Banking Act 1959

Part II - Provisions relating to the carrying on of banking business  

Division 4 - Mobilization of foreign currency  

SECTION 34   34   Payment for transferred foreign currency  
The Reserve Bank shall pay to an ADI transferring sterling in compliance with a notice under section 33 such amount in Australian currency as is agreed upon between the Reserve Bank andthe ADI transferring the sterling or, in default of agreement, as is determined in an action for compensation by the ADI against the Reserve Bank.

This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.