Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

BANKING ACT 1959 - SECT 45

Limitation of sale and purchase of gold

             (1)  Subject to this Part:

                     (a)  a person shall not sell or otherwise dispose of gold to a person other than the Reserve Bank or a person authorized in writing by the Reserve Bank to purchase gold; and

                     (b)  a person, other than the Reserve Bank or a person so authorized, shall not buy or otherwise obtain gold from any person.

          (1A)  A person commits an offence if:

                     (a)  the person fails to comply with subsection (1); and

                     (c)  there is no instrument in force under section 48 exempting the person from the application of this subsection.

Penalty:  200 penalty units.

Note 1:       Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 2:       If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.

          (1B)  An offence against subsection (1A) is an indictable offence.

             (2)  A person may buy gold from the Reserve Bank or from a person authorized in writing by the Reserve Bank to sell gold, and the Reserve Bank or a person so authorized may sell gold to a person, for the purpose of its being worked or used by the purchaser in connexion with the person's profession or trade.

             (3)  A person authorized by the Reserve Bank under this section shall comply with such directions relating to gold as are given to the person by the Reserve Bank.

             (4)  A person commits an offence if:

                     (a)  the person fails to comply with subsection (3); and

                     (c)  there is no instrument in force under section 48 exempting the person from the application of this subsection.

Penalty:  200 penalty units.

Note 1:       Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 2:       If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.

             (5)  An offence against subsection (4) is an indictable offence.



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback