Currency and Exchanges Act, 1933 (Act No. 9 of 1933)RegulationsExchange Control Regulations, 196111. Assignment to Treasury of Right to exported goods |
| (1) | Whenever a person has exported goods from the Republic and has failed to sell such goods within six months from the date of shipment from the Republic, or within such shorter period as may have been determined in terms of subregulation (1)(a)(iii) of Regulation 10, without having permission in terms of subregulation (1) of Regulation 10 aforesaid to export such goods without sale, or without payment within the period mentioned by subregulation (1)(a)(iii) aforesaid, then in such event such person shall within fourteen days from the date of expiry of the said period report in writing to the Treasury or to an authorised dealer that the said goods have not been sold, and the Treasury may thereupon order such person to assign to the Treasury or to a person authorised by the Treasury his right to the said goods. |
The sum payable as consideration for any assignment in terms of this regulation shall be such sum as may be determined by or on behalf of the Treasury, but shall not be less than the amount realised by the Treasury after deduction of the cost of realisation.
| (2) | After the date on which this regulation comes into force, no person shall export any goods on conditions which would preclude him from giving effect to an order issued in terms of subregulation (1). |