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THE}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid15101055 SUPREME COURT OF }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid15101055 FIJI \par AT SUVA \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid6752170 ON APPEAL}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid15101055 FROM THE}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid15101055 FIJI COURT OF APPEAL}{ \b\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid15101055 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12408469 {\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15101055 {\fs24\ul\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid6752170 CIVIL APPEAL: NO. CBV}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid6752170 0001/93}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid6752170 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 (Fiji Court Appeal Case No.67/}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 90)}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15101055 {\fs24\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid12408469 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15101055 {\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 BETWEEN}{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 : \par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15101055 {\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15101055 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid6231939 THE GOVERNOR OF RESERVE BAN}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid15101055 K OF FIJI \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 Appellant}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15101055 {\fs24\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid12408469 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15101055 {\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 AND}{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 : \par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15101055 {\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15101055 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid15101055 REDDY'S ENTERPRISES LIMITED}{ \b\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid15101055 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 Respondent}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12408469 {\fs24\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 Coram:}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469 }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 The }{ \fs24\lang2057\langfe1033\langnp2057\insrsid6752170 R}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 t. Hon. Lord Cooke of Thorndon }{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 The Hon. Sir Anthony Mason \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 The Rt. Hon.}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 }{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 Sir}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 Maurice Casey}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 Hearing}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 :}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 20 November 1995}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 Counsel:}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469 }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 M. J. Scott for the Appellant }{ \fs24\lang2057\langfe1033\langnp2057\insrsid15101055 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 B. Patel for the Respondent}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 Judgment:}{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 10 October 1996}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 \par \par }\pard \qc \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15101055 {\b\fs24\ul\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid15101055 JUDGMENT OF THE COURT \par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12408469 {\fs24\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 The responde}{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 nt, Reddy's Enterprises Limited,}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 owned the}{ \fs24\lang2057\langfe1033\langnp2057\insrsid15101055 Tanoa Hotel near Lautoka. On 17}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 December 19}{\fs24\lang2057\langfe1033\langnp2057\insrsid12194908 8}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 8 it was destroyed by fire. It had been insured in London and settlement}{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 of the claim was agreed at $F5.1 million of which 10% was paid i}{\fs24\lang2057\langfe1033\langnp2057\insrsid9120218 n Fiji and the balance of 1,865,}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 8}{\fs24\lang2057\langfe1033\langnp2057\insrsid12194908 5}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 3 pounds sterling (the then equivalent of F$4.59m) was paid in June and July 198}{\fs24\lang2057\langfe1033\langnp2057\insrsid12194908 9}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 to a London broker (Sedgwick London) for the respondent and placed on ter}{\fs24\lang2057\langfe1033\langnp2057\insrsid12194908 m}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 deposit with Westpac Bank in London in August. }{ \fs24\lang2057\langfe1033\langnp2057\insrsid12194908 P}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 ending a decision about appropriate plans for the re-instatement}{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 of the hotel, the respondent wished to invest this money abroad for up to 2 years at higher interest rates than those currently available in Fiji. Its request for consent to this course under the Exchange Control Act 195}{\fs24\lang2057\langfe1033\langnp2057\insrsid12194908 2}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 (Cap 211) was declined by the Governor of the Reserve Bank on 20 June 1989 and further representations to the Minister of Finance were also unsuccessful. The respondent applied the High Court for judicial review seeking to quash the Governor's deci}{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 sion and this was refused by By}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 rne J in a judgment delivered on 29 November 1990. The Court of Appeal allowed the respondent's appeal and set aside the High Court}{ \fs24\lang2057\langfe1033\langnp2057\insrsid15101055 }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 order on 14 December 1992 and the Governor of the Reserve Bank now appeals against that decision. The hearing in this Court which began on 20 November 1995 was adjourned to enable counsel to make further wr itten submissions which have now been received and considered.}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 The central issue in the appeal is the effect of the Exchange Control Act on this transaction. It is a comprehensive statute aimed at }{ \fs24\lang2057\langfe1033\langnp2057\insrsid15101055 the protection of Fiji's reserv}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 es of gold and foreign curr ency and is modelled on the United Kingdom Exchange Control Act of 1947 which was repealed in 1987. It prohibits a wide range of transactions involving dealings by Fijian residents in gold, foreign currency and securities without the permission of the Min ister. Under s. 9 approval was necessary for payment of the insurance premiums to the London underwriters, and this was duly granted without conditions about the payment of any proceeds.}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 Section 3(1) of the Act headed "Dealings in Gold and Foreign Currency " states that, except with the permission of the Minister, no person resident in Fiji other than an authorised dealer shall, outside Fiji, buy or borrow any gold or foreign currency, or sell or lend any gold or foreign currency to any person other than an authorised dealer. Counsel informed us that Westpac }{\fs24\lang2057\langfe1033\langnp2057\insrsid12194908 B}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 ank was an authorised dealer. It was agreed that the funds could remain there pending the outcome of the Judicial Review proceedings.}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 Under the heading "Surrender of Gold and Foreign Currency" }{\fs24\lang2057\langfe1033\langnp2057\insrsid12194908 s}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 .4 relevantly}{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 provides:-}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid12408469 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15101055 {\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 (1)}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 Every person in or resident in Fiji who is entitled t}{\fs24\lang2057\langfe1033\langnp2057\insrsid11999333 o sell}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 , or to procure the sale of any gold or any foreign currency}{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 to which this section applies, and is not an authorised dealer, shall offer it or cause it to be offered, for s}{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 ale to an authorised dealer, unl}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 ess the Minister consents to his retention and use thereof or he disposes thereof to any other person with the permission of the Minister,}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15101055 {\fs24\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid12408469 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15101055 {\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 (1)}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 The foreign currency to which this section applies is such foreign currency (her einafter in this Act referred to as "specified currency") as may, from time to time, be specified by order of the Minister." [Sterling was a specified currency]}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12408469 {\fs24\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 In the event of non-compliance subsection 6 enables the vesting of the gold or}{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 currency in the Minister free of encumbrances and he may deal with it subject to}{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 paying to the person entitled the su}{\fs24\lang2057\langfe1033\langnp2057\insrsid12194908 m}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 he would have received if he had sold it to an authorised dealer. This section is clearly aimed at achieving the transfer of gold and foreign currency h eld by a Fijian resident to Fiji through the commercial banking system by means of a compulsory offer of sale. It was not suggested that the placing of the sterling funds }{\fs24\lang2057\langfe1033\langnp2057\insrsid12194908 o}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 n deposit with Westpac amounted to such an offer.}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 In this Court the argument }{\fs24\lang2057\langfe1033\langnp2057\insrsid11999333\charrsid12408469 focussed on}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 the application of s.26(1) of the Act which}{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 reads:-}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15101055 {\fs24\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid12408469 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15101055 {\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 "Duty to collect certain debts}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12408469 {\fs24\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid12408469 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15101055 {\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 26 (1) Except with the permission of the Minister, no person resident in Fiji who has a right (whether present or future and whether vested or contingent) to receive any specified currency, or to receive from a person resident outside Fiji a payment in Fiji. currency, shall do, or refrain from doing, any act with intent to }{\fs24\lang2057\langfe1033\langnp2057\insrsid12194908\charrsid12408469 secure or}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 shall do any act which involves, is in association with or is preparato}{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 ry to any transactions securing-}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15101055 {\fs24\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid12408469 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid15101055 {\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 (a)}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 that the receipt by him of the whole or part of that }{\fs24\lang2057\langfe1033\langnp2057\insrsid11999333 currency or, as the case may }{ \fs24\lang2057\langfe1033\langnp2057\insrsid12194908 be,}{\fs24\lang2057\langfe1033\langnp2057\insrsid12194908\charrsid12408469 of}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 that payment in Fiji currency, is delayed: or}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15101055 {\fs24\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid12408469 \par }\pard \ql \li1440\ri0\nowidctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid15101055 {\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 (a)}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 that the }{\fs24\lang2057\langfe1033\langnp2057\insrsid12194908\charrsid12408469 currency or}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 payment ceases, in whole or in part, to be receivable by him ."}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15101055 {\fs24\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid12408469 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15101055 {\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 (Contravention entitles the Minister under s.26(2) to give directions to the resident to obtain or expedite the receipt or payment, and to assign to him the right to receive it or to enforce any security for its receipt.)}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12408469 {\fs24\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 No question was raised in this Court about Byrne J's conclusion (accepted by the court of Appeal) that the Governor of the Reserve }{ \fs24\lang2057\langfe1033\langnp2057\insrsid12194908 B}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 ank was authorised to exercise the }{\fs24\lang2057\langfe1033\langnp2057\insrsid12194908 M}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 inister's powers under the Act. He held there had been a proper exercise of those powers and that s26 (1) (a) was to be construed as requiring receipt in Fiji}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11999333 ,}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 and the Company had infringed the section by receiving payment in L}{\fs24\lang2057\langfe1033\langnp2057\insrsid12194908 o}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 ndon. The Court of Appeal rejected this interpretation, holding that s 26(1) (a) was not intended to deal with the matter of payment in Fiji at all. As it was accepted there had been no delay in receiving payment, it held that permission }{\fs24\lang2057\langfe1033\langnp2057\insrsid2045764 u}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 nder s26 (1) was unnecessary and the Company's appeal was allowed. That court was under the mistaken impression, however}{\fs24\lang2057\langfe1033\langnp2057\insrsid2045764 ,}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 that the payment in London had been made in Fijian currency. Counsel are agreed that it had been paid in sterling.}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 Counsel made extensive submissions about the proper law governing the insurance contract, notwithstanding that for all practical purposes there is no}{ \fs24\lang2057\langfe1033\langnp2057\insrsid15101055 }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 difference between the law of Fiji and the law of England in this respect. There was no provision in the policy about the appropriate law applicable, but we agree with the High Court and the Court of Appeal that it was English. The insurance was placed on the London market because it was impossible to}{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 obtain appropriate cover in Fi}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 ji at the time. It was effected there by the Company's Fijian broker}{ \fs24\lang2057\langfe1033\langnp2057\insrsid2045764 ,}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 }{\fs24\lang2057\langfe1033\langnp2057\insrsid2045764 Sedgwick (Fiji) Ltd., with a }{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 consortium of insurers - according to counsel, ten of them were United Kingdom companies and one Ital}{\fs24\lang2057\langfe1033\langnp2057\insrsid2045764 ian. The poli cy was issued in a}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 standard "PSAC" form and the premiums were payable in London. In the absence of any stated address for the insurers in Fiji, it can be assumed that notice of any claim had to be given in London as well. Whether or not the locality of the insured property is a factor to be taken into acco}{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 unt (according to }{\fs24\lang2057\langfe1033\langnp2057\insrsid2045764 I}{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 vamy "Genera}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 l Principles of Insurance Law" 5}{\fs24\lang2057\langfe1033\super\langnp2057\insrsid2045764\charrsid2045764 th}{\fs24\lang2057\langfe1033\super\langnp2057\insrsid2045764 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 Edn. p591 it i}{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 s not) we are satisfied that En}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 glish la}{ \fs24\lang2057\langfe1033\langnp2057\insrsid15101055 w was the system of l}{\fs24\lang2057\langfe1033\langnp2057\insrsid2045764 aw}{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 with w}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 hich this transaction had its "closest and most real connexion"- per Lord Simonds in }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid11999333 Bonython }{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 v }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid11999333 Commonwealth of}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid11999333 }{ \i\fs24\lang2057\langfe1033\langnp2057\insrsid11999333\charrsid11999333 Australia}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid11999333 }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 [1951] AC 201,209.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 In this Court the appellant eventually advanced two main propositions:}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid12408469 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15101055 {\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 (1)}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 That on its proper interpretation, s.26 (1) required that receipt be in Fiji, so the Company was in breach by receiving payment in London.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15101055 {\fs24\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid12408469 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15101055 {\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 (2)}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 That the Company's right was to receive payment only in Fiji dollars, and that by agreeing to take sterling it had delayed receipt of that currency, thereby infringing s. 26(1 ) (a).}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12408469 {\fs24\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 In agreement with the Court of Appeal we would reject the appellant's submission that s.26(1) must be read as requiring payme}{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 nt in Fiji. In the High Court Byrne J}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 reached that conclusi on after an extensive survey of authorities dealing with statutory interpretation. He felt it necessary to imply such a term to give effect to the intention of the Act. However, among other more specific provisions the protection of Fiji's foreign exchang e reserves is secured by the requirement}{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 in s.4 to offer specified foreign currency to an authorised dealer; and by the default provisions in s.26 (2) .giving the Minister the power of obtaining or expediting receipt or payment. The place of s.26 among the general body of miscellaneous provisions at the end of the Act, followed by a similar requirement in s.27 not to delay the sa}{\fs24\lang2057\langfe1033\langnp2057\insrsid4465762 l}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 e or importation of goods, tends to confirm what its language so clearly indicates }{\fs24\lang2057\langfe1033\langnp2057\insrsid2045764 \endash }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 namely, that s.26 is directed}{ \fs24\lang2057\langfe1033\langnp2057\insrsid15101055 }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 only at conduct by Fiji residents seeking to delay or evade the receipt of }{ \fs24\lang2057\langfe1033\langnp2057\insrsid11999333\charrsid12408469 payments }{\fs24\lang2057\langfe1033\langnp2057\insrsid4465762 due }{\fs24\lang2057\langfe1033\langnp2057\insrsid11999333 to}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 them in the particular currency stipulated. To impose the added obligation of ensuring that payment be received here, notwithstanding contractual terms or }{ \fs24\lang2057\langfe1033\langnp2057\insrsid15101055 b}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 usiness practicality, is to go beyond what the legislature considered }{ \fs24\lang2057\langfe1033\langnp2057\insrsid2045764\charrsid12408469 neces}{\fs24\lang2057\langfe1033\langnp2057\insrsid2045764 s}{\fs24\lang2057\langfe1033\langnp2057\insrsid2045764\charrsid12408469 ary for}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 the protection of Fiji foreign currency reserves by the provisions already made in the Act}{\fs24\lang2057\langfe1033\langnp2057\insrsid2045764 . }{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 As noted above, specified foreign curr}{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 ency paid abroad will be brought into its banking sy}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 stem by the requirements of s.4. With Fiji currency the commercial reality is that it will }{\fs24\lang2057\langfe1033\langnp2057\insrsid2045764 b}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 e paid in Fiji, having been purchased in its currency market with foreign funds which become part of its overseas reserves. It is significant that in the United Kin gdom it was not thought necessary in 40 years to amend its virtually identical provision so as to require territorial receipt. On the information supplied to us by counsel the position is the same in India, which adopted similar controls in 1947 (Foreign Exchange Regulation Act 1947).}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 The appellant's other proposi}{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 tion,}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 that the respondent's right was to receive payment only in Fiji currency, involves a consideration of "money of account" and "money of payment", the former being the currency in which the de btor's obligation is expressed. In this case it was Fiji dollars, every monetary reference in the policy being so denominated. "Money of payment" is the currency with which the obligation is to be discharged, and one might expect that to be Fijian also, f or it is clearly the one that best expresses the i}{\fs24\lang2057\langfe1033\langnp2057\insrsid3827384 nsured's loss (see }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid3827384\charrsid3827384 The Despina }{ \i\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid3827384 R}{\fs24\lang2057\langfe1033\langnp2057\insrsid3827384 [}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 1979}{ \fs24\lang2057\langfe1033\langnp2057\insrsid3827384 ]}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 AC 6}{\fs24\lang2057\langfe1033\langnp2057\insrsid3827384 8}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 5) and the insurers had undertaken to pay in Fiji dollars. However, the position is not so straightforward where English law is the proper law of the contract, an d the relevant principles are spelt out in Dicey and Morris on "The Conflict of Laws" (12}{\fs24\lang2057\langfe1033\super\langnp2057\insrsid3827384\charrsid3827384 th}{\fs24\lang2057\langfe1033\langnp2057\insrsid3827384 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid15101055 Edn.) at p.1579 in these terms:-}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid12408469 \par }\pard \ql \li720\ri0\nowidctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2118094 {\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 "The question what money tokens the debtor must pay or tender to the creditor is one concerning the manner of performance and regard must be had to the }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 lex loci solutionis, }{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 whether or not it is the law applicable to the substance of the obligation. 'There is no necessary correlation between the proper law that g}{ \fs24\lang2057\langfe1033\langnp2057\insrsid15101055 overns an obligation and the }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 currency in which the obligation is to be discharg}{ \fs24\lang2057\langfe1033\langnp2057\insrsid11999333 ed' (}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid4158793 Re United Railways of Havana an}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid4158793 d Regal Warehou}{ \i\fs24\lang2057\langfe1033\langnp2057\insrsid4158793 ses L}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid4158793 td}{\fs24\lang2057\langfe1033\langnp2057\insrsid4158793 [}{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 1961}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4158793 ] AC 100}{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 7,1060)}{\fs24\lang2057\langfe1033\langnp2057\insrsid2118094 \'85. }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 If a debt or other liability expressed in a foreign currency is payable in England, the debtor may tender pounds in discharge. This is 'primarily a rule of}{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 construction}{ \fs24\lang2057\langfe1033\langnp2057\insrsid2118094 ' }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 (}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid15101055 Heisler v Anglo}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 -}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid15101055 Dal Ltd }{\fs24\lang2057\langfe1033\langnp2057\insrsid11999333 [}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 1954] 1WLR 1273). Despite a number of dicta to the contrary the debtor may also}{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 discharge his liability by ten}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 dering}{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 the foreign currency }{ \i\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12066728 in speci}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid12066728 e}{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 , but the creditor cannot com}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 pel him to do so"}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12408469 {\fs24\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 The authors rely on }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 Marrache }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 v }{ \i\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid15101055 Ashton}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid11999333 }{\fs24\lang2057\langfe1033\langnp2057\insrsid11999333 [}{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 1}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 943] AC 311 on principle to support the view expressed in the last sentence, in preference to obiter dicta in other cases to the effect that the creditor is entitled to receiv}{ \fs24\lang2057\langfe1033\langnp2057\insrsid2118094 e the currency of the place of }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 payment. In the 5}{\fs24\lang2057\langfe1033\super\langnp2057\insrsid2118094\charrsid2118094 th}{ \fs24\lang2057\langfe1033\langnp2057\insrsid2118094 E}{\fs24\lang2057\langfe1033\langnp2057\insrsid2118094\charrsid12408469 dition}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 of Mann "The Legal Aspect of Money" at p 321 it is also recognised that where a sum of money expressed in a foreign currency is to be paid in England, the debtor has the option of paying it in the foreign curr}{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 ency, or the equivalent in sterling}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 citing Comments to this effect by }{\fs24\lang2057\langfe1033\langnp2057\insrsid2118094 M}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 ocatta J in }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid15101055 Barclays International Ltd v Le}{ \i\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid15101055 vin Bros (}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 1977) QB 270,277.}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 The respondent Co}{\fs24\lang2057\langfe1033\langnp2057\insrsid14824030 m}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 p}{ \fs24\lang2057\langfe1033\langnp2057\insrsid14824030 a}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 ny argued that the place of payment was London}{\fs24\lang2057\langfe1033\langnp2057\insrsid14824030 ,}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 and in support its counsel referred to the brief statement of Byrne J. to that effect in hi s recital of the facts at page 3 of his judgment. That finding however (if it be one) cannot bind this Court. As pointed out later in this judgment}{\fs24\lang2057\langfe1033\langnp2057\insrsid14824030 ,}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 it must depend on the inferences to be drawn from the surrounding circumstances about the presumed intentio n of the parties, and this Court is in as good a position as Byrne J. was to reach a conclusion on that. On the assumption that the place of payment was to be London the respondent submitted that the insurer was entitled to }{ \fs24\lang2057\langfe1033\langnp2057\insrsid11999333 pay the claim there in sterling}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 , in accordance with the English law applicable under the authorities mentioned above, that being the proper law of the contract. It would follow that sterling was the only currency the Company had a right to receive once the insurer had exercised that opt ion; accordingly respondent's counsel submitted there had been no breach of s 26 (1).}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055\charrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 The position will be otherwise if Fiji were the place of payment. The policy is silent on this point. The appellant referred us to the statement in footnote }{ \fs24\lang2057\langfe1033\langnp2057\insrsid14824030 11}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 on p.590 of Ivam}{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 y}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 , to the effect that in the absence of a provisio}{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 n for a place of payment in the policy,}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 it will be the insurers' or the assured's place of business, according as the payment is of premiums or losses.}{ \i\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid15101055 Robey }{\fs24\lang2057\langfe1033\langnp2057\insrsid15101055 v}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 }{ \i\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid15101055 Snaefell Mining Co}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 (1887) 20 QBD 152 was cited in support. That was a case dealing with a claim for the price of goods sold by an}{\fs24\lang2057\langfe1033\langnp2057\insrsid10177398 }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 English plaintiff to the defendant in the Isle of Man, and the Court referred to Coke's principle that the obligation is on a debtor to seek out his creditor and pay him.}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid11999333\charrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 Counsel for the respondent relied on this rule to su}{\fs24\lang2057\langfe1033\langnp2057\insrsid10177398 bmit that the place of }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9859906 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid10177398 finding}{\fs24\lang2057\langfe1033\langnp2057\insrsid9859906 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 was the place of payment and further, that the parties intended from the commencement of the contract that the respondent}{\fs24\lang2057\langfe1033\langnp2057\insrsid10177398 ,}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 through its English broker, would be }{\fs24\lang2057\langfe1033\langnp2057\insrsid9859906 "}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 found}{\fs24\lang2057\langfe1033\langnp2057\insrsid9859906 "}{ \fs24\lang2057\langfe1033\langnp2057\insrsid14824030 in England. Bu}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 t the broker employed to place the insurance in the London market was a Fijian company and the suggestion that it or its London associate was intended by the parties from the outset to receive payment of any claims is untenable in the abse}{ \fs24\lang2057\langfe1033\langnp2057\insrsid14824030 nce of any supporting authority}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 or evidence. We were not referred to any.}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10177398\charrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 The record shows that before payment of the adjusted claim of F$}{\fs24\lang2057\langfe1033\langnp2057\insrsid10177398 5}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 .lm, the respon}{\fs24\lang2057\langfe1033\langnp2057\insrsid10177398 dent wrote to the Governor on 22}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 May 1989 seeking permission to invest the money abroad and demonstrating an awareness}{\fs24\lang2057\langfe1033\langnp2057\insrsid9859906 }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 that the money had to come into the Fiji banking system by virtue of the Act. The inference}{\fs24\lang2057\langfe1033\langnp2057\insrsid10177398 }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 is inevitable that the London broker came into the picture only at that point , when the insurers were authorised by the respondent to pay in sterling to it, in anticipation of consent being granted to its retention in London. The insurers obtained a valid discharge and the respondent, by agreeing to take sterling, waived its right to receive Fiji currency. It clearly was not a case of a debtor simply "finding" his creditor in London and exercising his right to pay in sterling, as conte}{\fs24\lang2057\langfe1033\langnp2057\insrsid10177398 nded for by appellant's counsel.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10177398\charrsid9859906 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid9859906 It is }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 necessary to ascertain the true intention of the parties ab out the place of payment from the terms of the policy, in the light of the nature of the transaction and other relevant circumstances existing at the time the insurance contract was made. One }{\fs24\lang2057\langfe1033\langnp2057\insrsid9859906 m}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 ust not ignore the realities of modern commercial practice, with the almost instantaneous ability to transfer funds to most parts of the business wor}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9859906 l}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 d, rendering obsolete financial transactions such as the formal tendering of banknotes or cheques on which earlier decisions may have been based. Nevertheless, in this i nstance we are satisfied that the parties must be held to have intended that any claims under the policy would be paid in Fiji and not in London. The Company was domiciled here and all its business was local, as was the insured hotel. It would no doubt ha ve been contemplated that the money payable under the policy would be required in Fiji to}{\fs24\lang2057\langfe1033\langnp2057\insrsid10177398 }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 repair or re-instate it in the event of a fire. \par \par The place of payment being Fiji, it follows that the currency of payment must be Fijian also. It was the currency stip ulated in the policy and is the sole legal tender in this country and was therefore the only one in which the insurers' obligations could be discharged, and the only one the respondent had a right to receive in terms of the policy. Once the claim was admi tted and the amount agreed }{\fs24\lang2057\langfe1033\langnp2057\insrsid7689978\charrsid12408469 upon}{\fs24\lang2057\langfe1033\langnp2057\insrsid7689978 ,}{\fs24\lang2057\langfe1033\langnp2057\insrsid7689978\charrsid12408469 the}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 Company had a present }{\fs24\lang2057\langfe1033\langnp2057\insrsid7689978 v}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 ested right to payment in Fiji currency, to use th}{\fs24\lang2057\langfe1033\langnp2057\insrsid11999333 e language of s.26(l ). The }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 question then arises whether its action in arranging through its London agent to receive payment there in sterling without Ministerial consent constituted a breach of that section.}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10177398\charrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 Respondent's counsel submitted that the Company had the ability to obtain judgment against the insurers in Fijian dollars under proceedings brought in England}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7689978 ,}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 but could enforce it there only for }{\fs24\lang2057\langfe1033\langnp2057\insrsid10177398 the sterling equivalent }{ \fs24\lang2057\langfe1033\langnp2057\insrsid7689978 (}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid10177398\charrsid10177398 Milia}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid10177398 ngos}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 v }{\i\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid10177398 George Frank}{\i\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid7689978 (Textiles)}{ \fs24\lang2057\langfe1033\langnp2057\insrsid7689978 Ltd [}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 1976}{\fs24\lang2057\langfe1033\langnp2057\insrsid7689978 ]}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 AC 443). }{\fs24\lang2057\langfe1033\langnp2057\insrsid10177398\charrsid12408469 Accordingly this}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 constituted a contingent right to receive sterling in terms of s 26}{\fs24\lang2057\langfe1033\langnp2057\insrsid7689978 (}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 1) and there wa}{ \fs24\lang2057\langfe1033\langnp2057\insrsid5460963 s no breach of subsections 1 (a}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 ) or (b) by obtaining that currency in advance. As counsel had pointed out in an earlier part of his submission, however, there is only one right under s.26(1) to receive payment in either specified currency (i.e.}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10177398 }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 sterling) or Fiji dollars. That right can be either present or future}{\fs24\lang2057\langfe1033\langnp2057\insrsid10177398 ,}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 and either vested or contingent. Just as with the two types of currency, each pair of these characteristics is mutually exclusive. As stated above, we are satisfied that the Company acquired a present vested right to payment in Fijian curr ency on settlement of the policy claim, and logically under the terms of s 26 (1) it could not have acquired at the same time}{\fs24\lang2057\langfe1033\langnp2057\insrsid10177398 a contingent right to sterling}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 in the same transaction. The ability to execute an English judgment in that currency was no more th an an incident of the vested right to payment in Fiji dollars and does not constitute a separate right of the kind contemplated by the subsection.}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10177398\charrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 Appellant's counsel advanced his submissions on the basis that the Company had infringed s. (26) (1) (a) by "delaying" receipt of the payment in Fijian currency, but it has always been accepted there was no delay. The Company's decision to accept sterling resulted in payment of Fijian currency "ceasing" to be receivable in terms of}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10177398 }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 subsection l (b) and the question of breach must be considered in relation to that}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10177398 }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 subsection only - namely}{\fs24\lang2057\langfe1033\langnp2057\insrsid11999333 whether, by accepting sterling,}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 the Company did an act}{\fs24\lang2057\langfe1033\langnp2057\insrsid10177398 }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 involving a transaction securing that "the currency or payment ceases}{\fs24\lang2057\langfe1033\langnp2057\insrsid8454401 ,}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 in whole or in}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10177398 }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 part, to be receivable by it." Read in conjunction with the way these words are used in}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10177398 s. (26)(}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 1)(a)}{\fs24\lang2057\langfe1033\langnp2057\insrsid8454401 ,}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 "currency" must mean "specified currency" and "payment" a "payment}{\fs24\lang2057\langfe1033\langnp2057\insrsid10177398 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 in Fijian currency." Respondent's counsel submitted that subsection (1)(b) could not}{\fs24\lang2057\langfe1033\langnp2057\insrsid10177398 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 have been intended to penalise a Fijian creditor who does nothing to delay or forego payment of his debt due in Fijian dollars. If he elects instead to receive it in a specified}{ \fs24\lang2057\langfe1033\langnp2057\insrsid10177398 }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 currency it must be offered for sale under s.4 to an authorised dealer. }{ \fs24\lang2057\langfe1033\langnp2057\insrsid10177398\charrsid12408469 T}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 hereby}{\fs24\lang2057\langfe1033\langnp2057\insrsid10177398 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 achieving the Act's intended protection of the country's foreign currency reserves}{\fs24\lang2057\langfe1033\langnp2057\insrsid10177398 .}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10177398\charrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 In principle there may be merit in this submission, but we find it difficult to escape the distinction which s.26(1) makes between "specified currency" and "payment in Fij ian currency", in their context being treated as mutually exclusive terms. If that distinction is to be carr}{\fs24\lang2057\langfe1033\langnp2057\insrsid11999333 ied through into subsection 1(b}{ \fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 ) (as we think it is), there is no room for treating the types of receipt referred to therein as interchangeable. The Company did not have the option under the Act of taking sterling in place of the payment in Fijian dollars to which it was entitled.}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid10177398\charrsid12408469 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 For the foregoing reasons we are satisfied there has been a breach of s. 26 (1) by the respondent. We allow the appeal an d confirm the High Court order refusing the application for judicial review. No order for costs was made in that Court or in the Court of Appeal, apparently on the basis that it was being treated as a test case. Each party sought c}{ \fs24\lang2057\langfe1033\langnp2057\insrsid4349549 o}{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 sts in this Court if successful. We think the appellant is entitled to them and would make an order accordingly. \par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10177398 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid10177398\charrsid10177398 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10177398 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid10177398 Lord Cooke of T}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid4349549 h}{ \b\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid10177398 orndon \par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10177398 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid10177398 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10177398 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid10177398\charrsid10177398 Sir Anthony Mason}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid10177398 \par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10177398 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid10177398 \par }\pard \qc \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10177398 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid10177398\charrsid10177398 Sir Maurice Casey \par }\pard \ql \li0\ri0\nowidctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12408469 {\fs24\lang2057\langfe1033\langnp2057\insrsid10177398\charrsid12408469 \par }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10177398\charrsid10177398 Solicitors}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid10177398 :}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid12408469 \par }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid4349549\charrsid10177398 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 Attorney General's Chambers, Suva, for the Appellant }{\fs24\lang2057\langfe1033\langnp2057\insrsid10177398 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12408469\charrsid12408469 G. P. Lala and Associates, Suva, for the Respondent \par }}