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Export Finance and Insurance Corporation Amendment (Direct Lending and Other Measures) Bill 2014

Schedule 1 Direct Lending

   

Export Finance and Insurance Corporation Act 1991

1  Before subsection 3(2)

Insert:

Loans and lending of money

2  Before subsection 3(3)

Insert:

Eligible export transactions

3  Paragraphs 3(3)(a), (b), (c) and (d)

Omit “capital goods” (wherever occurring), substitute “goods”.

4  Subsection 3(4)

Repeal the subsection.

5  Before subsection 3(5)

Insert:

Australian export trade

6  Application provision

The amendments made by items 3 and 4 of this Schedule apply in relation to a transaction entered into, or proposed to be entered into, on or after the commencement of this Schedule.

7  Transitional provision

The amendments made by this Schedule do not affect the continuity of any of the following that were in force immediately before the commencement of this Schedule:

                     (a)  directions given under subsection 9(2), 26(1), or section 29, of the Export Finance and Insurance Corporation Act 1991 ;

                     (b)  approvals (with or without conditions) given under section 27 of that Act;

                     (c)  principles determined under subsection 67(1) of that Act.