GOLD TRADE ACT
Arrangement of Sections
1. Short title
DEALING IN GOLD
3. Prohibition on dealing in gold except by persons duly authorised
4. Saving as to location holders
5. Authorised persons only to deal with other authorised persons
6. Forfeiture of license
7. Prohibition on importation of gold except through customs ports of entry
8. Procedure by person so importing
9. Burden of proof as to license or authority
10. Stoppage in transit of any package believed to contain gold unlawfully dealt with
11. Powers of search
12. Forfeiture of gold seized
13. Saving as to sale of gold seized or forfeited
14. Disposal of fines, etc.
15. Persons liable for acts or omissions
16. Licenses to deal in gold
17. Fees and details of licenses to deal in gold
18. Gold Broker’s license
19. Forfeiture of license when obtained by misrepresentation
20. Power to authorise bankers, assayers or owners of metallurgical works to deal in gold
21. Permits to buy or sell gold
23. Production of license, permit, etc.
to regulate and control dealing in gold; to prescribe forms and fees for licenses to deal in gold; and to provide for matters incidental to or connected with the foregoing.
[18th December, 1912]
Act 16 of 1912,
Act 36 of 1933,
Act 20 of 1950,
Act 9 of 1951,
Act 2 of 1956,
Act 10 of 1957,
Act 19 of 1959,
Act 57 of 1964,
Act 12 of 1968,
Act 10 of 1984,
Act 13 of 1994,
GN 497 of 1964,
SI 10 of 1964,
SI 5 of 1965.
This Act may be cited as the Gold Trade Act.
In this Act, unless the context otherwise requires—
“dealer” includes a buyer, seller, broker, factor, giver or receiver or any other party to any dealing or transaction whatsoever with regard to gold, and “deal” shall be construed accordingly;
“gold” means gold in the raw state in any form or connection whatsoever which although smelted is not manufactured or made up into any article of commerce, and includes unrefined gold, amalgam, slimes and scrapings.
[S 2 am by Act 10 of 1957.]
DEALING IN GOLD
No person, except as is in this Act enacted, shall have in his possession or shall buy, deal in, or receive by way of barter, exchange, pledge or otherwise, either as principal or agent, or shall sell, offer, or expose for sale, barter, exchange, pledge, or in any way, either as principal or agent, dispose of or deliver any gold, or be an accessory to such buying, dealing in, receiving, offering, exposing, disposing or delivery aforesaid unless such person so buying, dealing in, receiving, selling, offering, exposing, disposing or delivering as aforesaid shall be duly licensed or authorised to deal in gold either as buyer, seller, broker, factor or otherwise, as the case may be:
(i) no such licensed dealer or duly authorised person shall deal in gold, otherwise than in the manner specially authorised by his license or authority, or sell, offer or expose for sale, barter or pledge, either as principal or agent, or in any way dispose of or deliver any gold, unless such gold shall be actually the property or in the lawful possession of such licensed dealer in gold or duly authorised person;
(ii) the onus of proof of the bona fide possession of or authority to deal in any such gold as aforesaid within the meaning of this section shall in all cases rest on such licensed dealer in gold or duly authorised person;
(iii) any person who shall be unable to account satisfactorily for or to prove his right to the possession of gold found in his possession, or to produce his proper permit for the same in accordance with the provisions of this Act, shall be liable on conviction to the penalties hereinafter provided.
Nothing contained in section 3 shall prevent or prohibit a registered location holder from in any way dealing in or disposing of gold won and obtained by himself or on his behalf from locations of which he is the actual registered holder:
(i) the onus of proof that any gold dealt in was so obtained shall rest and be upon the person alleging that he is a registered location holder, and that the gold was obtained or won from the location of which he is the registered holder;
(ii) nothing in this section shall render lawful his dealing in any gold with any unauthorised person.
[S 4 am by Act 20 of 1950.]
Any licensed dealer in gold, registered location holder, banker, or duly authorised person buying or receiving by way of barter, pledge or otherwise, either as principal or agent, any gold from any person, or in any way dealing with the same with any person not being a licensed banker, licensed dealer in gold, registered location holder disposing of gold won from his own locations, or duly authorised person, shall be liable upon conviction to the penalties hereinafter provided, and shall in addition forfeit any license which such person may hold, and any right of renewal of the same, for such period as the court may direct, and no such person shall thereafter be registered as the agent of any location holder.
This section of the article is only available for our subscribers. Please click here to subscribe to a subscription plan to view this part of the article.