Commonwealth Numbered Acts

BANKING ACT 1974 No. 132 of 1974 - SECT 4

4. (1) Notwithstanding the repeal of Part III of the Principal Act effected by
section 3 of this Act-

   (a)  the Banking (Foreign Exchange) Regulations as in force, or purporting
        to be in force, immediately before the commencement of this Act shall,
        after the commencement of this Act, continue in force, and be as valid
        and effectual, as if they had been made under section 39 of the
        Principal Act as amended by this Act, and may be amended or repealed
        by regulations under that section; and

   (b)  any instrument in force, or purporting to be in force, under or by
        virtue of those regulations immediately before the commencement of
        this Act shall, after the commencement of this Act, continue in force,
        and may be revoked or varied under those regulations as continued in
        force.

(2) For the purposes of Part III and of section 70 of the Principal Act as
amended by this Act and of Part IV of the Taxation Administration Act
1953-1974, the regulations continued in force by sub-section (1) of this
section shall be deemed to be regulations made under section 39 of the
Principal Act as so amended.