References to previous currency to be construed as references to currency under this Act
10 References to previous currency to be construed as references to currency under this Act
Subject to this section:
a reference in a law of the Commonwealth;
a reference in a bill of exchange, promissory note, security for money, contract or agreement (whether the contract or agreement is in writing or not), deed or other instrument; and
a reference in any other manner (not being a reference in a law other than a law of the Commonwealth);
to an amount of money in the currency provided for by the repealed Acts shall, unless the context is such that it would be inappropriate or the contrary intention appears, be construed as a reference to a corresponding amount of money in the currency provided for by this Act, calculated on the basis of the equivalents specified in subsection (4) of section 8.
Where such a reference as is mentioned in subsection (1) is to a percentage or other proportion expressed in terms of money, the reference shall be construed as a reference to an equivalent percentage or proportion expressed in terms of money in the currency provided for by this Act.
Where such a reference as is mentioned in subsection (1) (not being a reference in a law of the Commonwealth) is to the amount of a payment payable periodically (not being a payment for the remuneration of an employee, whether the remuneration is by way of salary, wages, commission or otherwise) and that amount is an amount of pounds, shillings and pence, pounds and pence, shillings and pence or pence, the corresponding amount in the currency provided for by this Act shall be calculated on the basis that an amount of pence specified in the first column of the table in subsection (3) of section 11 corresponds to the amount of cents specified in the second column of that table opposite to that amount of pence.
For the purposes of this section:
law of the Commonwealth means:
an Act;
an instrument (including regulations or rules or an industrial award, order, determination or agreement or similar instrument) having effect by virtue of an Act;
an Ordinance of a Territory and any other law in force in a Territory;
an instrument (including regulations or rules or an industrial award, order, determination or agreement or similar instrument) having effect by virtue of such an Ordinance or law; and
an instrument having effect by virtue of any such regulations or rules as are mentioned in paragraph (b) or (d).
Territory means a Territory in which this Act applies or to which this Act extends.
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