I just copied and pasted this from the kitco forum...you Gold bugs may want to read it, I have no idea if it's for real or if the bill is active....... (https://www.kitcomm.com/showthread.php?goto=newpost&t=78398) ----------------------------------------------------------------------------------------- Amended this year!!! http://www.comlaw.gov.au/Details/C2011C00034 Part IVGold 40 Operation of Part (1) This Part shall not be in operation except as provided by this section. (2) Where the GovernorGeneral is satisfied that it is expedient so to do, for the protection of the currency or of the public credit of the Commonwealth, the GovernorGeneral may, by Proclamation, declare that this Part, or such of the provisions of this Part as are specified in the Proclamation, shall come into operation, and this Part, or the provisions so specified, shall thereupon come into operation. (3) Where the GovernorGeneral is satisfied that it is no longer expedient, for the protection of the currency or of the public credit of the Commonwealth, that this Part, or any of the provisions of this Part, should remain in operation, the GovernorGeneral may, by Proclamation, declare that this Part, or such of the provisions of this Part as are specified in the Proclamation, shall cease to be in operation, and thereupon this Part, or the provisions so specified, shall cease to be in operation. 41 Transfer of gold out of Australia (1) A person shall not, except with the consent in writing of the Reserve Bank, take or send any gold out of Australia. (2) A person is guilty of an offence if: (a) the person contravenes subsection (1); and (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. (3) An offence against subsection (2) is an indictable offence. 42 Delivery of gold (1) 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 is guilty of an offence if: (a) the person fails to comply with subsection (1); and (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. (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 is guilty of an offence if: (a) the person fails to comply with subsection (2); and (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. 43 Vesting of gold delivered All gold delivered in pursuance of section 42 shall thereupon vest in the Reserve Bank absolutely, free from any mortgage, charge, lien, trust or other interest in or affecting the gold, and the Reserve Bank shall pay for the gold, to the person delivering the gold, on behalf of all persons having any interest in the gold, an amount determined in accordance with section 44 and the Reserve Bank shall not be under any liability to any other person claiming any interest in the gold. 44 Payment for gold The amount to be paid for any gold delivered in pursuance of section 42 shall be an amount determined in accordance with such price as is fixed and published by the Reserve Bank or, at the option of the person delivering the gold, such amount as is determined in an action for compensation against the Reserve Bank. 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 is guilty of an offence if: (a) the person fails to comply with subsection (1); and (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 is guilty of an offence if: (a) the person fails to comply with subsection (3); and (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. 46 Limitation on working of gold (1) A person shall not work or use in manufacture any gold, not being 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. (2) A person is guilty of an offence if: (a) the person fails to comply with subsection (1); and (c) there is no instrument in force under section 48 exempting the person from the application of subsection (1). 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. (3) An offence against subsection (2) is an indictable offence. 47 Application of Part (1) This Part does not apply to wrought gold, not being wrought gold worked or manufactured in contravention of this Part. (2) In this section, wrought gold means gold and gold alloys which on view have apparently been worked or manufactured for professional or trade purposes and includes the waste products arising from the working or manufacturing of gold and gold alloys for professional or trade purposes. 48 Exemptions The Reserve Bank may, by instrument in writing, and either wholly or to the extent specified in the instrument, exempt a person from the application of the whole or any of the provisions of this Part and, so long as the exemption continues, that person is exempt accordingly.
I have no idea. It's probably nothing to worry about since we haven't heard this news from anywhere else. Just thought it was interesting and maybe you guys could get to the bottom of it.
How come they didnt think of it back in 1933 ?! Maybe the banks could 'wait it out' and somehow trigger a crash and hope for people to sell their gold back, and once finished the price would go back up - voila confiscation just happened - and you didnt even know it ! ( that is , if you sold your gold and it came back up )
Simply put, this thread title is sensationalist and misleading. That is the "Banking Act 1959", and in the introduction it clearly states that this part of the Act "ceased operation" in 1976. The GG has had this power for over 50 years. Perhaps someone could however find the previous copy of the Act and do a diff to see what did change.
Not a lawyer, but... Changes to the 1959 Banking Act are a result of a new Consumer Law framework. See http://en.wikipedia.org/wiki/Australian_Consumer_Law, and see the explanatory memorandum linked in that article. They renamed the Trade Practices Act the "Competition and Consumers Act". They then had to change all references to the TPA. See http://www.comlaw.gov.au/ComLaw/Leg...4BC23ACDEBBCA2577620009E209/$file/1032010.pdf , page 377, for changes to the Banking Act. Disclaimer: I haven't trawled through previous versions of the act and compared changes line by line. Some people wear their tinfoil hats much too tight, restricting flow of blood to the brain.
