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

Statutory Rules

1975 No. 222

REGULATIONS UNDER THE BANKING ACT 1959-1974.*

WHEREAS the Banking (Foreign Exchange) Regulations made under the Banking Act 1945-1953 were, by virtue of section 29 of the Banking (Transitional Provisions) Act 1959 and an instrument under that section published in the Gazette on 14 January 1960, continued in force notwithstanding the repeal made by the Banking Act 1959 and were amended as provided by that section:

AND WHEREAS those Regulations as so continued in force and amended were again continued in force by virtue of section 4 of the Banking Act 1974 notwithstanding the repeal of section 39 of the Banking Act 1959-1973 made by the Banking Act 1974:

AND WHEREAS, by section 4 of the Banking Act 1974, those Regulations as continued in force by that section may be amended or repealed by regulations under section 39 of the Banking Act 1959-1974:

AND WHEREAS, by section 39 of the Banking Act 1959-1974, it is provided that, where the Governor-General considers it expedient to do so for purposes related to—

(a) foreign exchange or the foreign exchange resources of Australia;

(b) the protection of the currency or the protection of the public credit or revenue of Australia; or

(c) foreign investment in Australia, Australian investment outside Australia, foreign ownership or control of property in Australia or of Australian property outside Australia or Australian ownership or control of property outside Australia or of foreign property in Australia,

he may make regulations, not inconsistent with that Act, in accordance with that section:

AND WHEREAS I, the Governor-General of Australia, acting with the advice of the Executive Council, consider it expedient, for purposes related to the matters specified in paragraphs 39 (1) (a), (b) and (c) of the Banking Act 1959-1974, to make the following Regulations:

NOW THEREFORE I, the Governor-General, acting with the advice of the Executive Council, hereby make the following Regulations under the Banking Act 1959-1974.

Dated this twenty-second day of December, 1975.

JOHN R. KERR

Governor-General.

By His Excellency’s Command,

PHILLIP LYNCH

Treasurer.

 

* Notified in the Australian Government Gazette on 23 December 1975.

 

Amendments of the Banking (Foreign Exchange) Regulations*

Repeal of regulation 3.

1. Regulation 3 of the Banking (Foreign Exchange) Regulations is repealed.

Control of certain payments and transactions.

2. Regulation 8 of the Banking (Foreign Exchange) Regulations is amended by omitting paragraph (d) of sub-regulation (1) and substituting the following paragraph:—

“ (d) make an entry in a register in Australia that recognizes that a person who is not a resident is the holder of securities.”.

3. The Banking (Foreign Exchange) Regulations are amended by inserting after regulation 38 the following regulation:—

General authorities.

“ 38a. (1) The Bank may issue a general authority authorizing a person, or persons included in a class of persons, specified in the authority or all persons to do an act or thing, or acts or things, specified in the authority, the doing of which, except with the authority of the Bank, would otherwise be prohibited by these Regulations.

“ (2) The provisions of these Regulations prohibiting the doing by a person of an act or thing, being an act or thing that the person is authorized to do by a general authority issued under sub-regulation (1), do not apply in relation to the doing of that act or thing by that person.”.

Authority of the Bank.

4. Regulation 39 of the Banking (Foreign Exchange) Regulations is amended by adding at the end thereof, the following sub-regulation:—

“ (4) In this regulation, ‘ authority ’ includes a general authority issued under regulation 38a.”.

 

* 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; 1965, No. 168; 1967, No. 70; 1970, No. 130; 1973, Nos. 72 and 197; and 1974, Nos. 56, 97 and 265.