Commonwealth Consolidated Acts

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CURRENCY ACT 1965 - SECT 11

Payments to be made in currency under this Act

             (1)  Every payment that is made shall, unless it is made according to the currency of some country other than Australia, be made according to the currency of Australia provided for by this Act.

             (2)  For the purpose of making a payment that was payable before 14 February 1966, but is not made until on or after that date, the amount of money in the currency provided for by this Act that corresponds to an amount of money in the currency provided for by the repealed Acts is, subject to subsection (3), an amount calculated on the basis of the equivalents specified in subsection (4) of section 8.

             (3)  For the purposes of subsection (2), where the amount of money in the currency provided for by the repealed Acts is an amount of pounds, shillings and pence, pounds and pence, shillings and pence or pence, the corresponding amount in the currency provided for by this Act shall be calculated on the basis that an amount of pence specified in the first column of the following table corresponds to the amount of cents specified in the second column of that table opposite to that amount of pence:

TABLE

 

First Column

Second Column

Amount of pence

Amount of cents

1

1

2

2

3

2

4

3

5

4

6

5

7

6

8

7

9

8

10

8

11

9



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