29Saving of regulations etc.

29 Saving of regulations etc.

(1) If the Governor‑General is satisfied that it is expedient so to do, for the protection of the currency or of the public credit of the Commonwealth, or in order to conserve, in the national interest, the foreign exchange resources of the Commonwealth, he may, on the date of commencement of this Part, by instrument published in the Gazette, declare that, notwithstanding the repeal effected by section four of the Banking Act 1959, the Banking (Foreign Exchange) Regulations in force under the Banking Act 1945‑1953 immediately before the commencement of this Part shall continue in force as if they were made under the Banking Act 1959 and in that case: (a) those regulations shall continue in force accordingly but may be amended or repealed by regulations under the Banking Act 1959; and (b) any instrument in force under or by virtue of those regulations immediately before the commencement of this Part shall continue in force but may be revoked or varied under those regulations as continued in force. (2) Directions given by the Commonwealth Bank of Australia under subsection (3) of section thirty‑five of the Banking Act 1945, or of that Act as amended, and in force immediately before the date on which this Part comes into operation, shall have effect as if they were directions given under subsection (3) of section forty‑five of the Banking Act 1959.