STATUTORY RULES
1967
No. 70
REGULATIONS UNDER THE BANKING ACT
1959-1966.*
WHEREAS,
by instrument under sub-section (1.) of section 29 of the Banking (Transitional
Provisions) Act 1959 published in
the Gazette on the fourteenth day of
January, One thousand nine hundred and sixty, the Governor-General declared
that, notwithstanding the repeal effected by section 4 of the Banking Act 1959, the Banking (Foreign
Exchange) Regulations in force under the Banking
Act 1945-1953 immediately before the commencement of Part VII. of the Banking (Transitional Provisions) Act 1959
should continue in force as if they were made under the Banking Act 1959:
AND
WHEREAS, by virtue of paragraph (a)of sub-section (1.) of section 29 of
the Banking (Transitional Provisions) Act 1959,
those Regulations may be amended or repealed by regulations under the Banking Act 1959-1966:
AND
WHEREAS, by section 39 of the Banking Act
1959-1966, it is provided that, where the Governor-General is satisfied
that it is expedient so to do, for the protection of the currency or of the
public credit of the Commonwealth, or in order to conserve, in the national
interest, the foreign exchange resources of the Commonwealth, he may make
regulations, not inconsistent with that Act, making provision for or in
relation to the control of foreign exchange and, in particular, but without
limiting the generality of the foregoing, for or in relation to certain matters
specified in that section:
AND
WHEREAS it is provided by section 16a of the Acts Interpretation Act 1901-1966 that where, in an Act, the
Governor-General is referred to, the reference shall, unless the contrary
intention appears, be deemed to include the person for the time being
administering the Government of the Commonwealth and shall, unless the contrary
intention appears, be read as referring to a person so deemed to be included in
the reference acting with the advice of the Federal Executive Council:
AND
WHEREAS I, the Administrator of the Government of the Commonwealth of
Australia, acting with the advice of the Federal Executive Council, am
satisfied that it is expedient, for the protection of the currency and of the
public credit of the Commonwealth, and in order to conserve, in the national
interest, the foreign exchange resources of the Commonwealth, to make the
following Regulations:
NOW
THEREFORE I, the Administrator aforesaid, acting with the advice of the Federal
Executive Council, hereby make the following Regulations under the Banking Act 1959-1966.
Dated
this thirty-first day of May, 1967.
EDRIC
BASTYAN
Administrator.
By
His Excellency’s Command,
(SGD) WILLIAM McMAHON
Treasurer.
*
Notified in the Commonwealth Gazette on , 1967.
1819/67—Price
5c 9/27.4.1967
Amendments of the Banking (Foreign Exchange)
Regulations*
Definitions.
1. Regulation 4 of the
Banking (Foreign Exchange) Regulations is amended by omitting the definition of
“sterling area” and inserting in its stead the
following definition:—
“
‘sterling area’ means—
(a) Australia, Barbados, Botswana,
Ceylon, the Republic of Cyprus, The Gambia, Ghana, Guyana, Iceland, India, the
Republic of Ireland, Jamaica, The Hashemite Kingdom of Jordan, Kenya, Kuwait,
Lesotho, Libya, Malawi, Malaysia, Malta, New Zealand, the Federal Republic of
Nigeria, Pakistan, Sierra Leone, the Republic of Singapore, the Republic of
South Africa, the United Republic of Tanzania, Trinidad and Tobago, Uganda, the
United Kingdom of Great Britain and Northern Ireland, Western Samoa and Zambia;
(b) a colony, overseas territory or
protectorate of a country specified in the last preceding paragraph; and
(c) a territory for the international
relations of which a country so specified is responsible,
but
does not include Southern Rhodesia;”.
Control
of money orders.
2. Regulation 7 of the
Banking (Foreign Exchange) Regulations is amended by omitting from
sub-regulation (4.) the words “Ten
pounds” and inserting in their
stead the words “Fifty dollars”.
Classes
of licence.
3. Regulation 18 of the
Banking (Foreign Exchange) Regulations is amended by omitting from
sub-regulation (3.) the words “to a date specified therein” and inserting in their stead the words
“until a date specified in the
licence or, if a date is not so specified, until the licence is revoked”.
Offences.
4. Regulation 42 of the
Banking (Foreign Exchange) Regulations is amended by omitting from
sub-regulation (1.) the words “One
hundred pounds” and “Five thousand pounds” and inserting in their stead the words
“Two hundred dollars” and “Ten
thousand dollars”, respectively.
First
Schedule.
5. The First Schedule to
the Banking (Foreign Exchange) Regulations is amended by omitting from Form C
the word “pounds” and inserting in its stead the word “dollars”.
* Statutory Rules 1946. No. 191 as
amended by Statutory Rules 1947. Nos. 65 and 102; 1948, Nos. 39 and 165; 1950,
No. 46; 1952, Nos. 15 and 80; 1953, No. 24; 1954, No. 96; 1960, No. 8: and
1965, No. 168.
By
Authority: A. J. Arthur,
Commonwealth Government Printer, Canberra