Commonwealth Numbered Acts

AUSTRALIAN TRADE COMMISSION (TRANSITIONAL PROVISIONS AND CONSEQUENTIAL AMENDMENTS) ACT 1985 No. 187 of 1985 - SECT 10

10. (1) Notwithstanding the repeal of the Insurance Corporation Act effected
by section 5 of this Act -

   (a)  the Board, as constituted immediately before the commencing day,
        shall, for the purpose of preparing and furnishing to the Minister the
        report and financial statements referred to in sub-section (2),
        continue in existence until it has furnished that report and those
        financial statements; and

   (b)  the Insurance Corporation shall, for the purpose of forwarding to the
        Minister the return referred to in sub-section (3), continue in
        existence until it has forwarded that return.

(2) The Board shall, as soon as practicable after the commencing day, prepare
and furnish to the Minister a report of the operations of the Insurance
Corporation during the period that commenced on 1 July 1985 and ended
immediately before the commencing day together with financial statements in
respect of that period in such form as the Minister for Finance approves and
sub-sections 88 (2), (3) and (4) of the Insurance Corporation Act apply, in
respect of that report and those financial statements, as if -

   (a)  those sub-sections had not been repealed;

   (b)  that report and those financial statements were prepared and furnished
        under sub-section 88 (1) of the Insurance Corporation Act; and

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

(3) The Insurance Corporation shall, as soon as practicable after the
commencing day, forward to the Minister a return of the kind referred to in
section 89 of the Insurance Corporation Act in respect of the period
commencing on 1 October 1985 and ending immediately before the commencing day
(in this sub-section referred to as the "final period") and that section
applies in respect of that return as if -

   (a)  that section had not been repealed; and

   (b)  the final period were a period of 3 months ending on 31 December.

(4) The Commission shall, during the period during which the Board continues
in existence by virtue of sub-section (1), pay to the members of the Board,
other than a member of the Board who is Managing Director or Deputy Managing
Director of the Commission or who is employed by the Commission, in respect of
the preparation of the report and the financial statements referred to in
sub-section (2), such remuneration and allowances as the Minister, by notice
in writing given to the Commission, determines to be appropriate.
(5) In this section, unless the contrary intention appears, "Board" means the
Export Finance and Insurance Corporation Board that was established by section
42 of the Insurance Corporation Act.