Banking Act 1959

Part IV - Gold  

SECTION 45   Limitation of sale and purchase of gold  

(1)    
Subject to this Part:

(a) a person shall not sell or otherwise dispose of gold to a person other than the Reserve Bank or a person authorized in writing by the Reserve Bank to purchase gold; and

(b) a person, other than the Reserve Bank or a person so authorized, shall not buy or otherwise obtain gold from any person.

(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(b) (Repealed by No 154 of 2007)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: 200 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.

(1B)    
An offence against subsection (1A) is an indictable offence.

(2)    
A person may buy gold from the Reserve Bank or from a person authorized in writing by the Reserve Bank to sell gold, and the Reserve Bank or a person so authorized may sell gold to a person, for the purpose of its being worked or used by the purchaser in connexion with the person ' s profession or trade.

(3)    
A person authorized by the Reserve Bank under this section shall comply with such directions relating to gold as are given to the person by the Reserve Bank.

(4)    

A person commits an offence if:

(a) the person fails to comply with subsection (3); 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(b) (Repealed by No 154 of 2007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: 200 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.

(5)    
An offence against subsection (4) is an indictable offence.