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Last Updated: 1 December 2016
AN ACT TO CONFER POWERS, AND IMPOSE DUTIES AND RESTRICTIONS, IN RELATION TO GOLD, CURRENCY, PAYMENTS, SECURITIES, DEBTS, AND THE IMPORT, EXPORT, TRANSFER AND SETTLEMENT OF PROPERTY, AND FOR PURPOSES CONNECTED WITH THE MATTERS AFORESAID
[EXC 4] Surrender of gold and foreign currency4
4
[subs (1) am LN 112 of 1970 O 139, effective 8 October 1970; Act 24 of 1979 s 4, effective 1 February 1980]
(2) The foreign currency to which this section applies is such foreign currency (hereafter in this Act referred to as “specified currency”) as may, from time to time, be specified by order of the Minister.
[subs (2) am LN 112 of 1970 O 139, effective 8 October 1970]
(3) If a person who has obtained the consent of the Minister to his or her retention and use of any gold or specified currency, and has stated in an application for the consent that he or she requires it for a particular purpose, no longer requires the gold or currency for that purpose, subsection (1) shall thereupon apply to him or her, in relation to that gold or currency, as if the Minister had revoked his or her consent to his or her retention and use thereof.
[subs (3) am LN 112 of 1970 O 139, effective 8 October 1970]
(4) A person who acquires any gold or specified currency from an authorised dealer shall be treated, for the purposes of this section, as if the Minister had consented to the retention and use by him or her of that gold or currency (subject, however, to any conditions notified to him or her in accordance with section 3(2)), and as if any statement made by him or her in an application for that gold or currency as to the purpose for which he or she requires it had been made by him or her in an application for the Minister's consent to his or her retention and use thereof.
[subs (4) am LN 112 of 1970 O 139, effective 8 October 1970; Act 24 of 1979 s 4, effective 1 February 1980]
(5) Where a person has become bound, under this section, to offer or cause to be offered any gold or specified currency for sale to an authorised dealer, he or she shall not be deemed to comply with that obligation, by any offer made or caused to be made by him or her if the offer is an offer to sell at a price exceeding that authorised by the Minister, or without payment of any usual and proper charges of the authorised dealer, or otherwise on any unusual terms.
[subs (5) am LN 112 of 1970 O 139, effective 8 October 1970]
(6) Where a person has become bound, under this section, to offer or cause to be offered any gold or specified currency for sale to an authorised dealer and has not complied with that obligation, the Minister may direct that that gold or currency shall vest in him or her, and it shall vest in the Minister accordingly free from any mortgage, pledge or charge, and the Minister may deal with it as he or she thinks fit, but the Minister shall pay to the person who would, but for the direction, be entitled to the gold or currency such sum as he or she would have received therefor, if he or she had sold it to an authorised dealer in pursuance of an offer made under this section at the time when the vesting occurred.
[subs (6) am LN 112 of 1970 O 139, effective 8 October 1970]
(7) In any proceedings in respect of a failure to comply with the provisions of this section, it shall be presumed, until the contrary is shown, that the gold or currency in question has not been offered for sale to an authorised dealer.