6Calculations related to references in old currency

6 Calculations related to references in old currency

6 Calculations related to references in old currency

(1) In this section:

Reference in old currency means a reference to an amount of money, or a percentage, rate or proportion, expressed in terms or in a manner used in connection with old currency.

Reference in decimal currency means a reference to an amount of money, or a percentage, rate or proportion, expressed in terms or in a manner used in connection with decimal currency.

(2) For the purpose of making a calculation or determination:

(a) that is required by a law of the State to be made by reference to old currency and is relevant to some matter arising before the appointed day, such calculation or determination may be made in old currency and the result expressed, in terms or in a manner used in connection with decimal currency, as the equivalent amount of money in that currency,

(b) that is required by a law of the State to be made by relating a reference in decimal currency to a reference in old currency:

(i) the reference in old currency shall, where it is a reference in a law of the State, be construed as a reference to the equivalent amount of money expressed in terms or in a manner used in connection with decimal currency,

(ii) the reference in decimal currency shall, where the reference in old currency is a reference to which subsection (2) of section 18 of the Commonwealth Act applies, be construed as a reference to the equivalent amount of money, or the same percentage, rate or proportion, as the case may be, expressed in terms or in a manner used in connection with old currency.

(3) Subparagraph (ii) of paragraph (b) of subsection (2) shall cease to have effect upon the date fixed pursuant to section 21 of the Commonwealth Act.