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

The Export Finance and Insurance Corporation (Transitional Provisions and Consequential Amendments) Act 1991, No. 149, 1991, is an act that enacts certain transitional provisions, makes certain amendments in consequence of the enactment of the Export Finance and Insurance Corporation Act 1991, and for related purposes.

The act commences on November 1, 1991, and contains several parts, including preliminary provisions, savings and transitional provisions concerning functions of Commission assumed by EFIC, staff, assets and liabilities, and amendments of other Acts.

The act provides for the transfer of certain assets from the Australian Trade Commission to EFIC, as well as the assumption of certain liabilities by EFIC. It also makes provision for the continuation of relevant instruments in full force and effect, despite changes in management or ownership.

The act includes provisions related to the employment of staff members, including the retention of recreation and sick leave credits, the assumption of probation, and the payment of salaries or allowances.

Furthermore, the act makes amendments to various Acts, including the Australian Trade Commission Act 1985, the Administrative Decisions (Judicial Review) Act 1977, the Freedom of Information Act 1982, the Insurance Act 1973, and the Insurance (Agents and Brokers) Act 1984.

The act also includes provisions related to taxation, including exemptions from tax for certain transactions or activities.

Overall, the Export Finance and Insurance Corporation (Transitional Provisions and Consequential Amendments) Act 1991, No. 149, 1991, is a significant piece of legislation that addresses various aspects of the transition of the Australian Trade Commission's functions to EFIC.