20References to Singapore currency

20 References to Singapore currency

(1) A reference in an Ordinance of the Colony of Singapore to an amount in the currency of the Colony of the Straits Settlements or of the Colony of Singapore shall be read as a reference to the equivalent amount in Australian currency. (2) Where it is necessary for the purposes of subsection (1) or for the purposes of any Ordinance or law made under an Ordinance to convert an amount expressed in currency of the Colony of the Straits Settlements or of the Colony of Singapore to the equivalent amount in Australian currency, the conversion shall be made on the basis that: (a) 40 cents in Australian currency is the equivalent of one dollar in the currency of the Colony of the Straits Settlements or of the Colony of Singapore; and (b) 0.4 cents in Australian currency is the equivalent of one cent in the currency of the Colony of the Straits Settlements or of the Colony of Singapore. (3) Where a calculation in accordance with subsection (2) results in the ascertainment of an amount in Australian currency that includes a percentage of a cent, then: (a) if the percentage is not greater than 0.45, the percentage shall be disregarded; or (b) if the percentage exceeds 0.45, the amount in cents shall be deemed to be increased by adding one to the number of cents (without the percentage). (4) Notwithstanding subsections (2) and (3), the equivalent of an amount of 3 cents or less in the currency of the Colony of the Straits Settlements or the Colony of Singapore shall be deemed to be one cent in Australian currency.