Decimal Currency Board (Abolition) Act 1969

Legislation au C1969A00025 Not in force Act

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Decimal Currency Board (Abolition)

No. 25 of 1969

An Act to abolish the Decimal Currency Board and for purposes connected therewith.

[Assented to 4 June 1969]

BE it enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—

Part I.—Preliminary.

Short title and citation.

1.—(1.) This Act may be cited as the Decimal Currency Board (Abolition) Act 1969

(2.) The Decimal Currency Board Act 1963-1965 is in this Act referred to as the Principal Act.


(3.) The Principal Act, as amended by this Act, may be cited as the Decimal Currency (Transitional) Act 1963-1969.

Commencement.

2.—(1.) Subject to this section, this Act shall come into operation on the day on which it receives the Royal Assent.

(2.) Sub-section (2.) of section 7, and sections 8, 9 and 10, of this Act shall come into operation on a date to be fixed by Proclamation.

Parts.

3. This Act is divided into Parts, as follows:—

Part I.—Preliminary (Sections 1-4).

Part II.—Provisions Relating to the Decimal Currency Board (Sections 5-6).

Part III.—Amendments of the Principal Act (Sections 7-11).

Definitions.

4. In this Act—

“property” includes money;

“the Board” means the Decimal Currency Board established by Part V. of the Currency Act 1963.

Part II.—Provisions Relating to the Decimal Currency Board.

Board not to exercise powers except for winding-up its affairs.

5. After this Act receives the Royal Assent, the Board shall not exercise any of its powers except for the purpose of winding-up its affairs.

Report to be furnished.

6.—(1.) The Board shall, as soon as practicable after this Act receives the Royal Assent, furnish to the Treasurer, for presentation to each House of the Parliament, a report of its operations during the period from and including the first day of July, One thousand nine hundred and sixty-eight, to and including the day immediately before the day on which this Act receives the Royal Assent.

(2.) The Treasurer shall cause the report furnished to him under the last preceding sub-section, together with a report by the Treasurer on the operation of Part V. of the Principal Act, as amended by this Act, during the period to which the report of the Board relates, to be laid before each House of the Parliament within fifteen sitting days of that House after the receipt by the Treasurer of the report of the Board.

Part III.—Amendments of the Principal Act.

Parts.

7.—(1.) Section 3 of the Principal Act is amended by omitting the words—

“Division 4.—Miscellaneous (Sections 32-33).


Part VI.—Miscellaneous (Section 38)”.

and inserting in their stead the words—

“Division 4.—Miscellaneous (Section 32).”.

(2.) Section 3 of the Principal Act, as amended by the last preceding sub-section, is further amended by omitting the words—

“Division 2.—Powers of Treasurer (Sections 19-20).

Division 3.—Establishment and Constitution of Decimal Currency Board (Sections 21-31).”

and inserting in their stead the words—

“Division 2.—Powers of Treasurer (Section 19).”.

Definitions.

8. Section 18 of the Principal Act is amended by omitting the definitions of “member”, “the Board”, “the Chairman” and “the Deputy Chairman”.

Repeal of section 20 and Division 3.

9.—(1.) Section 20 and Division 3 of Part V. of the Principal Act are repealed.

(2.) All property and rights that, immediately before the commencement of this section, were vested in the Board are, by force of this section, vested in the Commonwealth.

(3.) Where the Board was a party to a contract or agreement subsisting immediately before the commencement of this section, the contract or agreement shall continue in full force and effect but, in its operation after the commencement of this section, has effect as if—

(a) the Commonwealth were substituted for the Board as a party to the contract or agreement; and

(b) any reference in the contract or agreement to the Board were a reference to the Commonwealth.

(4.) All liabilities and obligations to which the Board was subject immediately before the commencement of this section become, by force of this section, liabilities and obligations of the Commonwealth.

(5.) The Consolidated Revenue Fund is appropriated to the extent necessary for the purpose of the making by the Commonwealth of any payment that the Commonwealth is liable to make by reason of the operation of this section.

Finance.

10. Section 32 of the Principal Act is amended—

(a) by adding at the end of paragraph (a) the word “and”; and

(b) by omitting paragraphs (c) and (d).

Repeal of section 33 and Part VI.

11  Section 33 and Part VI. of the Principal Act are repealed.

Overview

The Decimal Currency Board (Abolition) Act 1969 was enacted to address the need to abolish the Decimal Currency Board, established by the Currency Act 1963. This Act was introduced to streamline Australia's currency management and ensure that the responsibilities and functions of the Board were efficiently transitioned to other governmental entities. Enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, the primary objective of this Act was to formally dissolve the Decimal Currency Board and transfer its assets, liabilities, and obligations to the Commonwealth of Australia. The Act outlines the cessation of the Board's powers, the requirement for the Board to furnish a final report on its operations, and the repeal of specific sections and divisions of the Decimal Currency Board Act 1963-1965. The Act also includes amendments to definitions and sections of the Principal Act, ensuring a smooth transition and legal continuity in the currency management framework.

Scope and Application

The Decimal Currency Board (Abolition) Act 1969 applies to the Decimal Currency Board established by the Currency Act 1963, and to the functions and powers previously vested in it. This Act operates within the jurisdiction of the Commonwealth of Australia and amends the Decimal Currency Board Act 1963-1965. Once the Act receives Royal Assent, the Board is prohibited from exercising any of its powers except for the purpose of winding up its affairs. The Act mandates that the Board must furnish a report to the Treasurer, who is then required to present this report to each House of the Parliament. The Act also includes provisions for the transfer of property, rights, liabilities, and obligations from the Board to the Commonwealth, and appropriates funds from the Consolidated Revenue Fund to cover any liabilities arising from this transfer. Additionally, the Act makes amendments to the Principal Act, including the removal of certain sections and divisions, and the modification of definitions and financial provisions. The Act does not specify any exclusions, exemptions, or thresholds, nor does it mention any subordinate instruments extending or restricting its application.

Key Provisions

The Decimal Currency Board (Abolition) Act 1969 (sections 5 and 6) primarily concerns the winding-up of the Decimal Currency Board's affairs and the submission of a report detailing its operations. Following the Act's Royal Assent, the Board is restricted from exercising any powers other than those necessary for winding up its affairs (section 5). It is mandated to furnish a report on its activities from 1 July 1968 up until the day before the Act receives Royal Assent, which the Treasurer must then present to Parliament within fifteen sitting days of receiving it (section 6). The Act imposes several obligations on the Decimal Currency Board. It must cease all operations other than those required to wind up its affairs. Additionally, it must prepare a comprehensive report detailing its activities and financial status, which is to be submitted to the Treasurer for onward transmission to Parliament. The Treasurer, in turn, must ensure that this report is laid before Parliament within a specified timeframe. The Act does not explicitly outline specific offences, penalties, or consequences for non-compliance. However, by restricting the Board's powers post-assent and mandating the submission of a detailed report, it implicitly enforces compliance through legislative oversight. Failure to adhere to these requirements could potentially lead to parliamentary scrutiny and other indirect consequences.

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Area of Law
Commercial Law
Instrument
Act
Concepts
Commencement Provisions
Repeal & Amendment
Transitional Provisions

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.