Audit

No. 126 of 1965

An Act to amend the Audit Act 1901–1964 in relation to Decimal Currency.

[Assented to 18 December, 1965]

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

Short title and citation.

1.—(1.)  This Act may be cited as the Audit Act 1965.

(2.)  The Audit Act 1901–1964, as amended by this Act, may be cited as the Audit Act 1901–1965.

Commencement.

2.  This Act shall come into operation on the fourteenth day of February, One thousand nine hundred and sixty-six.

Yearly statement for audit.

3.  Section 50 of the Audit Act 1901–1964 is amended by omitting from sub-section (2.) the word “pound” and inserting in its stead the word “dollar”.

Coin to be deemed metal until issued.

4.  After section 50 of the Audit Act 1901–1964 the following section is inserted:—

“50a.  For the purposes of the statements and accounts of the Treasurer under this Act, until a coin made in pursuance of the Coinage Act 1909, or in pursuance of that Act as amended, or in pursuance of the Currency Act 1965, is issued, the value of the coin shall be taken to be the value of the metal of which the coin is made.”.

Investment of moneys standing to credit of Trust Fund.

5.  Section 62b of the Audit Act 1901–1964 is amended by omitting sub-section (1.) and inserting in its stead the following sub-section:—

“(1.)    Moneys standing to the credit of the Trust Fund may be invested by the Treasurer—

(a) in any securities of, or guaranteed by, the Government of the Commonwealth or of a State;

(b) on deposit in a bank; or

(c) in the purchase of metal for coinage.”.