Commonwealth Numbered Regulations

1981 No. 2 NAVIGATION (LIMITATION OF SHIPOWNERS' LIABILITY) REGULATIONS - REG 5

5. (1) Amounts of money expressed in the franc mentioned in Article 3 of the
Convention shall be converted into Australian currency as follows:

   (a)  15 francs are to equal one special drawing right; and

   (b)  special drawing rights are to be converted into Australian dollars at
        the official rate of exchange on the day on which the limitation fund
        is constituted, the relevant payment is made or the relevant guarantee
        is given.

(2) In sub-regulation (1)-

   (a)  a reference to a special drawing right shall be read as a reference to
        a special drawing right within the meaning of the
        International Monetary  Agreements Act 1947 ;

   (b)  a reference to the official rate of exchange on a day is a reference
        to the rate of exchange determined on that day by the Reserve Bank of
        Australia; and

   (c)  a reference to the day on which the limitation fund is constituted
        shall be read as a reference to the day on which the order of the
        Court under sub-section 335 (1) of the Act constituting the fund is
        made.