STATUTORY RULES.
1960.
No. 8.
REGULATIONS UNDER THE BANKING ACT
1959.*
WHEREAS,
by instrument under sub-section (1.) of section twenty-nine of the Banking (Transitional Provisions) Act 1959
published in the Gazette on the
fourteenth day of January, One thousand nine hundred and sixty, it was declared
that, notwithstanding the repeal effected by section four 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
shall 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 twenty-nine of the Banking (Transitional
Provisions) Act 1959, those
regulations may be amended or repealed by regulations under the Banking Act 1959:
And
whereas, by section thirty-nine of the Banking
Act 1959, 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 I, the Governor-General in and over 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
Governor-General aforesaid, acting with the advice of the Federal Executive
Council, hereby make the following Regulations under the Banking Act 1959.
Dated
this fourteenth day of January, 1960.
W. J. Slim
Governor-General.
By
His Excellency’s Command,
Treasurer.
*
Notified in the Commonwealth Gazette on
10th January, 1960.
10699/59.—Price 3d. 15/30.12.1959.
Amendments of the Banking (Foreign Exchange)
Regulations.*
Commencement.
1.
Regulation
2 of the Banking (Foreign Exchange) Regulations is repealed.
2.
Regulation
3 of the Banking (Foreign Exchange) Regulations is repealed and the following
regulation inserted in its stead:—
Parts.
“3.
These Regulations are divided into Paris, as follows:—
Part
I.—Preliminary (Regulations 1-4).
Part
II.—Monetary Control (Regulations 5-12).
Part
III.—Control of Proceeds of Exports (Regulations 14-32).
Part
IV.—Securities (Regulations 33-35).
Part
V.—Miscellaneous (Regulations 36-44).”.
Definitions.
3.
Regulation
4 of the Banking (Foreign Exchange) Regulations is amended—
(a) by omitting the definition of “British trust territory”; and
(b) by omitting the definitions of “sterling area”, “the
American Account area” and “the Bank”
and inserting in their stead the following definitions:—
“‘sterling
area’ means Australia, the United
Kingdom, New Zealand, the Union of South Africa, India, Pakistan, Ceylon,
Ghana, Malaya, Burma, Iceland, the Republic of Ireland, the Hashemite Kingdom
of the Jordan and Libya, and includes—
(a) a colony, overseas territory or
protectorate of a country specified in this definition; and
(b) a territory for the international
relations of which a country so specified is responsible;
“‘the
Bank’ means the Reserve Bank of
Australia.”.
Control
of money orders.
4.
Regulation
7 of the Banking (Foreign Exchange) Regulations is amended by omitting
sub-regulation (4.) and inserting in its stead the following sub-regulation:—
“(4.)
The amount of money so taken or sent out of Australia by any one person to a
person or persons in any one week shall not exceed in the aggregate Ten pounds.”.
Control
of certain payments and transactions.
5.
Regulation
8 of the Banking (Foreign Exchange) Regulations is amended—
(a) by omitting paragraph (b) of sub-regulation (1.);
(b) by inserting in paragraph (c) of sub-regulation (1.), before the
word “transfer”, the words “allot or”;
(c) by omitting paragraph (d) of sub-regulation (1.) and inserting in its stead the following paragraph:—
“(d)make an entry in a register in Australia that recognizes or gives effect to
a transfer of any securities to a person resident out of Australia.”;
*
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;
and 1954, No. 96.
(d) by omitting from sub-regulation (2.)
all words after the word “Australia”;
(e) by inserting in paragraph (b) of sub-regulation (3.), before the word “transfer”, the words “allot or”; and
(f) by inserting after sub-regulation
(3.) the following sub-regulation:—
“(3a.) A person shall not receive any
payment prohibited by paragraph (a)
of sub-regulation (1.) of this regulation or by paragraph (a) of the last preceding sub-regulation.”.
Provision
with respect to certain foreign corporations controlled from Australia.
6. Regulation 10 of the
Banking (Foreign Exchange) Regulations is repealed.
Acquisition
of foreign currency.
7. Regulation 13 of the
Banking (Foreign Exchange) Regulations is repealed.
Definitions.
8.
Regulation
15 of the Banking (Foreign Exchange) Regulations is amended by omitting from
the definition of “the Minister” the words “Trade and Customs”
and inserting in their stead the words “Customs
and Excise”.
Applications
for licences.
9.
Regulation
19 of the Banking (Foreign Exchange) Regulations is amended by omitting
sub-regulation (4.).
Terms
and conditions of licences.
10.
Regulation
23 of the Banking (Foreign Exchange) Regulations is amended by inserting in
paragraph (b) of sub-regulation (1.), after the word “Minister”, the
words “or the Bank”.
Licensee
may be required to sell goods in certain circumstances.
11.
Regulation
27 of the Banking (Foreign Exchange) Regulations is repealed.
Exercise
of Minister’s powers and functions by certain officers.
12.
Regulation
30 of the Banking (Foreign Exchange) Regulations is amended by omitting from
sub-regulation (1.) the figures “,
27”.
13.—(1.) Regulation 34 of
the Banking (Foreign Exchange) Regulations is repealed and the following
regulation inserted in its stead:—
Control
of foreign securities.
“34.—(1.)
Subject to the next succeeding sub-regulation, a person, other than the Bank or
an agent of the Bank, shall not, without the authority of the Bank, acquire, dispose
of or otherwise deal with any foreign securities.
“(2.)
The last preceding sub-regulation does not apply to the acquisition of any
foreign securities otherwise than for valuable consideration.”.
(2.)
An authority given by the Commonwealth Bank of Australia under the regulation
repealed by the last preceding sub-regulation has effect after the commencement
of this regulation as if it were an authority given by the Reserve Bank of
Australia under the regulation inserted in the Banking (Foreign Exchange)
Regulations by that sub-regulation.
Declaration
by travellers.
14. Regulation 36 of the
Banking (Foreign Exchange) Regulations is amended by omitting sub-regulation
(6.) and inserting in its stead the following sub-regulation:—
“(6.)
In this regulation, ‘officer’ means a person who is an officer of
Customs for the purposes of the Customs
Act 1901-1959, an officer of the Department of Immigration or a member of
the Police Force of the Commonwealth or of a State or Territory of the
Commonwealth, and includes a person authorized by the Bank to act as an officer
for the purposes of this regulation.”.
Power
to obtain information.
15. Regulation 37 of the
Banking (Foreign Exchange) Regulations is amended by omitting from
sub-regulation (5.) the words “Trade
and Customs” and inserting in
their stead the words “Customs and
Excise”.
False
statements.
16. Regulation 40 of the
Banking (Foreign Exchange) Regulations is amended by omitting from paragraph (a) the words “Trade and Customs” and inserting in their stead the words
“Customs and Excise”.
First
Schedule.
17. Form C in the First
Schedule to the Banking (Foreign Exchange) Regulations is amended by omitting
the words “His Majesty King George
the Sixth in the sum of pounds, to be paid
to His Majesty and his successors,”
and inserting in their stead the words “the
Commonwealth of Australia in the sum of pounds,
to be paid to the Commonwealth of Australia,”.
Second
Schedule.
18. The Second Schedule to
the Banking (Foreign Exchange) Regulations is repealed.
By Authority: A. J. Arthur, Commonwealth Government Printer,
Canberra.