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

Schedule 9   Amendment of the Foreign Judgments Act 1991

3   After subsection 6(11)

Insert:

(11A) For the purposes of paragraph (11)(b), the rate of exchange prevailing on the conversion day referred to in that paragraph is the average of the rates at which Australian dollars may be bought in the currency in which the judgment is expressed 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.

(11B) The reference in paragraph (11)(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 (11A) publish rates at which Australian dollars may be bought in the currency in which the judgment is expressed.