Australian Trade Commission (Transitional Provisions and Consequential Amendments) Act 1985 (Cth)

Australian Trade Commission (Transitional Provisions and Consequential Amendments) Act 1985 No. 187 of 1985 TABLE OF PROVISIONS PART I—PRELIMINARY Section 1. Short title 2. Commencement 3. Expressions defined in Australian Trade Commission Act 1985 4. Interpretation PART II—REPEAL, SAVINGS AND TRANSITIONAL PROVISIONS CONCERNING INSURANCE CORPORATION AND PROJECTS CORPORATION 5. Repeal of Acts 6. Saving of applications made to, and declarations concerning business of, Insurance Corporation 7. National interest insurance contracts entered into, and guarantees given, by Insurance Corporation 8. National interest loans entered into by Insurance Corporation 9. Final report under Projects Corporation Act 10. Final report and quarterly return under Insurance Corporation Act 11. Transitional provisions specified in Schedule 2 PART III—STAFF 12. Minister may make declarations 13. Terms and conditions applicable to persons deemed to be employed by Commission 14. Persons previously engaged for specified terms 15. Persons to retain recreation and sick leave credits, &c. 16. Application of Part IV of the Public Service Act 1922 to certain persons 17. Leave of absence deemed to have been granted 18. Probation TABLE OF PROVISIONS—continued PART IV—ASSETS AND LIABILITIES Section 19. Transfer of assets and assumption of liabilities by Commission 20. Instruments 21. Certificates with respect of assets, liabilities and instruments 22. Exemption from taxation PART V—AMENDMENTS OF EXPORT EXPANSION GRANTS ACT 1978 23. Principal Act 24. Interpretation 25. Claims for grants 26. Repeal of section 15 and substitution of new section— 15. Australian Trade Commission 27. Recovery of overpayments 28. Reports 29. Further amendments 30. Final report by Grants Board 31. Other outstanding matters under Export Expansion Grants Act 1978 PART VI—AMENDMENTS OF EXPORT MARKET DEVELOPMENT GRANTS ACT 1974 32. Principal Act 33. Interpretation 34. Export earnings 35. Residents of Australia 36. Grants 37. Claims for grants 38. Repeal of Part III 39. Convicted persons to repay grants, &c. 40. Recovery of overpayments 41. Repeal of sections 41 and 42 42. Further amendments 43. Final report by Grants Board 44. Other outstanding matters under Export Market Development Grants Act 1974 PART VII—AMENDMENTS OF TRADE COMMISSIONERS ACT 1933 45. Principal Act 46. Title 47. Short title 48. Interpretation 49. Appointment of Trade Representatives 50. Trade Representatives who were not previously officers of Public Service 51. Resignation 52. Removal of Trade Representatives 53. Duties of Trade Representatives 54. Designation of Trade Representatives 55. Trade Representatives not to engage in business 56. Trade Representative may appoint officers 57. Determination of conditions of service 58. Trade Commissioners who do not become employees of Commission 59. Terms and conditions of employment of certain Trade Commissioner Office employees PART VIII—AMENDMENTS OF OTHER ACTS 60. Amendments of other Acts PART IX—MISCELLANEOUS 61. Application of Commonwealth Employees (Redeployment and Retirement) Act 1979 62. Deductions from salary 63. Appropriation for financial year ending on 30 June 1986 TABLE OF PROVISIONS—continued SCHEDULE 1 REPEAL OF ACTS SCHEDULE 2 TRANSITIONAL PROVISIONS SCHEDULE 3 FURTHER AMENDMENTS OF CERTAIN ACTS RELATING TO REFERENCES TO GRANTS BOARD SCHEDULE 4 AMENDMENTS OF OTHER ACTS Australian Trade Commission (Transitional Provisions and Consequential Amendments) Act 1985 No. 187 of 1985 An Act to repeal certain Acts, to enact certain transitional provisions, to make certain amendments in consequence of the enactment of the Australian Trade Commission Act 1985, and for related purposes [Assented to 16 December 1985] BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows: PART I—PRELIMINARY Short title 1. This Act may be cited as the Australian Trade Commission (Transitional Provisions and Consequential Amendments) Act 1985. Commencement 2. (1) Subject to sub-sections (2) and (3), this Act shall come into operation on the commencing day. (2) Sections 1, 2, 3, 4, 12, 19, 32 and 61 shall come into operation on the day on which this Act receives the Royal Assent. (3) The amendment made by section 34 shall be deemed to have come into operation on 20 May 1985. Expressions defined in Australian Trade Commission Act 1985 3. Except as otherwise provided, expressions used in this Act have the same meaning as they have for the purposes of the Australian Trade Commission Act 1985. Interpretation 4. 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 by virtue of an instrument or otherwise, and whether liquidated or unliquidated, certain or contingent, accrued or accruing; "Assistant Trade Commissioner" means an Assistant Trade Commissioner appointed pursuant to section 3 of the Trade Commissioners Act; "Australian Public Service employee" means a person employed under Division 10 of Part III of the Public Service Act 1922; "authorised officer" means— (a) the Minister; (b) the Managing Director, the Deputy Managing Director, an acting Managing Director or an acting Deputy Managing Director; or (c) a person employed by the Commission; "employee of the Insurance Corporation" means a person employed under section 63 of the Insurance Corporation Act; "employee of the Projects Corporation" means a person engaged under section 31 of the Projects Corporation Act; "Grants Board" means the Export Development Grants Board established under the Export Market Development Grants Act 1974; "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; "Insurance Corporation Act" means the Export Finance and Insurance Corporation Act 1974; "liabilities" means liabilities of every kind and, without limiting the generality of the foregoing, includes obligations of every kind, whether arising under or by virtue of an instrument or otherwise, and whether liquidated or unliquidated, certain or contingent, accrued or accruing; "officer of the Australian Public Service" means a person appointed or transferred to the Australian Public Service but does not include an Australian Public Service employee; "officer of the Insurance Corporation" means a person appointed under section 61 of the Insurance Corporation Act; "Projects Corporation Act" means the Australian Overseas Projects Corporation Act 1978; "relevant instrument" means an instrument— (a) to which the Insurance Corporation or the Projects Corporation is a party; (b) which relates to a function assumed by the Commission and to which the Commonwealth is a party; (c) which was given to or in favour of the Insurance Corporation or the Projects Corporation; (d) which relates to a function assumed by the Commission and which was given to or in favour of the Commonwealth; (e) in which a reference is made to the Insurance Corporation or to the Projects Corporation; or (f) 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 Insurance Corporation or the Projects Corporation, being an "instrument subsisting immediately before the commencing day; "Trade Commissioner" means a Trade Commissioner appointed pursuant to section 3 of the Trade Commissioners Act; "Trade Commissioner Office employee" means a person who, immediately before the commencing day, held an appointment under section 10 of the Trade Commissioners Act; "Trade Commissioners Act" means the Trade Commissioners Act 1933. PART II—REPEAL, SAVINGS AND TRANSITIONAL PROVISIONS CONCERNING INSURANCE CORPORATION AND PROJECTS CORPORATION Repeal of Acts 5. The Acts specified in Schedule 1 are repealed. Saving of applications made to, and declarations concerning business of, Insurance Corporation 6. (1) Where applications for contracts of insurance, contracts of indemnity, guarantees or loans have been received by the Insurance Corporation before the commencing day, but have not been finally dealt with by the Corporation before that day, those applications shall— (a) be deemed, for the purposes of this Act and of the Australian Trade Commission Act 1985, to have been received by the Commission on the commencing day; (b) be dealt with by the Commission under the relevant provisions of the Australian Trade Commission Act 1985; and (c) in the case of such of those applications (if any) as the Corporation had not, before the commencing day, commenced to deal with—be dealt with, so far as is practicable, in the order in which those applications were received by the Corporation. (2) A declaration by the Board of the Insurance Corporation under section 28 of the Insurance Corporation Act specifying a cause of loss as an approved cause of loss for the purposes of Division 4 of Part III of that Act, being a declaration that was in force immediately before the commencing day, shall, on and after that day, be treated as if it were a declaration made by the Commission to the same effect under section 45 of the Australian Trade Commission Act 1985. (3) A declaration by the Minister under sub-section 37 (2) of the Insurance Corporation Act to the effect that specified goods, or goods included in a specified class of goods, are capital goods for the purposes of section 37 of that Act, being a declaration that was in force immediately before the commencing day, shall, on and after that day, be treated as if it were a declaration made by the Minister to the same effect for the purposes of sub-section 33 (3) of the Australian Trade Commission Act 1985. National interest insurance contracts entered into, and guarantees given, by Insurance Corporation 7. Where the Insurance Corporation had informed the Minister by notice under sub-section 20 (6), 21 (6), 24 (6), 32 (2) or 35 (6) of the Insurance Corporation Act that the Corporation proposed to bear a proportion of the liability of the Corporation under a contract of insurance, a contract of indemnity or a guarantee, being a contract of insurance or a contract of indemnity that the Corporation was empowered to enter into under section 20, 32 or 35c of that Act or a guarantee that that Corporation was empowered to give under section 21, 24 or 35 of that Act— (a) the Commission may, if the amount of any receipts that it is required to pay to the Commonwealth under sub-section 86 (3) of the Australian Trade Commission Act 1985 includes receipts arising out of that contract or the guarantee, deduct from that amount such proportion of the receipts of the Commission arising out of that contract or that guarantee as is equal to the proportion specified in the notice; and (b) there shall be deducted from an amount required under sub-section 86 (4) of the Australian Trade Commission Act 1985 to be paid by the Commonwealth to the Commission in respect of that contract or that guarantee such proportion of that amount as is equal to the proportion so specified. National interest loans entered into by Insurance Corporation 8. Where the Insurance Corporation had informed the Minister, by notice under sub-section 41 (6) of the Insurance Corporation Act, that the Corporation proposed to provide a proportion of the money to be lent under a loan the making of which was approved by the Minister under sub-section 41 (3) of that Act— (a) the Commission may, if the amount of any receipts that it is required to pay the Commonwealth under sub-section 87 (3) of the Australian Trade Commission Act 1985 includes receipts arising out of that loan, deduct from that amount such proportion of the receipts of the Commission arising out of that loan as is equal to the proportion specified in the notice; and (b) there shall be deducted from an amount required under sub-section 87 (4) of the Australian Trade Commission Act 1985 to be paid by the Commonwealth to the Commission in respect of that loan such proportion of that amount as is equal to the proportion so specified. Final report under Projects Corporation Act 9. (1) Notwithstanding the repeal of the Projects Corporation Act effected by section 5 of this Act, the Board, as constituted immediately before the commencing day, shall, for the purposes of preparing and furnishing to the Minister the report and the financial statements referred to in sub-section (2), continue in existence until it has furnished that report and those financial statements. (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 Projects 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 47 (2), (3) and (4) of the Projects 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 had been prepared and furnished under sub-section 47 (1) of the Projects 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 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. (4) In this section, unless the contrary intention appears, "Board" means the Australian Overseas Projects Corporation Board that was established by section 11 of the Projects Corporation Act. Final report and quarterly return under Insurance Corporation Act 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 these 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. Transitional provisions specified in Schedule 2 11. (1) A reference in a provision of the Australian Trade Commission Act 1985 specified in column 1 of Schedule 2 to a matter or thing specified in column 2 of that Schedule opposite to the provision so specified shall be read as including a reference to a matter or thing specified in column 3 of that Schedule opposite to the provision so specified. (2) Expressions used in column 3 of Part I of Schedule 2 have the same respective meanings as in the Insurance Corporation Act. (3) Expressions used in column 3 of Part II of Schedule 2 have the same respective meanings as in the Projects Corporation Act. PART III—STAFF Minister may make declarations 12. (1) The Minister may, from time to time, by declaration published in the Gazette, declare that, with effect from a day specified in the declaration, being the commencing day or a later day, a specified class or specified classes of relevant persons are in the employment of the Commission. (2) The Minister may, by declaration published in the Gazette, declare that, with effect from the commencing day, specified classes of Trade Commissioners, Assistant Trade Commissioners and Trade Commissioner Office employees are in the employment of the Commission. (3) Where a person is included in a class of relevant persons specified in a declaration published pursuant to sub-section (1), or in a class of Trade Commissioners or Assistant Trade Commissioners or Trade Commissioner Office employees specified in a declaration published pursuant to sub-section (2), that person shall, from and including the day with effect from which the Minister has declared that class of persons to be in the employment of the Commission, be deemed, by force of this sub-section, to be employed by the Commission under section 60 of the Australian Trade Commission Act 1985. (4) Where a person was, immediately before the commencing day— (a) an officer or employee of the Insurance Corporation; or (b) an employee of the Projects Corporation, that person shall, from and including the commencing day, be deemed, by force of this sub-section, to be employed by the Commission under section 60 of the Australian Trade Commission Act 1985. (5) Without limiting, by implication, the manner in which a class of relevant persons, Trade Commissioners, Assistant Trade Commissioners or Trade Commissioner Office employees may be described for the purposes of sub-section (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 with effect from which the Minister declared that class of persons to be in the employment of the Commission. (6) In this section, "relevant persons" means persons who are— (a) officers of the Australian Public Service; or (b) Australian Public Service employees, being persons who perform duties in the Department. Terms and conditions applicable to persons deemed to be employed by Commission 13. Where a person is deemed, pursuant to section 12, to be employed by the Commission under section 60 of the Australian Trade Commission Act 1985, the Commission shall, for the purposes of the last-mentioned section, unless it is able, on the commencing day, to make a determination of new terms and conditions under the last-mentioned section, be deemed to have determined that, pending the making of such a determination of new terms and conditions, the terms and conditions of that person's employment are the terms and conditions of employment that were applicable to that person immediately before that person was deemed to be so employed. Persons previously engaged for specified terms 14. Without otherwise limiting the generality of section 60 of the Australian Trade Commission Act 1985 or of section 12 of this Act in relation to the determination of the terms and conditions of appointment applicable to persons who are deemed to have been employed by the Commission— (a) such of those persons as, immediately before being so employed, held appointments for specified terms as Trade Commissioners or Assistant Trade Commissioners shall be taken to be employed for the balance of their respective terms; and (b) such of those persons as, immediately before being so employed, had been engaged for specified terms as Australian Public Service employees, had been employed for specified terms as employees of the Insurance Corporation, had been engaged for specified terms as employees of the Projects Corporation or had been appointed for specified terms as Trade Commissioner Office employees shall be taken to be employed by the Commission for the balance of their respective terms. Persons to retain recreation and sick leave credits, &c. 15. Where— (a) a person was, immediately before the day with effect from which that person is deemed to be employed by the Commission pursuant to section 12— (i) an Australian Public Service employee; (ii) an officer or employee of the Insurance Corporation; (iii) an employee of the Projects Corporation; (iv) a Trade Commissioner or Assistant Trade Commissioner; or (v) a Trade Commissioner Office employee; and (b) that person, on being deemed to be so employed, is not a person to whom Part IV of the Public Service Act 1922 applies, then— (c) that 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 being deemed to be so employed; and (d) the period of service of that person with the person's previous employer, being service that was recognised by the employer as service for the purposes of determining leave and other entitlements, counts, for the purposes of the Commission determining those entitlements, as if it were service in the Commission. Application of Part IV of the Public Service Act 1922 to certain persons 16. Where a class of persons specified in a declaration published in the Gazette pursuant to sub-section 12 (1) includes persons (in this section referred to as "transferred officers") who are officers of the Australian Public Service and to whom Part IV of the Public Service Act 1922 did not, immediately before the day with effect from which the Minister declared that class of persons to be in the employment of the Commission, apply, there shall be deemed to have been made, on that day— (a) a declaration declaring the matters in connection with which those transferred officers were performing duties immediately before that day as officers of the Australian Public Service to be a declared Commonwealth function and declaring the duties of those transferred officers to be connected with the performance of that declared Commonwealth function; and (b) a declaration declaring the matters in connection with which those transferred officers are performing duties on and after that day as employees of the Commission to be a prescribed function corresponding to that declared Commonwealth function and declaring employment by the Commission to be employment connected with the performance of a prescribed function. Leave of absence deemed to have been granted 17. Where a person who is deemed to be employed by the Commission pursuant to section 12 was granted leave of absence for a period commencing on or before the day with effect from which that person is deemed to be so employed and ending on or after that day, that person shall be deemed to have been granted leave of absence by the Commission in accordance with the terms and conditions of that person's employment with the Commission 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, for a period commencing on that day and ending on the last day of the first-mentioned period and for the purpose for which that person had been granted that first-mentioned leave of absence and, if that person was paid salary or allowances in respect of any leave after the first-mentioned day, that payment shall be deemed to have been made by the Commission in respect of leave that is deemed to have been granted under this section. Probation 18. (1) Subject to sub-section (2), all persons who are deemed to be employed by the Commission pursuant to section 12 shall be deemed not to be employed on probation. (2) Where a person who, with effect from a particular day, is deemed to be employed by the Commission pursuant to section 12 had been, before that day— (a) appointed on probation as an officer of the Australian Public Service; (b) appointed on probation as an officer of the Insurance Corporation; (c) engaged on probation as an employee of the Projects Corporation; or (d) appointed on probation as a Trade Commissioner office employee, and that person's appointment or engagement had not been confirmed before that day— (e) that person shall be taken to be employed by the Commission on probation; (f) any decision made before that day under the Public Service Act 1922 or under the terms and conditions of that person's employment under the Insurance Corporation Act, the Projects Corporation Act or the Trade Commissioners Act 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 the Commission; and (g) for the purpose of the application to that person of the terms and conditions of that person's employment with the Commission in so far as they relate to service on probation, that person's service on probation in the Australian Public Service, as a member of the staff of the Insurance Corporation or the Projects Corporation or as a person appointed under section 10 of the Trade Commissioners Act counts as if it were service performed for the Commission. PART IV—ASSETS AND LIABILITIES Transfer of assets and assumption of liabilities by Commission 19. (1) On the commencing day, by force of this section— (a) the assets of the Insurance Corporation subsisting immediately before that day cease to be assets of the Insurance Corporation and become assets of the Commission; (b) the assets of the Projects Corporation subsisting immediately before that day cease to be assets of the Projects Corporation and become assets of the Commission; (c) such of the assets of the Commonwealth subsisting immediately before that day, being assets administered by the Department, as have been identified by the Minister, in writing, on or before that day, as assets appropriate for use by the Commission in connection with the performance of its functions cease to be assets of the Commonwealth and become assets of the Commission; (d) the liabilities of the Insurance Corporation subsisting immediately before that day cease to be liabilities of the Insurance Corporation and become liabilities of the Commission; (e) the liabilities of the Projects Corporation subsisting immediately before that day cease to be liabilities of the Projects Corporation and become liabilities of the Commission; and (f) such of the liabilities of the Commonwealth subsisting immediately before that day, being liabilities incurred or undertaken in connection with the administration of matters for which the Minister is responsible, as are identified by the Minister, in writing, on or before that day, as liabilities appropriate to be assumed by the Commission in connection with the performance of its functions cease to be liabilities of the Commonwealth and become liabilities of the Commission. (2) On 1 July 1986, by force of this section— (a) such of the assets of the Commonwealth subsisting immediately before that day, being assets administered by the Department of Foreign Affairs or the Department of Local Government and Administrative Services, as are identified by the Minister for Finance, in writing, on or before that day, as assets appropriate for use by the Commission in connection with the performance of its functions cease to be assets of the Commonwealth and become assets of the Commission; and (b) such of the liabilities of the Commonwealth subsisting immediately before that day, being liabilities incurred or undertaken in connection with the administration of matters for which the Minister for Foreign Affairs or the Minister for Local Government and Administrative Services is responsible, as are identified by the Minister for Finance, in writing, on or before that day, as liabilities appropriate to be assumed by the Commission in connection with the performance of its functions cease to be liabilities of the Commonwealth and become liabilities of the Commission. (3) Without limiting the generality of sub-section (1), the reference in paragraph (1) (d) to the liabilities of the Insurance Corporation includes a reference to— (a) the liability to repay to the Commonwealth, at such times and in such amounts as the Minister for Finance determines, the amount that, immediately before the commencing day, constituted the capital of the Insurance Corporation for the purposes of section 67 of the Insurance Corporation Act; and (b) the liability to pay interest to the Commonwealth on the amount referred to in paragraph (a), or so much of that amount as has not from time to time been repaid to the Commonwealth at such rate as the Minister for Finance from time to time determines. (4) The Commission shall indemnify the Commonwealth, and keep the Commonwealth indemnified, from and against all actions, claims, demands, proceedings, suits, damages, expenses and costs that may be brought against, or incurred by, the Commonwealth at any time for or in respect of a liability that becomes a liability of the Commission under sub-section (1) or (2). (5) The assets of the Insurance Corporation (other than fixed assets of the Insurance Corporation) that become, by virtue of sub-section (1), assets of the Commission on the commencing day shall— (a) to the extent that they are money—be deemed to be money standing to the credit of the Fund; and (b) to the extent that they are investments—be deemed to be investments of money standing to the credit of the Fund that have been duly made in accordance with section 63e of the Audit Act 1901 as applied by sub-section 89 (1) of the Australian Trade Commission Act 1985. (6) The liabilities of the Insurance Corporation that become, by virtue of sub-section (1), liabilities of the Commission on the commencing day shall, as they fall due for payment, be paid by the Commission from the money standing to the credit of the Fund as if they were liabilities incurred by the Commission under or in connection with the conduct of its business under Part V of the Australian Trade Commission Act 1985. (7) In sub-section (5), "fixed assets of the Insurance Corporation" means— (a) real property, office equipment, furniture and motor vehicles; and (b) funds set aside for maintenance of assets referred to in paragraph (a). (8) In this section, "Fund" means the Export Finance and Insurance Fund established by section 73 of the Australian Trade Commission Act 1985. Instruments 20. A relevant instrument continues, by force of this section, 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 the commencing day, has effect as if— (a) a reference in the instrument to the Ins