New South Wales Consolidated Acts

DECIMAL CURRENCY ACT 1965 - SECT 10

10 Liabilities in arrears or unascertained

(1) Except as might otherwise expressly be provided, nothing in this Act and no amendment of the laws of the State made by or pursuant to this Act or in any other manner that substitutes for a reference in any such law to an amount of money expressed in terms or in a manner used in connection with old currency a reference to an amount of money expressed in terms or in a manner used in connection with decimal currency (whether the substituted reference is to the equivalent amount of money or not) shall operate to extinguish, wholly or in part, a liability to pay money (certain or contingent) that arose under any such law before the appointed day or that might have arisen under any such law if this Act had not been passed or the relevant amendment made, whether or not the amount of money payable pursuant to that liability is ascertainable or becomes due for payment before or after the appointed day.

(2) Where any liability referred to in subsection (1) is to pay an amount of money ascertained under the relevant law in old currency and payable after the appointed day, the amount so ascertained shall, for the purpose of making payment, be deemed to be an amount payable immediately before the appointed day.

(3) Nothing in subsection (2) shall affect the operation of any law relating to the limitation of actions.