Document ID: chunk:federal_register_of_legislation:C2025C00165:section:45
Version: federal_register_of_legislation:C2025C00165
Segment Type: section
Provision Reference: s 45
Character Range: 303793–305834

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.