Section 29Part 3 — Currency
Calling-in of currency
←→ Navigate · Click subsection badges to collapse · Press ? for help
29. (1) The Authority may, with the approval of the Cabinet, declare that any currency notes or coins shall cease to be legal tender, and may provide for any matters incidental to the calling-in of such notes or coins.
Any declaration authorised by subsection (1) shall have effect as from the date of gazettal or such later date as may therein be specified, and the holders of any notes or coins so called in shall be entitled, within such period as may be specified in such declaration, or in any subsequent declaration issued by the Authority with the approval of the Cabinet, to claim payment from the Authority of the face value thereof.
When any currency notes or coins are called in under subsection (1) the Authority may, at its discretion, transfer to the general revenue of the Islands, ten years after the date of the calling-in, an amount equivalent to the value of any such notes or coins still remaining in circulation, and the Authority shall have the right to recover from the general revenue an amount equivalent to the value of any such notes or coins presented for payment thereafter.
When seeking approval from the Cabinet under this section, the Authority shall direct its communication in writing through the Minister charged with responsibility for Finance.