National Security (Exchange Control) Regulations (Cth)

STATUTORY RULES.

1940. No. 282.

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 Eleventh day of December, 1940.

Governor-General.

By His Excellency’s Command,

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

 

NATIONAL SECURITY (EXCHANGE CONTROL) REGULATIONS.

Part I.—Preliminary.

Citation.

1. These Regulations may be cited as the National Security (Exchange Control) Regulations.

Repeal of Monetary Control Regulations.

2. The National Security (Monetary Control) Regulations (being Statutory Rules 1939, No. 91, as amended by Statutory Rules 1939, No. 181 and 1940, No. 134) are repealed.

Repeal of Securities Regulations.

3. The National Security (Securities) Regulations (being Statutory Rules 1939, No. 113, as amended by Statutory Rules 1939, No. 150 and 1940, No. 73) are repealed.

Saving of Securities (United States and Canada) Order.

4. Notwithstanding the repeal effected by the last preceding regulation, the Securities (United States and Canada) Order made by the Treasurer on the thirtieth day of April, 1940, under the Regulations so repealed shall continue in force as if it had been made under these Regulations and may be varied or revoked by the Treasurer by order made under these Regulations.

Parts.

5. These Regulations are divided into Parts, as follows:—

Part I.—Preliminary.

Part  II.—Monetary Control.

Part  III.—Securities.

Part  IV.—Miscellaneous.

 

* Notified in the Commonwealth Gazette on December, 1940.

6679.—6/10.12.1940.— Price 8d.

 

Definitions.

6. In these Regulations, unless the contrary intention appears—

“agent of the Bank”, in relation to any provision of these Regulations, means a person appointed by the Bank to be an agent of the Bank in respect of that provision;

“Australian currency” includes notes, coins, postal notes, money orders, bills of exchange, promissory notes, drafts, letters of credit and travellers’ cheques, payable or expressed in Australian money, and also includes rights, and instruments of title, to Australian money;

“foreign currency” includes notes, coins, postal notes, money orders, bills of exchange, promissory notes, drafts, letters of credit and travellers’ cheques, payable or expressed otherwise than in Australian money, and also includes rights, and instruments of title, to money other than Australian money;

“foreign securities” includes—

(a) any securities the principal of or interest from which is repayable or payable in any country outside Australia or in any money other than Australian money;

(b) any securities the funds necessary for the repayment or payment of the principal of or interest from which are provided from any country outside Australia;

(c) any securities which are registered outside Australia;

(d) any securities which are situated outside Australia;

(e) gold situated outside Australia;

(f) any debt or money due or accruing due to a person in Australia by a person in a country outside the sterling area;

(g) any right to receive payment of any amount of money in any country not being a country included in the sterling area;

(h) any right to receive payment, in a country included in the sterling area, of any amount of money, not being money of a country included in the sterling area; and

(i) any property (other than securities) or class of such property situated outside Australia and specified by the Treasurer, by order published in the Gazette, to be foreign securities for the purposes of these Regulations and any documents of title thereto,

and also includes any class of foreign securities;

“interest”, in relation to securities, includes dividends and profits from securities;

“registrar”, with respect to any securities, includes any person having the charge of, or concerned with, the registration of registered securities, and any person having the charge of, or concerned with, the books in which any inscribed securities are inscribed;

“securities” includes shares, stock, bonds, debentures, debenture stock and Treasury Bills, and also includes foreign securities and documents of title to securities and any class

 

of securities, but does not include Australian currency or foreign currency, other than Australian currency or foreign currency included in the definition of foreign securities;

“sterling area” means all parts of His Majesty’s dominions (except Canada, Newfoundland and Hong Kong), and includes all territories in respect of which a mandate on behalf of the League of Nations has been accepted by His Majesty and is being exercised by His Majesty’s Government in the United Kingdom or in any Dominion, all British protectorates and protected states, Egypt, the Anglo-Egyptian Sudan, Iraq and every other country declared by the Treasurer, by order published in the Gazette, to be included in the sterling area;

“the Bank” means the Commonwealth Bank of Australia established by the Commonwealth Bank Act 1911;

“wrought gold” means gold and gold alloys which on view have apparently been worked or manufactured for trade purposes and includes the waste products arising from the working or manufacturing of gold and gold alloys for trade purposes.

Part II.—Monetary Control.

Control of purchase, &c., of foreign currency.

7. —(1.) Subject to sub-regulation (3.) of this regulation, a person, other than the Bank, shall not, except with the consent in writing of the Treasurer—

(a) buy or borrow any foreign currency from;

(b) sell or lend any foreign currency to; or

(c) exchange any foreign currency with,

a person other than the Bank.

(2.) Subject to the next succeeding sub-regulation, a person shall not be a party to any transaction having the effect of a purchase, borrowing, sale, loan or exchange of foreign currency unless the transaction is entered into with the Bank.

(3.) The Bank may authorise an agent of the Bank—

(а) to enter into any transaction prohibited by sub-regulation (1.) of this Regulation, and it shall be lawful for the transaction to be entered into accordingly; and

(b) to be a party to any transaction prohibited by sub-regulation (2.) of this regulation, and it shall be lawful for the agent of the Bank to be a party to the transaction accordingly.

(4.) A person permitted to buy, borrow, sell, lend or exchange foreign currency under this regulation shall not enter into any transaction which provides for the conversion of Australian currency into foreign currency, or vice versa, at a rate of exchange other than a rate of exchange fixed or authorized by the Bank and in force for the time being.

(5.) Nothing in this regulation shall prevent a person from buying foreign currency by means of a money order issued to him at any post office, but this sub-regulation shall not affect the operation of regulation 9 of these Regulations.

Control of transfer of gold and currency out of Australia.

8. — (1.) A person shall not, except with the consent in writing of the Treasurer, or except with the authority of the Bank, take or send out of Australia any gold, Australian currency or foreign currency, other than foreign currency obtained under the last preceding regulation.

(2.) Nothing in this regulation shall apply to a money order issued in Australia and payable outside Australia.

 

Control of money orders.

9. A person shall not take or send any money out of Australia by means of a money order issued in Australia and payable outside Australia otherwise than in accordance with such conditions as the Treasurer, by order published in the Gazette, determines.

Control of certain payments and transactions.

10. — (1.) Subject to this regulation, a person shall not, except with the consent in writing of the Treasurer—

(a) make any payment to, by the order of, or on behalf of, any person resident out of Australia;

(b) receive any payment prohibited by the last preceding paragraph; or

(c) draw, issue, or negotiate any bill of exchange or promissory note, or acknowledge any debt, so that a right (whether actual or contingent) to receive a payment in Australia is created or transferred in favour of a person resident out of Australia.

(2.) Nothing in paragraph (a) of the last preceding sub-regulation shall prevent any payment by the Bank, or by an agent of the Bank, to any person not resident out of Australia, and nothing in paragraph (b) of that sub-regulation shall prevent the receipt by any such person of any such payment.

(3.) Subject to this regulation, a person shall not, except with the consent in writing of the Treasurer—

(a) make any payment to any person not resident out of Australia as consideration for, or in association with—

(i) the receipt by any person of a payment, or the acquisition by any person of any property, outside Australia; or

(ii) the creation or transfer, in favour of any person, of a right (whether actual or contingent) to receive a payment or acquire property outside Australia; or

(b) draw, issue, or negotiate any bill of exchange or promissory note, transfer any security, or acknowledge any debt, so that a right (whether actual or contingent) to receive payment in Australia is created or transferred in favour of a person not resident out of Australia as consideration for, or in association with, any matter referred to in subparagraph (i) or (ii) of the last preceding paragraph.

(4.) For the purposes of this regulation—

(a) a body corporate incorporated out of Australia shall be deemed to be a person resident out of Australia;

(b) the head office, or a branch, in Australia, of a body corporate resident out of Australia shall, unless the Treasurer, by order, otherwise declares, be deemed to be a person not resident out of Australia;

(c) the making of any book-entry or other statement recording a debit against the head office, or a branch, in Australia of a body corporate in favour of the head office, or a branch, of the body corporate out of Australia shall be deemed to be the acknowledgment of a debt whereby a right to receive a payment in Australia is created in favour of a person resident out of Australia;

 

(d) “security” also includes deposit receipt in respect of tire deposit of a security, unit or sub-unit of a unit trust, coupon or warrant representing dividends or interest, and a life or endowment insurance policy, but does not include bill of exchange or promissory note; and

(e) “transfer” includes, in relation to any security, transfer by way of loan or security.

(5.) Nothing in this regulation shall prevent the doing of any act permitted under regulation 7, 8 or 9 of these Regulations.

Special provisions for making certain payments.

11. —(1.) The Treasurer may, by order published in the Gazette, declare any country to be a country to which this regulation applies.

(2.) Any person who is liable to make any payment to a person resident in a country to which this regulation applies shall, instead of making payment to that last-mentioned person, make the payment to the Bank, or to an agent of the Bank for payment to the Bank.

(3.) Where a payment is so made, the receipt of the bank, or of the agent of the Bank, for the amount paid shall be a good discharge, to the extent of the amount paid, to the person making the payment.

(4.) Where the liability to make the payment is a liability to make the payment in some money other than Australian money, the amount of the liability in Australian money, and the extent of the discharge, shall be ascertained by converting the amount into Australian money at a rate of exchange fixed by the Bank.

(5.) The amounts paid to the Bank and to the agents of the Bank under this regulation shall be applied in such manner as the Treasurer, by order, directs.

(6.) For the purposes of this regulation—

(a) a body corporate incorporated in a country to which this regulation applies shall be deemed to be resident in that country; and

(b) the head office or a branch in a country to which this regulation applies of a body corporate which carries on business in Australia shall be deemed to be a person resident in that country, and any amount payable by that body corporate to that head office or branch shall be deemed to be a payment which that body corporate is liable to make to that head office or branch.

Blockedaccounts.

12. —(1.) In this regulation—

“blocked account” means an account opened as a blocked account with the Bank or an agent of the Bank;

“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.

(2.) 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 a direction 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 in question]” 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.

(3.) Any sum standing to the credit of a blocked account shall not be dealt with except with the consent in writing of the Treasurer.

(4.) 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.

(5.) 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 account shall remain a blocked account and the provisions of this regulation shall apply accordingly.

(6.) Where—

(a) 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.

Acquisition of foreign currency.

13. — (1.) A person who has power to sell any foreign currency shall, when required so to do by the Treasurer, by order, sell that currency to the Bank or to an agent of the Bank.

(2.) A person who has power to assign any right to receive outside Australia payment of any amount in money other than Australian money, shall, when required so to do by order of the Treasurer, assign, or do all things necessary for the purposes of the assignment of, that right to the Treasurer or to such other person as the Treasurer requires.

 

(3.) The price to be paid by the Bank or the agent of the Bank for any foreign currency sold in pursuance of sub-regulation (1.) of this regulation shall be the amount of Australian currency into which the foreign currency is convertible at a rate of exchange fixed by the Bank, or, if there is any dispute between the person by whom the foreign currency is sold and the Bank or the agent of the Bank as to the price to be paid for the foreign currency, the price shall be such amount as is determined by an action for compensation by that person against the Bank or the agent of the Bank.

(4.) The consideration to be paid by the Commonwealth for any assignment made in pursuance of sub-regulation (2.) of this regulation shall be such as is agreed upon between the person first mentioned in sub-regulation (2.) of this regulation and the Commonwealth, or in default of agreement, as is determined by an action for compensation by that person against the Commonwealth.

(5.) An action for compensation under this regulation may be instituted in the High Court or in the Supreme Court of a State or Territory of the Commonwealth, and, subject to the following provisions, the action shall he heard and determined in the same manner as ordinary actions:—

(a) The action shall be tried without a jury;

(b) The Court shall not direct a reference to arbitration except by consent of parties; and

(c) The costs shall be in the discretion of the Court.

(6.) In this regulation—

“assign”, in relation to any right, includes procure the assignment of that right;

“sell”, in relation to any foreign currency, includes procure the sale of that foreign currency.

Delivery of gold to Bank.

14. — (l.) Subject to this regulation, every person who has any gold in his possession or control shall deliver the gold to the Bank or an agent of the Bank within one month after it came into his possession or control.

(2.) Any person thereto authorized by the Treasurer in writing may seize any gold in respect of which an offence arising under these Regulations has been committed and the forfeiture of which has been ordered by a court in pursuance of sub-section (6.) of section 10 of the National Security Act 1939-1940, and for that purpose may without warrant enter, if need be by force, and search any place or premises.

(3.) All gold delivered to the Bank or to an agent of the Bank in pursuance of this regulation shall thereupon vest in the Bank absolutely, free from any mortgage, charge, lien, trust, or other interest in or affecting the gold, and the Bank shall pay for the gold to the person delivering the gold, oil behalf of all persons having any interest therein, at such price as is fixed by the Bank and published in such manner as the Treasurer approves, and the Bank shall not he under any liability to pay or account to any other person claiming any interest therein.

(4.) The price of gold fixed by the Bank shall be based on the price paid by the Treasury of the United States of America for gold at the time when the price is fixed.

 

(5.) Subject to this regulation, a person shall not sell gold to any person other than the Bank or an agent of the Bank or a person specified by the Treasurer by order or included in a class of persons so specified.

(6.) Subject to this regulation, a person, other than the Bank or an agent of the Bank or a person specified by the Treasurer by order or included in a class of persons so specified, shall not buy gold from any person.

(7.) A person may buy gold from the Bank or an agent of the Bank, and the Bank or agent of the Bank may sell gold to any person, for the purpose of being worked or used in manufacture by that person for professional or trade purposes.

(8.) A person specified in an order made by the Treasurer under sub-regulation (5.) or (6.) of this regulation, or included in a class of persons so specified, or a person who buys gold under the last preceding sub-regulation, shall comply with such directions relating to gold as are given to him by the Treasurer.

(9.) A person shall not work or use in manufacture any gold, not being gold—

(a) lawfully in his possession at the commencement of these Regulations for the purpose of being worked or used in manufacture for professional or trade purposes; or

(b) bought in pursuance of this regulation for the purpose of being so worked or used.

(10.) Unless and until the Treasurer otherwise directs by order published in the Gazette, this regulation shall not apply to—

(a) gold coins (the total value of the gold content of which does not exceed Twenty-five pounds);

(b) wrought gold (other than wrought gold worked or manufactured in contravention of these Regulations); or

(c) gold lawfully in the possession of any person at the commencement of these Regulations for the purpose of being worked or used in manufacture for professional or trade purposes or gold bought in pursuance of this regulation for the purpose of being so worked or used.

Agents of the Bank.

15. — (1.) The Bank may appoint any person to be the agent of the Bank in respect of all or any of the provisions of this Part.

(2.) Any person appointed to be an agent of the Bank shall carry out his duties as agent in accordance with, and shall comply with, such instructions, directions and requirements as are issued or made by the Bank.

(3.) The Bank may revoke the appointment of any agent of the Bank under this regulation.

(4.) Evidence of the appointment, or of the revocation of the appointment, of an agent of the Bank under this regulation may be given by the production of the Gazelle purporting to contain a notification of the appointment or revocation, as the case may be.

Treasurer may make orders for securing enforcement of this Part.

16. The Treasurer may, by order, prohibit the making of such payments, and the doing of such other acts, by banks as appear to the Treasurer to be necessary or expedient for the purpose, of securing the enforcement of this Part.

 

Part III.—Securities.

Control of disposal of securities.

17. —(1.) A person shall not, without the consent of the Treasurer, take, send or transfer any securities to any place outside Australia.

(2.) For the purposes of this regulation, a person shall be deemed to transfer securities to a place outside Australia if he transfers securities from a register in Australia to a register outside Australia.

Control of foreign securities.

18. — (1.) Subject to this regulation, a person shall not, without the consent of the Treasurer, dispose of or otherwise deal with any foreign securities.

(2.) The Treasurer may, subject to this regulation, by order, make provision—

(a) for himself or any other person to take possession of any foreign securities;

(b) for the transfer or delivery to himself or any other person of any such securities; or

(c) for the manner in which any such securities or the proceeds thereof shall be dealt with.

(3.) Where, in pursuance of any such order, the Treasurer or any other person takes possession of any foreign securities or any such securities are transferred or delivered to the Treasurer or any other person, those securities shall vest in the Treasurer or that person free from any mortgage, pledge or charge and the Treasurer or that person may deal with them in such manner as the Treasurer thinks fit.

(4.) Without limiting the powers conferred by this regulation, in any case in which securities transferred or delivered in accordance with any such order are subject to any mortgage, pledge or charge, provision may be made in the order for the substitution, for the mortgage, pledge or charge on the securities, of a mortgage, pledge or charge on any amount payable in respect of the transfer or delivery of the securities.

(5.) The owner of any securities and any person who has an interest in or is the registrar of any securities shall do all things necessary or directed by the Treasurer to be done for the purpose of or in connexion with—

(a) the transfer or delivery of those securities in accordance with any order made in pursuance of this regulation; or

(b) any dealing with those securities or the proceeds thereof in accordance with any such order or in pursuance of this regulation.

(6.) A certificate signed by the Secretary, Department of the Treasury, that any securities, particulars of which are given in the certificate, have been taken possession of in pursuance of any such order, shall be taken by the registrar of any securities as conclusive evidence of the facts stated in the certificate.

(7.) Where any person is required by any such order to transfer or deliver any securities to the Treasurer or any other person he shall do all things necessary to secure that any interest from the securities becoming payable or arising on or after the date of the order will be paid to the Treasurer or to that other person.

 

(8.) Subject to this regulation, the Treasurer shall pay to the person who is dispossessed of any securities, or who transfers or delivers them in accordance with an order made in pursuance of this regulation, not less than the market value of the securities.

(9.) Where, in the case of any security payable to bearer which is transferred or delivered in accordance with any order made in pursuance of this regulation, any coupons representing any interest from the security are not delivered with the security, such reduction in the amount payable therefor shall be made as the Treasurer thinks fit.

(10.) If there is any dispute, as to the market value of any such securities, between the Treasurer and the person who is dispossessed of the securities or who transfers or delivers them in accordance with any such order, the amount to be paid to that person shall be determined by an action for compensation by that person against the Commonwealth.

(11.) Where, in accordance with the requirements of any order under this regulation, any person sells any security or his interest therein and then pays the net proceeds of the sale to the credit of an account specified in the order, the Treasurer shall, on receipt of advice of the payment and on compliance by the owner with all the requirements of the order, pay to the owner or as the owner directs an amount equal to the value of the net proceeds converted into Australian money at the current rate of exchange on the date on which the net proceeds are paid to the credit of the account, but, in case of dispute, the amount to be paid to the owner shall be determined by an action for compensation by the owner against the Commonwealth.

(12.) In the last preceding sub-regulation, “current rate of exchange” means the telegraphic transfer buying rate, as fixed by the Bank, on the place at which the net proceeds are paid to the credit of the account.

(13.) An action for compensation under this regulation may be instituted in the High Court or in the Supreme Court of a State or Territory of the Commonwealth, and, subject to the following provisions, the action shall be heard and determined in the same manner as ordinary actions:—

(a) The action shall be tried without a jury;

(b) The Court shall not direct a reference to arbitration, except by consent of parties; and

(c) The costs shall be in the discretion of the Court.

Exemption from stamp duty.

19. A document relating to the transfer to the Treasurer or to any other person of any security in accordance with any order under the last preceding regulation shall not be liable to stamp duty or other tax under any law of the Commonwealth or of a State or Territory of the Commonwealth,

Control of business, &c, of persons failing to comply with this Part.

20. If the Treasurer is satisfied that any person has wilfully failed to comply with any provision of, or any requirement made under, this Part or any order made under this Part, he may assume control of the business and affairs of that person and carry on that business and those affairs for such time as he thinks necessary.

 

Returns of securities.

21. —(1.) Subject to such exceptions (if any) as are specified in the order, the Treasurer may, by order published in the Gazette, require every person—

(a) who on or after the publication of the order in the Gazette owns or has any interest in; or

(b) who has, during any period specified in the order, owned or had any interest in,

foreign securities of a class so specified, to furnish a return to the Treasurer, or to such other person as is so specified, giving such particulars with respect to those securities as are so specified.

(2.) A return under the last preceding sub-regulation shall be furnished within such period as is specified in the order, or, in any particular case, within such longer period as the person to whom the return is to be furnished allows.

(3.) A person shall not make any false or misleading statement in any return furnished under sub-regulation (1.) of this regulation.

Part IV.—Miscellaneous.

Declaration by travellers.

22. — (1.) Any person who is about to leave Australia (in this regulation referred to as “the traveller”) shall, if requested so to do by an officer—

(a) declare whether or not he has with him any gold, Australian currency, foreign currency or securities; and

(b) produce any gold, Australian currency, foreign currency or securities which he has with him.

(2.) The officer, and any person acting under his directions, may search the traveller and examine and search any article which the traveller has with him for the purpose of ascertaining if he has with him any gold, Australian currency, foreign currency, or securities, and may seize any gold, Australian currency, foreign currency or securities found upon the examination or search unless the officer is satisfied that the traveller has not the gold, Australian currency, foreign currency or securities with him for the purpose of being taken or sent out of Australia in contravention of these Regulations.

(3.) A female shall not be searched in pursuance of the last preceding sub-regulation except by a female.

(4.) Any officer, and any person acting under his directions, may go on board any ship or aircraft for the purpose of exercising the powers conferred on him by this regulation, and may also examine or search the ship or aircraft and any goods found thereon, for the purpose of ascertaining whether there is on board the ship or aircraft any gold, Australian currency, foreign currency or securities for the purpose of being taken or sent out of Australia in contravention of these Regulations.

(5.) Any officer may seize any gold, Australian currency, foreign currency and securities found on any such examination or search which, in the opinion of the officer, are in the possession of any traveller, or on board the ship or aircraft, for the purpose of being taken or sent in contravention of these Regulations.

 

(6.) In this regulation, “officer” means officer of Customs, immigration officer or constable, and includes any person authorized by the Treasurer to act as an officer for the purposes of this regulation.

Power to obtain information.

23. — (1.) The Treasurer may, by order, require any person (including any officer employed in or in connexion with any department of a Government or by a local authority)—

(a) to furnish to the Treasurer, or to such other person as the Treasurer directs, such information as the Treasurer or that other person requires; and

(b) to attend and give evidence before the Treasurer, or such other person as the Treasurer directs,

with respect to any act, transaction, matter or thing prohibited by these Regulations, or to which any provision of these Regulations applies, including gold coins and wrought gold, and may require him to produce all books, documents and other papers whatever in his custody or under his control relating thereto.

(2.) The Treasurer may require the information or evidence to be given on oath or affirmation and either orally or in writing and for that purpose the Treasurer or person before whom the evidence is given may administer an oath.

(3.) A person shall not—

(a) refuse or fail to comply with any requirement made in pursuance of sub-regulation (1.) or (2.) of this regulation; or

(b) with intent to evade the provisions of these Regulations, destroy, mutilate, deface, secrete or remove any book, document or other paper.

Exemptions.

24. The Treasurer may, by order, either wholly or to the extent specified in the order, exempt from the application of the whole or any of the provisions of these Regulations—

(a) any person, all persons, or every person included in any class of persons;

(b) any act or transaction, all acts and transactions, or every act or transaction included in any class of acts or transactions; or

(c) any security, all securities, or every security included in any class of securities.

Consent of Treasurer.

25. — (1.) Where application is made for the consent of the Treasurer under any provision of these Regulations, the Treasurer may, in his absolute discretion, grant the consent, either unconditionally or subject to such conditions as he thinks fit, or refuse to grant the consent.

(2.) Where the consent of the Treasurer is granted subject to conditions, a person shall comply with all such conditions as are applicable to him.

Authority of Bank.

26. — (1.) Subject to any directions of the Treasurer, the grant of any authority by the Bank under any provision of these Regulations shall be in the absolute discretion of the Bank, and the authority may be granted either unconditionally or subject to such conditions as the Bank thinks fit.

 

(2.) Where the authority of the Bank is granted subject to conditions, a person shall comply with all such conditions as are applicable to him.

(3.) Subject to any directions of the Treasurer, the Bank may revoke or vary any authority granted by the Bank under any provision of these Regulations.

Orders.

27. An order under these Regulations—

(a) may be made applicable to a person named in the order, in which case the order shall be served personally on that person by letter sent to his last-known place of abode or business; or

(b) may be made applicable to all persons, or all persons included in a class of persons specified in the order, in which case the order shall be published in the Gazette.

False statements.

28. A person shall not make to the Treasurer, to any officer of the Commonwealth, of the Bank or of an agent of the Bank, or to any person to whom application is made for the issue of a money order payable outside Australia, any statement, whether oral or in writing, relating to any act, transaction, matter or thing to which any provision of these Regulations applies, which he knows to be untrue in any particular, or which is made by him without his having first made proper inquiries to ascertain the truth thereof.

 

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