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

STATUTORY RULES.

1940. No. 134.

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REGULATION 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 Regulation under the National Security Act 1939-1940.

Dated this tenth

day of July, 1940.

Governor-General.

By His Excellency’s Command,

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

 

National Security (Monetary Control) Regulations,

Acquisition by Treasurer of certain foreign currency.

Regulation 5 of the National Security (Monetary Control) Regulations is amended—

(a) by omitting sub-regulations (1.) and (2.) and inserting in their stead the following sub-regulations:—

“(1.) A person who has power to sell any foreign currency shall, when required so to do, in accordance with the provisions of this regulation, sell that currency to the Bank or an agent of the Bank.

“(1a.) For the purposes of the last preceding sub-regulation, the price to be paid by the Bank or an agent of the Bank shall be the amount of Australian currency into which the foreign currency is convertible at the current rate of exchange, or, if there is any dispute between any such person and the Bank or the agent of the Bank as to the price to be paid for the foreign currency, at such price as is determined by an action for compensation by that person against the Commonwealth.

“(2.) A person who has power to assign any right to receive outside Australia, in respect of any credit or balance at a bank, payment of any amount in a foreign currency, shall, when required so to do in accordance with the provisions of this regulation, assign or do all things

 

* Notified in the Commonwealth Gazette on  , 1940.

  Statutory Rules 1939, No. 91, as amended by Statutory Rules 1939, No. 181.

4038.—8/1.7.1940.—Price 3d.

necessary for the purpose of the assignment of that right to the Treasurer or a person thereto authorized by the Treasurer.

“(2a.) Any such person may be required by the Treasurer or a person thereto authorized by the Treasurer to sell such foreign currency or to assign, or to do all things necessary for the purpose of the assignment of, any such right—

(a) by notice in writing served on him personally or by letter sent to his last known place of abode or business.

(b) by order published in the Gazette requiring all such persons so to sell such foreign currency or to assign, or to do all things necessary for the purpose of the assignment of, any such right, as the case may be; or

(c) by order published in the Gazette requiring all such persons of a class to which that person belongs to sell such foreign currency or to assign, or to do all things necessary for the purpose of the assignment of, any such right, as the case may be.”; and

(b) by adding at the end thereof the following sub-regulation:—

“(5.) For the purposes of 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,”.

 

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