Banking Act 1959
Subject to this Part, a person who has any gold in the person ' s possession or under the person ' s control, not being:
(a) gold coins the total value of the gold content of which does not exceed the prescribed amount; or
(b) gold lawfully in the possession of that person for the purpose of being worked or used by that person in connexion with the person ' s profession or trade;
shall deliver the gold to the Reserve Bank, or as prescribed, within one month after the gold comes into the person ' s possession or under the person ' s control or, if the gold is in the person ' s possession or under the person ' s control on any date on which this Part comes into operation, within one month after that date.
(1A)
A person commits an offence if:
(a) the person fails to comply with subsection (1); and
(b) (Repealed by No 154 of 2007)
(c) there is no instrument in force under section 48 exempting the person from the application of this subsection.
Penalty: 50 penalty units.
Note 1:
Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
Note 2:
If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.
View history note
Hide history note(2)
Where a person who has gold lawfully in the person ' s possession for the purpose of being worked or used by the person in connexion with the person ' s profession or trade ceases to have that purpose in respect of that gold, the person shall deliver the gold to the Reserve Bank, or as prescribed, within one month after the person has ceased to have that purpose in respect of that gold.
(3)
A person commits an offence if:
(a) the person fails to comply with subsection (2); and
(b) (Repealed by No 154 of 2007)
(c) there is no instrument in force under section 48 exempting the person from the application of this subsection.
Penalty: 50 penalty units.
Note 1:
Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
Note 2:
If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
