencement

3 Expressions defined in the Export Finance and Insurance Corporation Act 1991

4 Interpretation

Part 2—Savings and transitional provisions concerning functions of Commission assumed by EFIC

5 Functions of Commission assumed by EFIC

6 Saving of applications made to, and declarations concerning business of, Commission

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

8 National interest loans entered into by Commission

9 Final report in relation to Export Finance and Insurance Fund

Part 3—Staff

10 Minister may make declarations

11 Terms and conditions applicable to persons taken to be employed by EFIC

12 Persons previously engaged for specified terms

13 Retention of recreation and sick leave credits etc.

14 Leave of absence taken to have been granted

15 Probation

16 Deductions from salary

Part 4—Assets and liabilities

17 Transfer of certain assets to EFIC

18 Certificates in relation to land and interests in land

19 Transfer of capital to EFIC

20 Assumption of certain liabilities by EFIC

21 Certificates with respect to assets, liabilities and instruments

22 Exemption from taxation

Part 5—Amendments of the Australian Trade Commission Act 1985

To understand the operation of the Act, one must grasp several core legal and structural concepts that define how rights and obligations were preserved and reassigned during the 1991 transition.

Transferred Transactions and Relevant Instruments

Under section 5, a "transferred transaction" refers to any contract of insurance, contract of indemnity, guarantee, or loan entered into or given by the Commission under Part V of the Australian Trade Commission Act 1985 prior to 1 November 1991. The Act applies a retroactive statutory fiction, treating these transactions as if the Export Finance and Insurance Corporation Act 1991 had been in operation at the time they were executed and as if they had been executed by EFIC. A "relevant instrument" is broadly defined under section 4 to include any contract, guarantee, agreement, bond, authority, mortgage, transfer, bill of lading, or letter of credit to which the Commission was a party or which was given in its favour. By force of section 5(3), any reference to the Commission in these instruments is automatically read as a reference to EFIC for all acts occurring on or after the commencement date.

Assets and Liabilities

The definitions of "assets" and "liabilities" under section 4 are exceptionally broad, designed to capture every conceivable interest and obligation of the Commission relating to its former finance and insurance functions. Assets include property of every kind, including choses in action, and any liquid or unliquidated, certain or contingent, accrued or accruing rights. Liabilities are similarly defined to cover all obligations, whether arising under an instrument or otherwise. This comprehensive definition ensures that EFIC assumed not only tangible property and financial capital but also contingent liabilities, such as outstanding insurance claims or potential defaults on multi-million dollar sovereign loans, without leaving any legal gap in counterparty coverage.

National Interest Transactions

Sections 7 and 8 deal with the transition of "national interest" insurance contracts, guarantees, and loans. Under the parent legislation, these are high-value or high-risk transactions that fall outside EFIC's ordinary commercial parameters but are undertaken because the Minister determines they are in the national interest. The Act preserves the formal notifications given by the Commission under the old statutory framework, deeming them to be notices given by EFIC under section 64 of the Export Finance and Insurance Corporation Act 1991. Crucially, any existing liabilities of the Commonwealth to the Commission under the old national interest provisions are statutorily converted into liabilities of the Commonwealth to EFIC, ensuring that the ultimate taxpayer-backed security remains intact.

Statutory Transfer of Personnel and Capital

The Act utilizes ministerial declarations to execute the physical separation of the organizations. Under section 10, the Minister is empowered to declare classes of Commission employees as EFIC employees from a designated "transfer day." Under section 19, the Minister also has unilateral authority to determine a specific capital amount payable to EFIC out of the assets of the Commission, legally carving out EFIC's starting capital reserve.

The mechanical changes enacted by this legislation directly impact several distinct classes of commercial, public sector, and legal actors.

Commercial Exporters and Overseas Buyers

Exporters and international purchasers who held active trade insurance policies, commercial loans, or financial guarantees with the Australian Trade Commission found themselves shifted to a new statutory counterparty overnight. Under section 6, any application for a contract of insurance, indemnity, guarantee, or loan that had been lodged with the Commission but not finalized before 1 November 1991 was legally deemed to have been received by EFIC on that date. While the Act mandated that EFIC deal with these pending applications in their historical order of receipt where practicable, applicants were subject to EFIC's new statutory assessment criteria.

Commission and EFIC Employees

The professional lives of public servants working within the Commission's export finance divisions were directly reshaped by Part 3 of the Act. Employees designated under a ministerial transfer declaration were forcibly transferred to EFIC. While the Act protected their immediate terms and conditions of employment (s 11), preserved their accrued recreation and sick leave credits (s 13), and honored their existing specified-term employment contracts (s 12), it subjected them to EFIC's independent corporate determination powers moving forward. Furthermore, unconfirmed probationary employees were transferred as probationary EFIC employees, with their past service counting toward their new probationary period (s 15).

The Australian Trade Commission (Austrade)

The Commission itself was radically transformed. Stripped of its lucrative financial and underwriting capacities, its statutory board was structurally reconfigured under section 26 to include the Managing Director of EFIC. The number of appointed board members was reduced, and the Commission's administrative independence was severely curtailed. The most significant organizational impact occurred at the executive level: under section 33, any newly appointed Managing Director or Deputy Managing Director of the Commission lost their fixed-term tenure and was demoted to holding office "at the pleasure of the Board," drastically increasing their vulnerability to ministerial and board pressure.

State and Territory Registrars and Conveyancers

Under section 18, land registrars, registrars of titles, and other land administration officers in every Australian state and territory were legally bound to act upon transitional certificates signed by an authorized EFIC officer. These certificates, which identified land or interests in land vested in EFIC via ministerial declaration, had to be treated as if they were properly executed grants, conveyances, or transfer instruments under local state or territory law, compelling registrars to alter public land records without standard transactional filings.

The Act establishes a asymmetric matrix of duties and rights designed to facilitate a rapid, legally unchallengeable separation of assets and personnel.

Duties of the Commission and EFIC

The primary transitional duty imposed on the Board of the Commission under section 9 was the preparation of a final report and comprehensive financial statements detailing the operations of the Export Finance and Insurance Fund for the period commencing 1 July 1991 and ending immediately before 1 November 1991. These statements had to be prepared in accordance with section 63H of the Audit Act 1901 and presented to the Minister.

EFIC was placed under a statutory duty to honor all transferred transactions (s 5) and to maintain the existing terms and conditions of transferred employees until it formally determined otherwise (s 11). For pending applications transferred under section 6, EFIC was required to process them under the new Act and, where practicable, maintain the chronological order in which they were originally submitted to the Commission.

Rights and Powers of the Minister and EFIC Officers

The Act grants extensive unilateral rights to the executive. The Minister holds the right to:

Unilaterally declare which classes of employees transfer to EFIC (s 10).
Determine the precise capital amount to be stripped from the Commission and paid to EFIC (s 19).
Declare which liabilities of the Commission are assumed by EFIC (s 20).

EFIC's authorized officers possess the extraordinary right under section 21 to issue written certificates certifying that a specific asset, liability, or instrument was transferred under the Act. In all courts and for all purposes, these certificates are taken to be conclusive proof of the transfer in the absence of evidence to the contrary, effectively shifting the burden of proof to any third party challenging the asset's ownership.

Rights of Transferred Personnel

Transferred employees were granted specific, defeasible statutory rights under Part 3:

Leave Retention (s 13): Accrued recreation and sick leave credits were legally carried over, and prior service with the Commission was recognized for calculating future leave and other entitlements.
Leave of Absence Continuity (s 14): Any pre-approved leave of absence continuing past the transfer day was deemed to have been granted by EFIC under the Long Service Leave (Commonwealth Employees) Act 1976 or the Maternity Leave (Commonwealth Employees) Act 1973.
Salary Deduction Authorities (s 16): Existing payroll deduction authorities (such as union fees, superannuation, or health insurance) remained legally active, forcing EFIC to continue making deductions and payments to the specified third parties until explicitly cancelled by the employee.

Because the Act is a transitional restructuring statute rather than a regulatory enforcement act, it does not contain a standard schedule of criminal offences or civil monetary penalties. Instead, its enforcement mechanisms are administrative, structural, and evidentiary.

Administrative Dismissal of Commission Executives

A highly potent enforcement mechanism introduced by section 33 is the modification of executive tenure at the Australian Trade Commission. By repealing the previous tenure provisions and substituting a model where the Managing Director and Deputy Managing Director hold office "at the pleasure of the Board," the Act eliminated the standard employment protections enjoyed by senior public sector executives. While this did not apply to the existing incumbents during their current terms (ss 48, 49), any subsequent executive could be summarily dismissed by the Board without the need to prove misbehaviour or incapacity. This structural shift operates as a severe administrative compliance tool, aligning executive performance directly with the Board's (and, by extension, the government's) policy demands.

Board Demotion and Ministerial Termination

Under section 30, the Act introduces a rigid termination mechanism for appointed members of the Commission's Board. The Minister is empowered to terminate a board member's appointment if the Board itself passes a resolution to that effect by a two-thirds majority of members present (excluding the member in question) at a meeting specifically convened for that purpose. Additionally, the Minister may unilaterally terminate a member if satisfied that the member's performance has been unsatisfactory for a significant period, or that continuation in office is not in the best interests of the Commission. This represents a substantial concentration of removal power, acting as an enforcement mechanism against board dissent.

Evidentiary Certifications as Enforcement Tools

The enforcement of asset transfers is guaranteed through the statutory weight of section 21 certificates. If a dispute arises over whether a specific contract, real property asset, debt, or liability belongs to EFIC or remains with the Commission, a certificate signed by an authorized EFIC officer is admissible in court as prima facie evidence of the transfer. Because the Act declares that these certificates must be accepted as correct "in the absence of evidence to the contrary," it creates a formidable evidentiary barrier. Private litigants or counterparties seeking to contest the transfer of a debt or contractual obligation are effectively blocked from exploiting administrative ambiguities arising from the split.

The Act operates as an administrative wedge, rewriting the application of several key federal statutes to insulate EFIC from public accountability and regulatory oversight.

┌────────────────────────────────────────────────────────────────────────┐
│      Export Finance and Insurance Corporation (Transitional            │
│          Provisions and Consequential Amendments) Act 1991             │
└───────────────────────────────────┬────────────────────────────────────┘
                                    │
         ┌──────────────────────────┼──────────────────────────┐
         ▼                          ▼                          ▼
┌─────────────────┐        ┌─────────────────┐        ┌─────────────────┐
│ ADJR Act 1977   │        │   FOI Act 1982  │        │Insurance Laws*  │
│  (Schedule 2)   │        │(Schedule 2 PtII)│        │ (Exemption from │
│                 │        │                 │        │  Regs & regime) │
│ Exempts EFIC    │        │ Exempts EFIC    │        │                 │
│ commercial &    │        │ commercial and  │        │ Exempts EFIC    │
│ national        │        │ underwriting    │        │ from domestic   │
│ interest        │        │ files from standard│     │ prudential and  │
│ decisions from  │        │ public access   │        │ consumer disclosure│
│ written reasons.│        │ requests.       │        │ requirements.   │
└─────────────────┘        └─────────────────┘        └─────────────────┘
*Includes: Insurance Act 1973, Insurance Contracts Act 1984, and Insurance (Agents and Brokers) Act 1984.

Administrative Decisions (Judicial Review) Act 1977 (ADJR Act)

Schedule 1 of the Act amends Schedule 2 of the ADJR Act by adding paragraph (zb), which exempts decisions relating to the activities of EFIC under Part 4 or Part 5 of the Export Finance and Insurance Corporation Act 1991 from the operation of section 13 of the ADJR Act. Section 13 normally compels government decision-makers to provide a written statement of findings, evidence, and reasons for their decisions to affected persons. By carving out EFIC’s commercial underwriting (Part 4) and national interest transactions (Part 5), the legislature deliberately denied exporters, buyers, and competitors the legal right to demand formal reasons for EFIC's lending, insurance, and guarantee decisions.

Freedom of Information Act 1982 (FOI Act)

The Act amends Part II of Schedule 2 of the FOI Act, exempting EFIC from the entire disclosure regime in relation to documents concerning anything done by it under Part 4 or Part 5 of its parent Act. While the Commission (Austrade) remained subject to FOI requests (except for documents concerning overseas development projects), EFIC was granted a blanket exemption for its core commercial and sovereign underwriting files. This statutory shielding protects commercially sensitive information, sovereign risk ratings, and political lobbying files from public scrutiny, at the cost of transparency.

Prudential and Consumer Insurance Legislation

Through Schedule 1, the Act systematically exempts EFIC from the entire domestic insurance regulatory framework:

Insurance Act 1973: Section 5(2)(c) is amended to exclude EFIC from the prudential requirements, capital adequacy standards, and reporting obligations that apply to private commercial insurers under the supervision of the federal regulator.
Insurance Contracts Act 1984: Section 9(1)(c) is amended to substitute EFIC for the Commission, ensuring that the statutory duties of utmost good faith, standard cover rules, and strict consumer disclosure requirements do not apply to contracts entered into, or transitioned to, EFIC.
Insurance (Agents and Brokers) Act 1984: Section 7 is amended to exclude EFIC insurance contracts from the regulations governing intermediaries, shielding EFIC's distribution networks from statutory broker-agent compliance.

Long Service Leave and Maternity Leave Acts

Under section 14, where a transferred employee's pre-approved leave spans the transfer day, the leave is recognized and enforced under the Long Service Leave (Commonwealth Employees) Act 1976 or the Maternity Leave (Commonwealth Employees) Act 1973, maintaining statutory continuity across different public sector employers.

As a transitional and consequential statute, the Act's primary purpose was to execute a structural realignment on 1 November 1991. Consequently, its amendment history is brief, as transitional provisions are generally treated as "spent" once the assets, liabilities, and staff have successfully migrated to the new entity.

The Act itself remains on the Commonwealth statute book as a historical anchor. It serves as the continuing legal authority for the validity of the 1991 asset split and the ongoing enforceability of pre-1991 contracts that were statutorily assigned to EFIC.

The consequential amendments executed by Part 5 and Schedule 1 of this Act were permanently woven into the fabric of the amended statutes:

The repeals and amendments to the Australian Trade Commission Act 1985 permanently removed the export finance and insurance functions from Austrade, a separation that has persisted through subsequent trade agency reforms.
The exemptions inserted into the ADJR Act and the FOI Act remained active, preserving EFIC's (now Export Finance Australia) operational opacity.
The regulatory exemptions under the Insurance Act 1973 and the Insurance Contracts Act 1984 established a statutory precedent, ensuring that when EFIC was rebranded as Export Finance Australia (EFA) in 2019, it retained its unique position outside the standard prudential and consumer protection regimes.

There is an absence of reported judicial decisions in which this specific transitional Act was the primary subject of constitutional or administrative challenge. This lack of active litigation is not an accident of history. Rather, it is the direct result of the highly insulated, self-executing drafting style of the statute.

Three specific statutory design choices pre-empted and neutralized potential avenues of litigation:

Self-Executing Statutory Transfers

Under section 17, the transfer of assets from the Commission to EFIC occurs "by force of this section" upon the date specified in the ministerial declaration. Because the transfer is executed directly by federal statute rather than by a commercial contract or assignment, it cannot be challenged on the grounds of lack of consideration, breach of contract, or failure to obtain third-party consent. Private counterparties had no standing to contest their sudden assignment to EFIC, as the transfer was a direct mandate of the Commonwealth Parliament.

Elimination of Judicial Review Avenues

By amending the ADJR Act to exempt EFIC’s core lending and insurance decisions from the requirement to provide statements of reasons, the legislature dismantled the primary administrative law tool used by commercial litigators to challenge federal decision-making. Without the right to demand written reasons, potential litigants faced an almost insurmountable burden of proof to establish errors of law, bad faith, or irrelevant considerations in EFIC's commercial operations.

Conclusive Evidentiary Certificates

Section 21's provision that certificates issued by an authorized officer are to be taken as correct "in the absence of evidence to the contrary" effectively closed down factual disputes regarding the ownership of transferred assets and liabilities. If a debtor attempted to avoid repayment by arguing that the debt remained with the Commission and had not been legally transferred to EFIC, EFIC had only to produce a section 21 certificate to resolve the matter in court. This shifted the entire evidentiary burden onto the debtor, making litigation commercially unviable.

For corporate lawyers, commercial compliance officers, and public sector researchers, the Act contains several hidden operational risks and asymmetric powers that constitute significant "gotchas."

Unilateral Contract Substitution Without Veto Rights

Private entities that had carefully negotiated joint ventures, infrastructure finance agreements, or high-value insurance policies with the Australian Trade Commission had no right of veto, negotiation, or input when their contract was transferred to EFIC under section 5. Even if a private party's contract contained strict non-assignment or change-of-control clauses, these commercial protections were entirely overridden by the statutory force of the Act. Counterparties were forced to accept EFIC as their new legal partner, along with EFIC's specific statutory powers and exemptions.

The Tenure Trap for Future Austrade Executives

While sections 48 and 49 protected the existing Managing Director and Deputy Managing Director of the Commission by allowing them to serve out their terms under the old, protected regime, any executive appointed after 1 November 1991 fell under the harsh new regime of section 33. Under the substituted section 52 of the Australian Trade Commission Act 1985, these executives hold office "at the pleasure of the Board." This represents a profound shift in risk for public sector executives, who can be dismissed summarily at any point, severely limiting their independent decision-making capacity and aligning their tenure entirely with prevailing political winds.

Probationary Carry-Over and Decision Validation

Under section 15(2), any employee transferred to EFIC who was on probation at the Commission was not only kept on probation but was also bound by any past decisions made by the Commission to extend their probationary period. The Act treats these prior decisions as if they were made under EFIC’s own terms and conditions, preventing employees from challenging previous procedural irregularities or unfair extensions that occurred under the Commission's administration.

The Regulatory and Consumer Shield

Exporters dealing with EFIC under the transitioned contracts must recognize that they enjoy none of the protections afforded by the Insurance Contracts Act 1984. Because EFIC is exempt from this Act, the statutory duty of utmost good faith (and the severe consequences of its breach by an insurer) does not apply to EFIC's policies. Furthermore, EFIC is not subject to the jurisdiction of the financial services ombudsman or standard domestic insurance dispute resolution schemes, leaving counterparties with limited recourse in the event of a disputed claim.

The ADJR and FOI Black Hole

Commercial competitors, investigative journalists, and researchers seeking to analyze the fairness or financial viability of EFIC's transitioned transactions are blocked by the ADJR and FOI exemptions. A competitor who suspects that EFIC is providing unfair, state-subsidized finance or insurance to a rival cannot use the FOI Act to access the relevant underwriting assessments, nor can they use the ADJR Act to demand a statement of reasons for EFIC's decisions under Parts 4 or 5 of the EFIC Act.

Compliance with the Act requires systematic attention to transitional administrative details rather than ongoing regulatory reporting. The following guidelines outline the necessary steps for affected classes of professionals to ensure full compliance.

For Legal Counsel Managing Transitioned Contracts

Verify Counterparty Identity: For any contract, guarantee, or loan agreement executed before 1 November 1991 where the Australian Trade Commission is the named party, legal departments must formally update their contract registers to reflect that the Export Finance and Insurance Corporation (now Export Finance Australia) is the legal counterparty by force of section 5 of the Act.
Handle Disputes via Section 21: If a counterparty challenges the transfer of a debt or asset, counsel must secure a written certificate signed by an authorized EFIC officer (the Managing Director, Deputy Managing Director, or an designated employee) certifying that the asset or liability was transferred under a section 17 or section 20 declaration. Ensure this certificate is formally entered into evidence to activate the statutory presumption of correctness.
National Interest Auditing: Verify whether transitioned contracts fall under national interest provisions. If so, ensure that the notices originally given under subsection 44(8), 48(9), or 50(10) of the Australian Trade Commission Act 1985 are mapped to the equivalent provisions under section 64 of the Export Finance and Insurance Corporation Act 1991.

For Human Resource Managers at EFIC and the Commission

Map Transferred Employees: Ensure that every employee transferred from the Commission to EFIC is covered by a valid ministerial declaration published in the Gazette under section 10. Document the exact "transfer day" for each employee.
Harmonize Terms and Conditions: Maintain the exact terms and conditions of employment that applied to each transferred employee immediately before their transfer day, until EFIC makes a formal determination to alter them (s 11). For employees on fixed-term contracts, verify that their EFIC employment is tracked to terminate precisely at the end of the original term (s 12).
Reconcile Leave and Payroll Deductions: Update payroll systems to carry over all accrued recreation leave and sick leave credits without alteration (s 13). Continue processing all pre-existing salary deduction authorities (such as union dues or charitable donations) in accordance with section 16, until an employee provides a written cancellation.
Identify Probationary Staff: Identify any transferred employees who were unconfirmed probationers at the Commission. Apply EFIC's probationary terms, ensuring that their past service at the Commission is counted toward their EFIC probationary period and that any prior decisions to extend probation are formally recorded and enforced (s 15).

For State and Territory Land Registrars and Conveyancers

Process Section 18 Certificates: When EFIC lodges a certificate under section 18 relating to land or an interest in land (such as a registered mortgage or freehold title):
- Confirm the certificate is signed by an authorized EFIC officer.
- Verify it identifies the land or interest clearly (using maps or official survey descriptions).
- Ensure it contains the specific details of the ministerial declaration under section 17.
Alter Public Records: Treat the lodged certificate as if it were a properly executed grant, transfer, or memorandum of transfer under local state or territory real property law. Make all necessary entries in the local land register to vest the interest in EFIC.

Step 1: Receive Certificate (Signed by Authorised EFIC Officer)
  │
  ▼
Step 2: Verify Certificate Contents (Check land/interest identification & s 17 details)
  │
  ▼
Step 3: Process as Executed Instrument (Treat as proper transfer under State/Territory law)
  │
  ▼
Step 4: Update Public Records (Vest interest in EFIC; apply s 22 tax exemption)

For Tax Compliance Officers

Claim Duty Exemptions: When executing any transfer of assets, registration of land, or issuance of contractual instruments arising from the transition, draft a formal certificate signed by an authorized EFIC officer stating that the document has come into existence because of, or for a purpose connected with, the operation of the Act.
Apply Section 22: Present this certificate to state, territory, or federal revenue authorities to secure a total exemption from stamp duty, registration fees, or other transactional taxes.

For the Board and Financial Officers of the Australian Trade Commission

Prepare Final Fund Reports: Immediately compile the final written report of the operations of the Export Finance and Insurance Fund for the period of 1 July 1991 to 31 October 1991.
Draft Financial Statements: Prepare comprehensive financial statements for that period in strict compliance with section 63H of the Audit Act 1901. Submit these to the Minister as soon as practicable.
Restrict Financial Accounts: Adjust internal accounting systems to reflect the repeal of the Export Finance and Insurance Fund (s 42). Ensure the Commission’s ongoing operational accounts are funded strictly through parliamentary appropriations under the newly substituted section 71(1) of the Australian Trade Commission Act 1985.

Deep Dive

What it does

Current sections

Export Finance and Insurance Corporation (Transitional Provisions and Consequential Amendments) Act 1991

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Part 1—Preliminary

1 Short title

2 Commencement

3 Expressions defined in the Export Finance and Insurance Corporation Act 1991

4 Interpretation

Part 2—Savings and transitional provisions concerning functions of Commission assumed by EFIC

5 Functions of Commission assumed by EFIC

6 Saving of applications made to, and declarations concerning business of, Commission

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

8 National interest loans entered into by Commission

9 Final report in relation to Export Finance and Insurance Fund

Part 3—Staff

10 Minister may make declarations

11 Terms and conditions applicable to persons taken to be employed by EFIC

12 Persons previously engaged for specified terms

13 Retention of recreation and sick leave credits etc.

14 Leave of absence taken to have been granted

15 Probation

16 Deductions from salary

Part 4—Assets and liabilities

17 Transfer of certain assets to EFIC

18 Certificates in relation to land and interests in land

19 Transfer of capital to EFIC

20 Assumption of certain liabilities by EFIC

21 Certificates with respect to assets, liabilities and instruments

22 Exemption from taxation

Part 5—Amendments of the Australian Trade Commission Act 1985

23 Principal Act [see Note 2]

24 Interpretation

25 Functions of Commission

26 Membership of Board

27 Remuneration and allowances of appointed members

28 Acting Chairperson and acting Deputy Chairperson

29 Acting member

30 Termination of appointment of appointed members

32 Part V of the Principal Act is repealed.

33 Sections 51 and 52 of the Principal Act are repealed and the following sections are substituted:

34 Remuneration and allowances

35 Acting Managing Director and acting Deputy Managing Director

36 Resignation

37

38 Commission to develop corporate plans

39 Section 70 of the Principal Act is repealed.

40 Money of the Commission

41 Application of money of Commission

42 Sections 73, 74 and 75 of the Principal Act are repealed.

43 Commission may give security

45 Delegations by Minister and Managing Director

46 Secrecy

47 Regulations

48 Transitional provision—existing Managing Director

49 Transitional provision—existing Deputy Managing Director

Part 6—Amendments of other Acts

50 Amendments of other Acts

Schedule 1—Amendments of other Acts

Source text: opening excerpt

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Main concepts

Transferred Transactions and Relevant Instruments

Assets and Liabilities

National Interest Transactions

Statutory Transfer of Personnel and Capital

Who it affects

Commercial Exporters and Overseas Buyers

Commission and EFIC Employees

The Australian Trade Commission (Austrade)

State and Territory Registrars and Conveyancers

Key duties and rights

Duties of the Commission and EFIC

Rights and Powers of the Minister and EFIC Officers

Rights of Transferred Personnel

Penalties and enforcement

Administrative Dismissal of Commission Executives

Board Demotion and Ministerial Termination

Evidentiary Certifications as Enforcement Tools