(1) Where gold is
purchased in good faith by Gold Corporation, the Mint or GoldCorp —
(a) the
property thereupon vests in Gold Corporation, the Mint, or GoldCorp, as the
case may require, absolutely, free from any mortgage, charge, lien, trust or
other interest in or affecting the property and notwithstanding any actual or
implied notice relating to the property;
(b) Gold
Corporation, the Mint or GoldCorp, as the case may require, is authorised to
pay the person delivering the property for the property on behalf of all
persons having any interest in the property and payment to such a person shall
be taken to have been made accordingly;
(c) upon
that payment being made, Gold Corporation, the Mint or GoldCorp, as the case
may require, shall not be under any liability to a person other than the payee
in respect of an interest which that other person claims in the property; and
(d) Gold
Corporation, the Mint or GoldCorp shall not be bound or concerned to inquire
into any matter affecting or relating to the title to the property offered by
the vendor or to the proceeds of the sale.
(2) For the purposes
of the Personal Property Securities Act 2009 (Commonwealth) section 259, gold
that is collateral purchased by Gold Corporation, the Mint or GoldCorp under
subsection (1), but not the proceeds from the sale of gold to Gold
Corporation, the Mint, or GoldCorp, is declared to be an excluded matter in
relation to section 32 of that Act.
[Section 67 amended: No. 10 of 1990 s. 6; No. 42
of 2011 s. 93.]