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BANKING ACT 1974

No. 132 of 1974

An Act to amend the Banking Act 1959-1973, and for purposes connected therewith.

BE IT ENACTED by the Queen, the Senate and the House of Representatives of Australia, as follows: —

Short title and citation.
1. (1) This Act may be cited as the Banking Act 1974.

(2) The Banking Act 1959-1973 is in this Act referred to as the Principal Act.

(3) The Principal Act, as amended by this Act, may be cited as the Banking Act 1959-1974.

Commencement.
2. This Act shall come into operation on a date to be fixed by Proclamation.

3. Part III of the Principal Act is repealed and the following Part substituted:—

"PART III—FOREIGN EXCHANGE, FOREIGN INVESTMENT,
ETC.

Power to make regulations.
"39. (1) Where the Governor-General considers it expedient to do so for purposes related to—

(a) Foreign exchange or the foreign exchange resources of Australia;
(b) The protection of the currency or the protection of the public credit or revenue of Australia; or
    (c) foreign investment in Australia, Australian investment outside Australia, foreign ownership or control of property in Australia or of Australian property outside Australia or Australian ownership or control of property outside Australia or of foreign property in Australia,

he may make regulations, not inconsistent with this Act, in accordance with this section.

"(2) The regulations authorized to be made by this section are regulations (being regulations with respect to matters with respect to which the Parliament has power to make laws) making provision for or in relation to—

(a) Rates of exchange;
    (b) the control or prohibition of the buying, borrowing, selling, lending or exchanging in Australia of, or other dealing in Australia with, foreign currency by or on behalf of any person, and of the buying, borrowing, selling, lending or exchanging outside Australia of, or other dealing outside Australia with, foreign currency by or on behalf of a person who is a resident;
    (c) The control or prohibition of any transaction that has the effect of or involves a purchase, borrowing, sale, loan or exchange of, or that otherwise relates to, foreign currency, being a transaction that takes place in whole or in part in Australia or to which a person who is a resident is a party;
    (d) the control or prohibition of the buying, borrowing, selling, lending or exchanging outside Australia of, or other dealing outside Australia with, Australian currency by or on behalf of any person, and of the buying, borrowing, selling, lending or exchanging in Australia, or other dealing in Australia with, Australian currency by or on behalf of a person who is not a resident;
    (e) the control or prohibition of any transaction that has