Currency (No. 2) Act

Link to law: http://laws.gov.ag/acts/chapters/cap-123A.pdf
Published: 1965

Currency (No. 2) (CAP. 123A 1

CHAPTER 123A

THE CURRENCY (No. 2) ACT

Arrangement of Sections
Section

1. Short title.
2. Interpretation.
3 . Agreement to have the force of law.
4. Discharge of liability.
5. Bills and notes payable to bearer on demand.
6. Imitation of currency notes.
7. Mutilating or defacing currency notes.
8. Currency note under this Act.
9. Regulations.

SCHEDULE.

AN ACT T O GIVE LEGAL EFFECT T O THE PRO-
VISIONS O F THE EAST CARIBBEAN CUR-
RENCY AGREEMENT, 1965, MADE BETWEEN
T H E GOVERNMENT O F ANTIGUA AND
BARBUDA AND T H E GOVERNMENTS O F
BARBADOS, DOMINICA, MONTSERRAT,
SAINT CHRISTOPHER-NEVIS-ANGUILLA,
SAINT LUCIA AND SAINT VINCENT FOR THE
ESTABLISHMENT O F A COMMON CURRENCY
AND AN AUTHORITY TO ISSUE AND MANAGE
THAT CURRENCY.

211965.
(26th March, 1965) 1011983.

LAWS OF ANTIGUA AND BARBUDA

2 CAP. 123A) Currency (No. 2)

Short title. 1. This Act may be cited as the Currency (NO. 2) Act.

Interpretation. 2. In this Act-
"the Agreement" means the Agreement set out in the

Schedule to this Act;

"the Authority" means the Authority established in
accordance with the terms of the Agreement;

< L currency note" means any note issued, re-issued or
provided by the Authority in accordance with the
terms of the Agreement or any note provided,
issued or deemed to have been issued or re-issued
in accordance with the terms of Articles 3, 4, 5,
and 13 of the British Caribbean Currency Agree-
ment, 1964.

Agreement to
have the force of

3. The provisions of the Agreement shall have the
law. force of law as if enacted in this Act.

Discharge of 4. Any sum which is required to discharge any liability
liability. which this Government may incur under the terms of the

Agreement shall be charged upon the general revenues of
Antigua and Barbuda and shall be issued therefrom forthwith
on the demand of the Authority.

Bills and notes
payable to bearer

5. (1) For the purposes of this Act no person shall
on demand. draw, accept, make or issue any bill of exchange, promissory

note or engagement for the payment of money payable to
bearer on demand or borrow, owe, or take up any sum or
sums of money on any bill of exchange, promissory note
or engagement for the payment of money payable only to
bearer on demand of any such person:

Provided that-

(a) cheques or drafts payable to bearer on demand
may be drawn on bankers or agents by their customers
or constituents in respect of moneys in the hands of those
bankers or agents held by them at the disposal of the
person drawing such cheques or drafts; and

(b) bank notes issued before the commencement
of this Act by banks duly authorised by law so to do
shall be exempt from the operation of this section.

LAWS OF ANTIGUA AND BARBUDA

Currency (No. 2) (CAP. 123A 3

(2) Any person contravening the provisions of this sec-
tion shall, notwithstanding anything to the contrary in any
other law, be liable on summary conviction to a fine of five
thousand dollars or to a fine equal to twice the amount of
the bill, note or engagement in respect whereof the offence
is committed whichever is the greater.

(3) A prosecution under this section shall not be instituted
except by the Authority or by an agent duly authorised by
the Authority in writing.

6. If any person makes or causes to be made or uses :g,":,"y::tes.
for any purpose whatsoever; or utters any document
purporting to be or in any way resembling or so nearly
resembling as to be calculated to deceive, any currency note
or any thereof, he shall be liable on summary convic-
tion in respect of each such document to a fine not exceeding
fifteen hundred dollars and the Court shall order the docu-
ment in respect of which the offence was committed and any
copies of that document and any plates, blocks, dies or other
instruments used for or capable of being used for printing
or reproducing any such document, which are in the posses-
sion of such offender, to be delivered to the Authority or
to any person authorised by the Authority to receive them.

7. If any person without lawful authority or excuse Mutilating or
defacing currency

(the proof whereof shall lie on the person accused) mutilates,
cuts, tears or perforates with holes any currency note or in
any way defaces a currency note whether by writing, print-
ing, drawing or stamping thereon, or by attaching or affixing
thereto anything in the nature or form of an advertisement,
he shall on summary conviction be liable to a fine not
exceeding fifteen hundred dollars.

8. For the avoidance of doubt, it is hereby declared ~ ~ ~ ~ ~ & s n ~ ~ .
that a currency note under this Act is within the meaning
of the expression "currency note" in the Forgery Act. lB1.

9. The Governor-General may, after consultation with Regulations.
the Authority, make regulations-

(a) prescribing anything which by this Act is to be
prescribed; and

LAWS OF ANTIGUA AND BARBUDA

4 CAP. 123A) Currency (No. 2)

(6) generally for the better carrying into effect of
the provisions of this Act.

SCHEDULE

(Under Section 54(4) of the Eastern Caribbean Central Bank Agree-
ment, 1983 the East Caribbean Currency Agreement 1965 which was set
out in this Schedule ceased and terminated on the establishment of the Eastern
Caribbean Central Bank. The text of the 1983 Agreement is set out in
the Schedule to the Eastern Caribbean Central Bank Act; to that Apreement
Antijpa and Barbuda is a party and the Government ofAnttgua and Barbuda
entered into, adopted and adhered to the Apeement pursuant to section 3
of the above Act.)
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