s.6References to ECU
6
Section 6Part 0 —

References to ECU

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A reference to "ECU" in a contract, security or instrument which does not contain a definition of "ECU" shall be presumed, to be a reference to the ECU as defined in European Council Regulation 3320/94 unless a contrary intention of the parties to the contract, security or instrument, or in any legislative provision, administrative action, judicial decision, unilateral legal act or payment instruction is shown.
On the introduction of the euro as the monetary unit of participating member states of the European Union, a reference to the ECU in a contract, security, or instrument or in any legislative provision, administrative action, judicial decision, unilateral legal act or payment instruction that also refers or is presumed under this Law to refer to the definition of the ECU in section 2 shall be replaced with a reference to the euro at a rate of one euro to one ECU.

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