Law and Justice Legislation Amendment Act 1997 (34 of 1997)

Schedule 8   Amendment of the Federal Court of Australia Act 1976

15   After subsection 32W(5)

Insert:

(5A) For the purposes of paragraph (5)(b), the rate of exchange prevailing on the conversion day is the average of the rates at which Australian dollars may be bought in New Zealand currency at:

(a) 11 am; or

(b) if another time is prescribed for the purposes of this subsection - that other time;

on that day from 3 authorised foreign exchange dealers selected by the judgment creditor.

(5B) The reference in paragraph (5)(b) to a business day is a reference to a day on which the authorised foreign exchange dealers selected by the judgment creditor as mentioned in subsection (5A) publish rates at which Australian dollars may be bought in New Zealand currency.