Banking Act 1959
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(b) (Repealed by No 154 of 2007)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.
View history note
Hide history note(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(b) (Repealed by No 154 of 2007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.
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