Export Credit Re-insurance Amendment Act 88 of 1962

Export Credit Re-insurance Amendment Act, 1962 (No. 88 of 1962)

Act

to amend the Export Credit Re-insurance Act, 1957.

(English text signed by the State President.)
(Assented to 25th June, 1962.)

Be it enact by the State President, the Senate and the House of Assembly of the Republic of South Africa, as follows:-

Amendment of section 2 of of Act 78 of 1957 as amended by section 2 of Act 66 of 1961.

1. Section two of the Export Credit Re-insurance Act, 1957 (hereinafter referred to as the principal Act), is hereby amended-

(a) by the insertion after the word "Union" where it occurs for the second time of the words "or out of or in connection with any loan or similar facility connected with any such act or transaction and granted by a person carrying on business in the Republic to a person carrying on business or other activities outside the Republic,";

(b) by the deletion in paragraph (a) of the words "in circumstances beyond the control of the insured and of the buyer";

(c) by the deletion in paragraph (b) of the words "between the buyer's country and the Union or any other country";

(d) by the deletion in paragraph (c) of the word "war,"; and

(e) by the substitution in that paragraph for the words "in the buyer's country" of the words "outside the Republic".

Amendment of section 3 of Act 78 of 1957.

2. Section three of the principal Act is hereby amended by the addition at the end thereof of the following proviso: 
"Provided that the Minister in consultation with the Minister of Finance may in any particular case approve of a higher percentage".

Amendment of section 5 of Act 78 of 1957.

3. Section five of the principal Act is hereby amended by the addition of the following sub-section:

"(4) (a) Subject to the provisions of sub-section (3), the moneys of the Fund shall be kept in an account with the South African Reserve Bank.

(b) The Minister may from time to time obtain advances from the said Bank in order to meet temporary deficits in the Fund.

(c) The total amount of any such advances which have not yet been repaid shall at no time exceed an amount to be specified in a guarantee to be given to the said Bank by the Minister of Finance.

(d) Any loss incurred by the said Bank as a result of such advances shall be met out of moneys appropriated by Parliament for the purpose.".

Amendment of section 11 of Act 78 ot 1957.

4. Section eleven of the principal Act is hereby amended by the substitution for the word "Governor-General" of the words "State President".

Amendment of section 12 of Act 78 of 1957.

5. Section twelve of the principal Act is hereby amended by the insertion after the word "Act" of the words "and any amendment thereof, whensoever enacted,".

Substitution in Act 78 of 1957 for "Union" of "Republic".

6. The principal Act is hereby amended by the substitution for the word "Union" wherever it occurs of the word "Republic". 

Amendment of long title of Act 78 of 1957.

7. The long title of the principal Act is hereby amended- 
(a) by the substitution in the Afrikaans version for the word "Unieregering" of the words "Regering van die Republiek"; and

(b) by the addition at the end thereof of the words "and loans or similar facilities connected with such transactions".

Short title.

8. This Act shall be called the Export Credit Re-insurance Amendment Act, 1962.

Commencement

4 July 1962