Public Service Commission Act, 1997
R 385
Currency and Exchanges Act, 1933 (Act No. 9 of 1933)RegulationsExchange Control Regulations, 19615. Acquisition by Treasury of Gold |
| (1) | Every person resident in the Republic who becomes entitled to sell or to procure the sale of any gold shall, within thirty days after becoming so entitled, offer that gold or cause it to be offered, for sale to the Treasury or to a person authorised by the Treasury to act under this regulation; and the Treasury or a person so authorised may purchase that gold at such price as the Treasury may fix, being a price which, in the opinion of the Treasury, is not less than the market value of the gold on the day of purchase. |
| (2) |
| (a) | The provisions of subregulation (1) of this regulation shall not impose upon any person an obligation to offer any gold for sale or to cause any gold to be offered for sale, if he is, in respect of that gold, exempted from this regulation by the Treasury or by a person so authorised. |
| (b) | The Treasury or a person so authorised may withdraw any exemption granted in terms of paragraph (a) of this subregulation. |
| (3) | In any criminal proceedings against any person for failure to comply with subregulation (1)— |
| (a) | if there is produced to the Court any document of which such person is proved or has admitted himself to be the author and which contains a statement by such person from which it may reasonably be inferred that any gold is held by him or on his behalf or in his name, it shall be presumed, until the contrary is proved, that such person is entitled to sell or to procure the sale of the gold in question; |
| (b) | if it is proved that such person is entitled to sell or to procure the sale of any gold it shall be presumed, until the contrary is proved, that the gold in question has not been offered for sale to the Treasury or to a person authorised by the Treasury within the period required by subregulation (1). |
