Banking (Foreign Exchange) Regulations (Amendment) (Cth)

STATUTORY RULES.

1950. No. 46.

 

REGULATIONS UNDER SECTION 29 OF THE BANKING ACT 1945.*

WHEREAS by section 29 of the Banking Act 1945 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 and 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 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 in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under section 29 of the Banking Act 1945.

Dated this sixteenth day of August, 1950.

W. J. McKELL

Governor-General.

By His Excellency’s Command,

Treasurer.

 

Amendment of the Banking (Foreign Exchange) Regulations.

Definitions.

1. Regulation 4 of the Banking (Foreign Exchange) Regulations is amended—

(a) by inserting after the definition of “ agent of the Bank ” the following definition :—

“ ‘ British trust territory ’ means a territory administered by the government of any part of His Majesty’s dominions under the trusteeship system of the United Nations ; ”; and

 

* Notified in the Commonwealth Gazette on, 1950.

  Statutory Rules 1946, No. 191, as amended by Statutory Rules 1947, Nos. 65 and 102; and 1948, Nos. 39 and 165.

2133—price 3d. 8/18.7.1950

 

(b) by omitting the definition of “ sterling area ” and inserting in its stead the following definition :—

“ ‘ sterling area ’ means all parts of His Majesty’s dominions (except Canada), and includes all British trust territories, all British protectorates and protected states, Burma, Iceland, India, Iraq, the Republic of Ireland and the Hashemite Kingdom of the Jordan ;”.

Terms and conditions of licenses.

2. Regulation 28 of the Banking (Foreign Exchange) Regulations is amended by omitting paragraph (a) of sub-regulation (1.) and inserting in its stead the following paragraph :—

“ (a) Any payment in respect of the goods shall be made—

(i) in such currency;

(ii) in such manner; and

(iii) within such period, before or after the date of exportation,

as the Bank approves, and the licensee shall make such arrangements as are necessary to ensure that the provisions of this paragraph are complied with.”.

 

By Authority: L. F Johnston, Commonwealth Government Printer, Canberra.