Banking (Foreign Exchange) Regulations 1959 – Exemption (paragraphs 8(1)(a), 8(1)(c) and 8(1)(d)) (21/06/1984)

as amended

made under regulation 38 of the

Banking (Foreign Exchange) Regulations 1959

This compilation was prepared on 9 June 2007
taking into account amendments up to Banking (Foreign Exchange) Regulations 1959 – Exemption (paragraph 8(1)(a)) (29/06/1990)

Prepared by the Office of Legislative Drafting and Publishing,
Attorney-General’s Department, Canberra

 


Banking (Foreign Exchange) Regulations 1959 – Exemption (paragraphs 8(1)(a), 8(1)(c) and 8(1)(d) (21/06/1984)

Reserve Bank of Australia in pursuance of Regulation 38 of the Banking (Foreign Exchange) Regulations hereby –

  1. revokes the exemption dated 3 February 1984 relating to sub-regulation 8 (1) (a) of the Regulations;
  2. revokes the exemption dated 12 December 1983 relating to sub-regulation 8 (1) (c) of the Regulations;
  3. [see Note 1]
  4. exempts from the application of sub-regulation 8 (1) (c) any person who draws, issues or negotiates any bill of exchange or promissory note, who enters into any contract or agreement (not being a contract or agreement for the purchase of goods), who allots or transfers any security, or who acknowledges any debt, so that a right (whether actual or contingent) –

(i)                to receive a payment, or any valuable consideration; or

(ii)              to the performance of any service, whether in Australia or elsewhere, is created or transferred in favour of a person who is not a resident; and

5.      exempts from the application of sub-regulation 8 (1) (d) any person who makes any entry in a register in Australia that recognises that a person who is not a resident is the holder of securities.

This instrument shall come into operation on 25 June 1984.

Dated at Sydney this 21st day of June 1984.

 

Notes to the Banking (Foreign Exchange) Regulations 1959 – Exemption (paragraphs 8(1)(a), 8(1)(c) and 8(1)(d) (21/06/1984)

Note 1

The Banking (Foreign Exchange) Regulations 1959 – Exemption (paragraphs 8(1)(a), 8(1)(c) and 8(1)(d) (21/06/1984) (in force under regulation 38 of the Banking (Foreign Exchange) Regulations 1959) as shown in this compilation is amended as indicated in the Tables below.

Table of Instruments

Title

Date of notification
in Gazette or FRLI registration

Date of
commencement

Application, saving or
transitional provisions

Exemption (paragraphs 8(1)(a), 8(1)(c) and 8(1)(d) (21/06/1984)
(F2006B11728)

25 June 1984 (see
Gazette 1984, No. S235)

25 June 1984

 

Exemption (paragraphs 8(1)(a)) (29/06/1990)
(F2006B11727)

11 July 1990 (see
Gazette 1990,
No. GN27)

1 July 1990 [see Note 2]

—

 

 

Table of Amendments

ad. = added or inserted      am. = amended      rep. = repealed      rs. = repealed and substituted

Provision affected

How affected

Item 3.................

rep. F2006B11727

 

Note 2

The Banking (Foreign Exchange) Regulations 1959 – Exemption (paragraph 8(1)(a), 8(1)(c) and 8(1)(d) dated 21 June 1984 was amended by the Banking (Foreign Exchange) Regulations 1959 – Exemption (paragraph 8(1)(a) dated 29 June 1990 which provides as follows:

Reserve Bank of Australia in pursuance of Regulation 38 of the Banking (Foreign Exchange) Regulations hereby:

  1.          revokes the exemption dated 21 June 1984 relating to sub-regulation 8(1)(a) of the Regulations;
  2.          exempts from the application of sub-regulation 8(1)(a) of the Regulations a person who makes any payment in Australia to, by the order of, or on behalf of a person who is not a resident or places any sum in Australia to the credit of any such person.

The instrument shall come into operation on 1 July 1990.

Dated at Sydney this twenty-ninth of June 1990.

Item 1 has been incorporated in this compilation.

Item 2 has not been incorporated in this compilation.