Reserve Bank
No. 96 of 1965
An Act to amend the Reserve Bank Act 1959.
[Assented to 10 December, 1965]
BE it enacted by the Queen’s Most
Excellent Majesty, the Senate, and the House of Representatives of the
Commonwealth of Australia, as follows:—
Short title and citation.
1.—(1.) This Act may be cited as the Reserve Bank Act 1965.
(2.) The Reserve Bank Act 1959 is in this Act
referred to as the Principal Act.
(3.) The
Principal Act, as amended by this Act, may be cited as the Reserve Bank Act 1959–1965.
Commencement.
2. This Act shall come into operation on the fourteenth day of
February, One thousand nine hundred and sixty-six.
Definitions.
3. Section 32 of the Principal Act is amended by adding at the end of
the definition of “Australian note” the words “as in force at any time”.
4. Section 35 of the Principal Act is repealed and the following
section inserted in its stead:—
Denominations of notes.
“35. Australian
notes may be issued in any of the following denominations, namely, One dollar,
Two dollars, Five dollars, Ten dollars, Twenty dollars or Fifty dollars or in
any other denomination that the Treasurer, by instrument in writing published
in the Gazette, determines.”.
Notes to be legal tender.
5. Section 36 of the Principal Act is amended by adding at the end
thereof the following sub-section:—
“(2.) For the
purposes of the last preceding sub-section, an Australian note of a
denomination specified in the first column of the following table has the value
in the currency provided for by the Currency
Act 1965 that is set out in the second column of that table opposite to the
denomination of that note:—
Table
First Column | Second Column |
Ten
shillings | One
dollar |
One
pound | Two
dollars |
Five
pounds | Ten
dollars |
Ten
pounds | Twenty
dollars |
Twenty
pounds | Forty
dollars |
Fifty
pounds | One
hundred dollars |
One
hundred pounds | Two
hundred dollars |
One
thousand pounds | Two
thousand dollars”. |
Monthly statement of notes issued.
6. Section 41 of the Principal Act is amended by inserting in sub-section
(2.), after the words “One pound” (wherever occurring), the words “or Two
dollars”.
Issue of notes in former currency.
7.