Export Credit and Foreign Investments Insurance Act, 1957 (Act No. 78 of 1957)

1. Definitions

Purchase

(1) In this Act, unless the context otherwise indicates—

"buyer"

means a person carrying on business outside the Republic;

"Corporation"

means the Export Credit Insurance Corporation of South Africa Limited or its lawful successor in title;

[Definition inserted by section 1(b) of Act 34 of 2002.]

"Fund'

means the Reserve Fund established under section 5;

[Definition substituted by section 1(d) of Act 9 of 2001.]

"investment"

means any share or interest in any business undertaking in any country outside the Republic which could promote the exports of the Republic to or the economic development of that country, and which is acquired with the object of earning income;

[Definition inserted by section 1(b) of Act 81 of 1981.]

"Minister"

means the Minister of Trade and Industry;

[Definition substituted by section 1(e) of Act 9 of 2001.]

"person"

includes any company, association, partnership, individual, government agency or semi-government agency;

"policy of insurance"

means a policy of insurance—

(a)	entered into between the Corporation, acting within the general ambit of authority granted in terms of an agreement contemplated in section 2(1), and a person carrying on business in the Republic; and

(b)	that provides for the insurance on behalf of the Government of a contract subject to risk as contemplated in section 2;

[Definition inserted by section 1(c) of Act 34 of 2002.]

"this Act"

includes any regulation made thereunder;

"trade with countries outside the Republic"

includes any transaction (including a transaction for the rendering of a service) involving a consideration in money or money's worth accruing from a person in the course of carrying on business or other activities outside the Republic to a person carrying on business in the Republic and any consignment of goods by a person carrying on business in the Republic to a person carrying on business or other activities outside the Republic with a view to such a transaction.

[Definition amended by section 1 of Act 66 of 1961.]

(2)	For the purposes of this Act—

(a)	a sale of goods to a person who intends to export such goods from the Republic; and

(b)

the sale and consignment of goods (including a transaction for the rendering of a service) from a place or source outside the Republic, if the Minister, in consultation with the Minister of Finance, determines that such sale, consignment or transaction is beneficial for the export trade of the Republic,

shall be deemed to be a transaction in the course of trade with a country outside the Republic in terms of section 2.

[Sub-section (2) substituted by section 1(1)(b) of Act 75 of 1971.]