DECIMAL CURRENCY ACT

ARRANGEMENT OF SECTIONS

PART I
Preliminary

   1   Short title

   2   Interpretation

 

PART II
Consequential, Supplemental and Transitional
Provisions

   3   Equivalence

   4   References to existing currency to be construed as reference to decimal currency

   5   Forms

   6   Payment in decimal currency of bill or note made in existing currency but not paid before conversion date

   7   Payment of sum previously payable in existing currency by bill or note made in decimal currency

   8   Acknowledgments of payments during transitional period

   9   Power of Minister to permit transactions made in existing currency after conversion date

   10   Concurrent legal tender

   11   Demonetization of existing currency

 

PART III
Arrangements for facilitating the introduction of the
Decimal Currency System

   12   General powers of Minister

   13   Closing of banks

   14   Establishment of Decimal Currency Board

   15   Functions of Board

   16   Powers of Board

   17   Funds of Board

   18   Reports and estimates

   19   Power of Minister to issue general directions to Board

   20   Delegation to Board of powers conferred by section 12

   21   Winding-up and dissolution of Board

   22   Regulations

      SCHEDULES

 

THE DECIMAL CURRENCY ACT

<TS:2.625,NM,NO>[Date of Commencement: 21st March, 1969; Part II and Schedules: 8th September, 1969.]

Acts
7 of 1969
25 of 1969.

PART I
Preliminary

1   Short title

   This Act may be cited as the Decimal Currency Act.

2   Interpretation

   In this Act, unless the context otherwise requires-

   "bill of exchange'', "cheque", and "promissory note" have the same meanings as in the Bills of Exchange Act;

   "Board" means the Decimal Currency Board established by section 14;

   "decimal currency of the Island" means the decimal currency provided for in this Act, and the decimal currency system" has a corresponding meaning;

   "existing currency of the Island" means the currency of the Island at the passing of this Act, and "the existing currency system" has a corresponding meaning;

   "Minister'' means the Minister responsible for finance;

   "prescribed machine" means a machine or instrument designed for use in connection with the existing currency system or any similar system of currency, being-

   (a)   a machine or instrument used or intended for use solely or principally for the purpose of calculating or recording amounts of money, including an accounting machine or any similar machine, an adding machine or any similar machine, a cash register, and a machine or instrument for use in connection with a punched card system; or

   (b)   any other machine or instrument included in a class or kind of machine or instrument declared by the Minister, by order, to be an approved class or kind of machine or instrument for the purposes of Part III;

   "specified equivalents" means the equivalents specified in section 3;

   "the Bank'' means the Bank of Jamaica.

Part II
Consequential, Supplemental and Transitional
Provisions

3   Equivalence

   The equivalent in the decimal currency of the Island of one Jamaica pound in the existing currency is two dollars, the like equivalent of one Jamaica shilling is ten cents and the like equivalent of one Jamaica penny is five-sixths of a cent.

4   References to existing currency to be construed as references to decimal currency

   (1) Subject to the provisions of this Part, every reference in any law passed or made before the 8th September 1969, or in any deed' instrument, bill of exchange, promissory note, security for money or other document executed or made before such date or in any contract or agreement (whether the contract or agreement is in writing or not) entered into before such date and every reference made before such date in any other manner whatsoever, to an amount of money in the existing currency of the Island shall, unless the context is such that it would be inappropriate, be read and construed as a reference to a corresponding amount of money in the decimal currency of the Island, calculated on the basis of the specified equivalents.

   (2) Where such a reference as is mentioned in sub section (1) is to a percentage or other proportion expressed in terms of money, the reference shall, unless the context is such that it would be inappropriate, be read and construed. as a reference to an equivalent percentage or proportion expressed in terms of money in the decimal currency of the Island.

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