Commonwealth Numbered Acts

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BANKING ACT 1974 No. 132 of 1974 - SECT 5

Validation and transitional provisions.
5. (1) No act or thing done, and no contract or other transaction entered
into, before the commencement of this Act, shall be deemed to be, or ever to
have been, invalid or unenforceable by reason only that a provision of the
Banking (Foreign Exchange) Regulations has not been complied with, but the
foregoing-

   (a)  does not apply to any act, thing, contract or other transaction the
        validity of which, has, before 3 December 1974, been called in
        question, for that reason, in any proceedings, whether or not the
        proceedings have been completed before that date, except proceedings
        in which the court holds that it is just and equitable that the act,
        thing, contract or other transaction should be treated as being valid;
        and

   (b)  shall not be construed as having the effect of preventing a person
        from being convicted of an offence against the Banking (Foreign
        Exchange) Regulations by reason of his having failed to comply with a
        provision of those regulations.

(2) Notwithstanding the repeal of Part III of the Principal Act effected by
section 3 of this Act, where, before the commencement of this Act, application
had been made to the Reserve Bank for the granting by the Bank of the
authority of the Bank to the doing of an act or thing prohibited by the
Banking (Foreign Exchange) Regulations except with the authority of the Bank
and the Bank had not granted or refused the application, sub-sections (3) and
(4) of section 39 of the Principal Act continue to apply to and in relation to
the granting by the Bank of that authority.

(3) In this section, the Banking (Foreign Exchange) Regulations means the
regulations continued in force by virtue of section 29 of the Banking
(Transitional Provisions) Act 1959, being those regulations as amended and in
force from time to time before the commencement of this Act. 


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