23References to Singapore currency

23 References to Singapore currency

(1) A reference in a law continued in force in the Territory by the Act or adopted as a law of the Territory by an Ordinance to an amount of money expressed in currency 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 Singapore to the equivalent amount in Australian currency, the conversion shall be made on the basis that: (a) .294 dollar in Australian currency is the equivalent of One dollar in the currency of the Colony of Singapore; and (b) .294 cent in Australian currency is the equivalent of one cent in the currency 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 anything contained in subsection (2) or (3), the equivalent of an amount of 4 cents or less in the currency of the Colony of Singapore shall be deemed to be one cent in Australian currency. (5) In this section, a reference to the currency of the Colony of Singapore is a reference to the currency the continued use of which was authorized by subsection 19(1) of the Christmas Island Act 1958.