National Security (Exchange Control) Regulations (Amendment) (Cth)

STATUTORY RULES.

1941. No. 206.

REGULATIONS UNDER THE NATIONAL SECURITY ACT 1939-1940.*

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 the National Security Act 1939-1940.

Dated this twenty-first day of August, 1941.

GOWRIE

Governor-General.

By His Excellency’s Command,

A. FADDEN

for and on behalf of the Minister of State for Defence Co-ordination.

 

Amendments of the National Security (Exchange Control) Regulations.

Definition.

1. Regulation 6 of the National Security (Exchange Control) Regulations is amended by omitting from the definition of “sterling area” the words “(except Canada, Newfoundland and Hong Kong)” and inserting in their stead the words “(except Canada and Newfoundland)”.

Control of certain payments and transactions.

2. Regulation 10 of the National Security (Exchange Control) Regulations is amended—

(a) by inserting in paragraph (c) of sub-regulation (1.), after the word “note”, the words “, enter into any contract or agreement (not being a contract or agreement for the purchase of goods)”; and

(b) by inserting in paragraph (b) of sub-regulation (3.), after the word “note”, the words “, enter into any contract or agreement (not being a contract or agreement for the purchase of goods)”.

 

* Notified in the Commonwealth Gazette on 21st August, 1941.

  Statutory Rules 1940, No. 282, as amended by Statutory Rules 1941, Nos. 48, 96 and 128.

5206.—Price 3d.

 

Control of certaintransfers, &c., of property.

3. Regulation 10a of the National Security (Exchange Control) Regulations is amended by omitting from sub-regulation (3.) the words “or transfer” and inserting in their words “, transfer, mortgage or charge”.

4. Regulation 12 of the National Security (Exchange Control) Regulations is repealed and the following regulation inserted in its stead:—

Blocked accounts.

“12.—(1.) In this regulation—

‘blocked account’ means—

(a) an account opened, whether before or after the commencement of this regulation, as a blocked account with the Bank or an agent of the Bank; and

(b) an existing account with the Bank or an agent of the Bank declared, whether before or after the commencement of this regulation, by the Bank to be a blocked account,

but does not include any such account which the Bank declares shall cease to be a blocked account;

‘the banker’, in relation to any person, means the Bank, or an agent of the Bank, which opens a blocked account in favour of that person, or which maintains for that person an account declared by the Bank to be a blocked account.

“(2.) A person shall not, except with the consent in writing of the Treasurer or except with the authority of the Bank—

(a) make any payment out of, or be a party to any transaction having the effect of making a payment out of, a blocked account; or

(b) assign or charge any moneys standing to the credit of a blocked account.

“(3.) Notwithstanding the provisions of the last preceding sub-regulation, the banker may transfer a blocked account to the name of the official receiver, trustee in bankruptcy, or personal representative, in Australia, of the person in whose favour the blocked account was opened.

“(4.) Except as provided in the last preceding sub-regulation, or except with the consent in writing of the Treasurer, no change shall be made in the name in which a blocked account stands, and, where any such change is made (whether or not the consent of the Treasurer is necessary therefor) then, notwithstanding the change, the blocked amount shall remain a blocked account and the provisions of this regulation shall apply accordingly.

“(5.) Where the payment to any person of any sum is permitted under regulation 10 of these Regulations subject to a condition that the payment shall be made to a blocked account—

(a) the payment may be made either—

(i) to the banker with adirection that it shall be credited to a blocked account of that person, which direction may, in the case of a payment by means of a cheque or warrant, be made by marking the cheque or warrant with the words ‘Blocked account of (naming the person inquestion)’ or words to the like effect; or

 

(ii) by a crossed cheque or warrant drawn in favour of that person marked with the words ‘Payable only to blocked account of payee’ or words to the like effect;

(b) the amount received shall be credited by the banker to a blocked account of that person; and

(c) the crediting of that amount to that account shall, to the extent of the amount credited, be a good discharge to the person making the payment.

“(6.) Where—

(а) a payment is due from any person to any other person, but, under regulation 10 of these Regulations, the payment cannot lawfully be made except with the consent of the Treasurer;

(b) that consent is granted subject to the condition that the payment shall be made to the Bank, or to an agent of the Bank, for credit to a blocked account; and

(c) the person to whom the payment is due nominates a blocked account to the person by whom the payment is due,

the person by whom the payment is due shall be under an obligation to the person to whom the payment is due to make the payment accordingly.”.

 

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