National Security (Securities) Regulations (Amendment) (Cth)

STATUTORY RULES.

1940. No. 73.

 

REGULATION UNDER THE NATIONAL SECURITY ACT 1939.*

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.

Dated this thirtieth day of April, 1940.

GOWRIE

Governor-General.

By His Excellency’s Command,

PERCY C. SPENDER

for and on behalf of the Minister of State

for Defence Co-ordination.

 

National Security (Securities) Regulations.

Control of Securities.

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

(a) by omitting from sub-regulation (1.) the words “A person” and inserting in their stead the words “Subject to this regulation, a person”;

(b) by inserting in paragraph (c) of sub-regulation (2.), after the word “securities”, the words “or the proceeds thereof”;

(c) by inserting in paragraph (b)of sub-regulation (5.), after the word “securities”, the words “or the proceeds thereof”; and

(d) by inserting after sub-regulation (10.) the following sub-regulations:—

“(10a.) 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 such sale to the credit of an account specified in the order, the Treasurer shall, on receipt of advice of such payment and on compliance by the owner with all the requirements of the order, pay to the owner or as

 

* Notified in the Commonwealth Gazette on 30th April, 1940.

  Statutory Rules 1939, No. 113, as amended by Statutory Rules 1939, No. 150.

2177.—Price 3D.

 

the owner directs an amount equal to the value of the net proceeds converted into Australian currency 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.

“(10b.) For the purposes of the last preceding sub-regulation, “current rate of exchange” means the telegraphic transfer buying rate, as fixed by the Commonwealth Bank of Australia, on the place at which the net proceeds are paid to the credit of the account.”.

 

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