Banking Act 1974

No act or thing done, and no contract or other transaction entered into, before the commencement of this Act, shall be deemed to be, or ever to have been, invalid or unenforceable by reason only that a provision of the Banking (Foreign Exchange) Regulations has not been complied with, but the foregoing—

does not apply to any act, thing, contract or other transaction the validity of which, has, before 3 December 1974, been called in question, for that reason, in any proceedings, whether or not the proceedings have been completed before that date, except proceedings in which the court holds that it is just and equitable that the act, thing, contract or other transaction should be treated as being valid; and

shall not be construed as having the effect of preventing a person from being convicted of an offence against the Banking (Foreign Exchange) Regulations by reason of his having failed to comply with a provision of those regulations.

Notwithstanding the repeal of Part III of the Principal Act effected by section 3 of this Act, where, before the commencement of this Act, application had been made to the Reserve Bank for the granting by the Bank of the authority of the Bank to the doing of an act or thing prohibited by the Banking (Foreign Exchange) Regulations except with the authority of the Bank and the Bank had not granted or refused the application, sub-sections (3) and (4) of section 39 of the Principal Act continue to apply to and in relation to the granting by the Bank of that authority.

In this section, the Banking (Foreign Exchange) Regulations means the regulations continued in force by virtue of section 29 of the Banking (Transitional Provisions) Act 1959, being those regulations as amended and in force from time to time before the commencement of this Act.