STATUTORY RULES
1970 No. 130
REGULATIONS UNDER THE BANKING ACT 1959-1967.*
WHEREAS, by instrument under sub-section (1.) of section 29 of the Banking (Transitional Provisions) Act 1959 published in the Gazette on the fourteenth day of January, One thousand nine hundred and sixty, the Governor-General declared that, notwithstanding the repeal effected by section 4 of the Banking Act 1959, the Banking (Foreign Exchange) Regulations in force under the Banking Act 1945-1953 immediately before the commencement of Part VII. of the Banking (Transitional Provisions) Act 1959 should continue in force as if they were made under the Banking Act 1959:
AND WHEREAS, by virtue of paragraph (a) of sub-section (1.) of section 29 of the Banking (Transitional Provisions) Act 1959, those Regulations may be amended or replaced by regulations under the Banking Act 1959-1967:
AND WHEREAS, by section 39 of the Banking Act 1959-1967, it is provided that, where the Governor-General is satisfied that it is expedient so to do, for the protection of the currency or of the public credit of the Commonwealth, or in order to conserve, in the national interest, the foreign exchange resources of the Commonwealth, he may make regulations, not inconsistent with that Act, making provision for or in relation to the control of foreign exchange and, in particular, but without limiting the generality of the foregoing, for or in relation to certain matters specified in that section:
AND WHEREAS I, the Governor-General in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, am satisfied that it is expedient, for the protection of the currency and of the public credit of the Commonwealth, and in order to conserve, in the national interest, the foreign exchange resources of the Commonwealth, to make the following Regulations:
NOW THEREFORE I, the Governor-General aforesaid, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Banking Act 1959-1967.
Dated this eleventh day of September, 1970.
Paul Hasluck
Governor-General.
By His Excellency’s Command,
Treasurer.
* Notified in the Commonwealth Gazette on 1970.
14051/69—Price 5c 10/7.7.1970
Amendments of the Banking (Foreign Exchange) Regulations*
Definitions.
1. Regulation 4 of the Banking (Foreign Exchange) Regulations is amended—
(a) by inserting after the definition of “ agent of the Bank ” the following definition:—
“ ‘country included in the sterling area’ means a country the territory of which constitutes or forms part of—
(a) a Country specified in the Second Schedule to these Regulations;
(b) a colony, overseas territory or protectorate of a Country so specified; or
(c) a territory for the international relations of which a Country so specified is responsible,
but does not include the territory that constitutes Southern Rhodesia;”;
(b) by omitting from paragraph (f) of the definition of “ foreign securities ” the words “ outside the sterling area ” and inserting in their stead the words “ not being a country included in the sterling area ”;
(c) by omitting paragraph (h) of the definition of “ foreign securities” and inserting in its stead the following paragraph:—
“ (h) any right to receive payment of any amount of money of a country other than—
(i) a Country specified in the Second Schedule to these Regulations;
(ii) a colony, overseas territory or protectorate of a Country so specified, or
(iii) a territory for the international relations of which a Country so specified is responsible,
or of Southern Rhodesia;”; and
(d) by omitting the definition of “ sterling area ”.
Second Schedule.
2. The Banking (Foreign Exchange) Regulations are amended by adding at the end thereof the following Schedule:—
SECOND SCHEDULE Regulation 4.
List of Countries Included in the Sterling Area
Commonwealth of Australia | Malta |
Barbados | Mauritius |
Republic of Botswana | New Zealand |
Ceylon | Federal Republic of Nigeria |
Republic of Cyprus | Pakistan |
The Gambia | Sierra Leone |
Republic of Ghana | Republic of Singapore |
Guyana | Republic of South Africa |
Republic of Iceland | People’s Republic of Southern Yemen |
Republic of India | Kingdom of Swaziland |
Republic of Ireland | United Republic of Tanzania |
Jamaica | Kingdom of Tonga |
Hashemite Kingdom of Jordan | Trinidad and Tobago |
Republic of Kenya | Republic of Uganda |
State of Kuwait, | United Kingdom of Great Britain and Northern Ireland |
Kingdom of Lesotho | |
Libyan Arab Republic | Independent State of Western Samoa |
Republic of Malawi | Republic of Zambia |
Malaysia |
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* Statutory Rules 1946, No. 191, as amended by Statutory Rules 1947, Nos. 65 and 102; 1948, Nos. 39 and 165; 1950, No. 46; 1952, Nos. 15 and 80; 1953, No. 24; 1954, No. 96; 1960, No. 8; 1965, No. 168; and 1967, No. 70.
Printed by Authority by the Government Printer of the Commonwealth of Australia