Central Bank Act, 1989.
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Issue of legal tender notes by Bank. |
120.—(1) The Act of 1971 is hereby amended by the substitution of the following section for section 44: | |
“44. It shall be lawful for the Bank to issue legal tender notes— | ||
(a) to itself or any other person against— | ||
(i) gold bullion, or | ||
(ii) any currency, security or other form of asset which may be held by the Bank, which, in the case of such other person, is delivered to the Bank in such manner and subject to such conditions as it may prescribe, or | ||
(b) to such other person against an authorisation to charge that person's account with the Bank.”. | ||
(2) This section shall come into operation with effect from the date the legal tender note fund is wound up under section 22 . |