Currency Amendment Act 1980

No. 17 of 1980

An Act to amend the Currency Act 1965

[Assented to 23 April 1980]

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

Short title, &c.

1. (1) This Act may be cited as the Currency Amendment Act 1980.

(2) The Currency Act 1965 is in this Act referred to as the Principal Act.

Commencement

2. This Act shall come into operation on the day on which it receives the Royal Assent.

Interpretation

3. Section 4 of the Principal Act is amended—

(a) by omitting the definition of “the Schedule”; and

(b) by adding at the end thereof the following sub-section:

“(2) In this Act, unless the contrary intention appears, a reference to coins made and issued under this Act shall be read as a reference to coins made and issued under the Currency Act 1965 or under that Act as amended and in force at any time.”.

Extension to external Territories

4. Section 5 of the Principal Act is amended by omitting “except Papua New Guinea and the Territory of Christmas Island”.

Act to bind Crown

5. Section 6 of the Principal Act is amended by omitting “or a State” and substituting “of each of the States and of the Northern Territory”.

Treasurer may issue coins

6. Section 14 of the Principal Act is amended by inserting after sub-section (1) the following sub-section:

“(1a) The regulations may, from time to time, provide that this Act shall have effect, on and after a date specified in the regulations, as if the references in sub-section 14a(1) and the Schedule to the denomination of Two hundred dollars were references to such greater or lesser denomination as is specified in the regulations and, where any such regulations are made, this Act shall have effect accordingly.”.

7. After section 14 of the Principal Act the following section is inserted:

Issue price of coins of certain denominations

“14a. (1) Coins of the denomination of Two hundred dollars, One hundred dollars, Fifty dollars and Twenty-five dollars shall be issued at such respective prices as the Treasurer from time to time determines.

“(2) The Treasurer may, either generally or as otherwise provided by the instrument of delegation, by writing signed by him, delegate to a person all or any of his powers under sub-section (1).

“(3) A power so delegated, when exercised by the delegate, shall be deemed to have been exercised by the Treasurer.

“(4) A delegation under this section does not prevent the exercise by the Treasurer of the power or powers so delegated.

“(5) Where the Treasurer has delegated a power to a person under this section, the Treasurer may give directions to that person with respect to the exercise of that power and the power shall not be exercised by the delegate otherwise than in accordance with any such directions.”.

Legal tender

8. Section 16 of the Principal Act is amended—

(a) by inserting in paragraph (a) of sub-section (1) “or coins of 2 or more of those denominations” after “Fifty cents”;

(b) by omitting from paragraph (a) of sub-section (1) “Five dollars” and substituting “$5”;

(c) by omitting from paragraph (a) of sub-section (1) “and”;

(d) by omitting from paragraph (b) of sub-section (1) “any other coins” and substituting “coins of the denomination of One cent or Two cents or coins of both of those denominations”;

(e) by omitting from paragraph (b) of sub-section (1) “Twenty” and substituting “20”;

(f) by adding at the end of sub-section (1) the following word and paragraph:

“; and (c) in the case of coins of another denomination—for payment of any amount.”; and

(g) by omitting from sub-section (2) “the last preceding sub-section” and substituting “sub-section (1)”.

Payments during and after transition period

9. Section 19 of the Principal Act is amended by omitting sub-section (2) and substituting the following sub-section:

“(2) Sub-section (3) of section 11 has effect for the purposes of sub-section (1) of this section and so has effect as if the reference in that first-mentioned sub-section to sub-section (2) of section 11 were a reference to sub-section (1) of this section.”.

Heading to Schedule

10. The heading to the Schedule to the Principal Act is omitted and the following heading substituted:

“SCHEDULE”.

Amendment to Schedule

11. The Schedule to the Principal Act is amended by omitting—

“Fifty cents.............................Copper and nickel”

and substituting—

“Two hundred dollars......................11/12ths gold and 1/12th other metal

One hundred dollars.......................11/12ths gold and 1/12th other metal

Fifty dollars.............................11/12ths gold and 1/12th other metal

Twenty-five dollars.......................11/12ths gold and 1/12th other metal

Fifty cents..............................Copper and nickel”.

Formal amendments

12. The Principal Act is amended as set out in the Schedule.

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SCHEDULE Section 12

FORMAL AMENDMENTS

1. The following provisions of the Principal Act are amended by omitting the words “of this Act”, “of this section” and “of this definition” (wherever occurring):

Sub-sections 2(1), 10(1) and (3), sub-section 10(4) (definition of “law of the Commonwealth”), sub-section 11(2), sections 12 and 15 and sub-sections 18(2), 19(1) and 20(1).

2. The Principal Act is further amended as set out in the following table: