Central Bank Act, 1942
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The issue of coins under the Coinage Act, 1926. |
60.—(1) All coins issued by the Minister under the Coinage Act, 1926 (No. 14 of 1926), on or after the appointed day shall be issued by the Minister through the Bank, and the proceeds of every such issue of coins shall be paid into the general fund and carried therein to the credit of the currency reserve. | |
(2) All sums required for the provision of coins under the Coinage Act, 1926 (No. 14 of 1926), on or after the appointed day or for the redemption, on or after that day, of coins issued at any time under that Act shall be defrayed out of the general fund and debited therein to the currency reserve. | ||
(3) On the appointed day all deposits under sub-section (2) of section 38 of the Currency Act which are, immediately before the appointed day, standing in the general fund, whether in the name of the Minister or in the name of the Commission on behalf of the Minister, shall be applied and disposed of as follows, that is to say:— | ||
(a) all advances from the Central Fund for the purposes of the Coinage Act, 1926 (No. 14 of 1926), which are out standing immediately before the appointed day shall be repaid out of the said deposits; | ||
(b) the sum of three hundred thousand pounds shall be set aside out of the said deposits and carried to a suspense account in the general fund and shall be paid to the Savings Certificates (Interest Charge Equalisation) Fund in such instalments and at such times as the Minister shall direct; | ||
(c) the residue of the said deposits shall be carried to the credit of the currency reserve. |