38Minister may give directions to Corporation

38 Minister may give directions to Corporation

(1) The Minister may, by notifiable instrument, direct the Corporation in relation to the performance of its functions and the exercise of its powers. (2) The directions that may be given under subsection (1) include the following: (a) directions requiring the Corporation to pay money to the Commonwealth; (b) directions requiring the Corporation to enter into contracts to borrow money from the Commonwealth; (c) directions requiring the Corporation to enter into contracts to borrow money from persons other than the Commonwealth; (d) directions setting premiums that are to be charged by the Corporation in respect of contracts of insurance (except cyclone reinsurance contracts); (e) directions relating to the extent to which risk is to be retained by reinsureds under contracts of reinsurance that the Corporation enters into as reinsurer. (3) Without limiting paragraph (2)(a), a direction under that paragraph may require the Corporation to make the following payments to the Commonwealth: (a) payments designed to ensure that sections 35 and 36 do not result in a competitive advantage for the Corporation; (b) payments in the nature of dividends. (4) A direction under paragraph (2)(c) cannot require the Corporation to enter into a contract with a particular person. (5) The Corporation must perform its functions and exercise its powers in a manner consistent with any directions given by the Minister under this section.