Currency (CAP. 123 1

CHAPTER 123

THE CURRENCY ACT

Arrangement of Sections
Section

1. Short title.
2. Interpretation.
3. Agreement to have the force of Law.
4. Issue and form of currency notes and coins.
5 . Legal tender.
6 . Meeting of deficiency.
7. Regulations.
8. Repeal and Saving.

SCHEDULE.

CURRENCY

(26th March, 1965.)

1. This Act may be cited as the Currency Act. Short

2. In this Act- Interpretation.

"Agreement" means the Agreement set out in the
Schedule hereto;

"former Agreement" means the Agreement set out in
the First Schedule to the Currency Act, 1959;

"Board" means the Board of Commissioners established
in accordance with the terms of the Agreement;

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2 CAP. 123) Currency

"coin" means any coin provided, issued or re-issued
in accordance with the terms of Articles 3, 4, 13
and 18 of the Agreement;

L < currency note" means any note provided, issued,
deemed to have been issued, or re-issued in
accordance with the terms of Articles 3, 4, 5 and
13 of the Agreement.

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.

Issue and form
of currency notes

4. (1) Currency notes issued in accordance with the
and coins. terms of the Agreement shall be of such form and design

and printed from such plates and on such paper and be
authenticated in such manner as currency notes issued under
the former Agreement and in circulation in Antigua and
Barbuda immediately before the commencement of this Act.

(2) For the purpose of preventing fraud and improper
use, plates shall be prepared and kept and notes printed,
authenticated, issued and cancelled in the manner and in
accordance with the conditions applicable under the Currency
Act, 1959 to the preparation and keeping of plates, and the
printing, authentication, issue and cancellation of notes.

(3) Coins issued in accordance with the terms of the
Agreement shall be of such denominations and weights and
be made of such metal or metals as coins issued under the
former Agreement and in circulation in Antigua and Barbuda
immediately before the commencement of this Act.

Legal tender. 5 . (1) Currency notes shall be legal tender in Antigua
and Barbuda for the payment of any amount.

(2) Coin shall, if the coins have not been illegally dealt
with, be legal tender to an amount not exceeding in the case
of coins of denomination of not less t h a ~ twenty-five cents,
ten dollars, and in the case of coins of a lower denomina-
tion, two dollars.

(3) For the purposes of this Act, a coin shall be deemed
to have been illegally dealt with where the coin has been

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Curren~y (CAP. 123 3

impaired, diminished, or lightened otherwise than by fair
wear and tear, or has been defaced by having any name,
word, device, or number stamped or engraved thereon,
whether the coin has or has not been thereby diminished
or lightened.

6. Any sum which is required to meet any deficiency Meeting of
deficiency.

which Antigua and Barbuda is liable to make good under
the terms of the Agreement shall be charged upon the general
revenue and shall be issued therefrom forthwith on the
demand of the Board.

7. The Cabinet may, after consultation with the Re~lat ions .
Board, make regulations-

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

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

8. The Currency Act, 1959, and all amendments E:;l;:,59.
thereto are hereby repealed:

Provided that the Regulations made under the said Act
in force at the date of commencement of this Act shall, until
amended or revoked by regulations made under this Act,
remain good and valid as if made under this Act:

Provided further that references in the regulations made
under the said Act to sections of that Act shall be construed
as references to the corresponding sections of this Act.

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4 CAP. 123) Currency

SCHEDULE S. 2

An Agreement made on the 12th day of December, 1964 in
the year One thousand nine hundred and sixty-four BETWEEN
THE GOVERNMENT OF T H E UNITED KINGDOM OF
GREAT BRITAIN AND NORTHERN IRELAND (which is
responsible for the international relations of the Governments of
BRITISH GUIANA, BARBADOS, ANTIGUA, DOMINICA,
GRENADA, MONTSERRAT, SAINT CHRISTOPHER
NEVIS AND ANGUILLA, SAINT LUCIA AND SAINT VIN-
CENT (hereinafter collectively referred to as "the participating
Governments")) of the One Part and THE GOVERNMENT O F
TRINIDAD AND TOBAGO of the Other Part.

WHEREAS under an Agreement made on the 28th day of
January, 1958, (hereinafter referred to as "the 1958 Agreement")
between the Governments of Barbados, British Guiana, Trinidad
and Tobago, the Leeward Islands and the Windward Islands, a
Board of Commissioners of Currency British Caribbean Territories
(Eastern Group) (hereinafter referred to as "the Board") was
constituted to provide for and control the supply of currency in
the territories of the said Governments.

AND WHEREAS Trinidad and Tobago became an
independent country on the 31st day of August, 1962.

AND WHEREAS the participating Governments and the
Government of Trinidad and Tobago-

(i) have indicated their intention to establish new
currency authorities;

(ii) desire the Board reconstituted as hereinafter provided
to continue to provide for and control the supply
of currency in the territories of the participating
Governments and in Trinidad and Tobago pending
the establishment of such new authorities; and

(iii) desire to revise the 1958 Agreement and to provide
for the Board to cease to issue currency in the
territories of the participating Governments and in
Trinidad and Tobago on the establishment of such
new authorities.

AND WHEREAS the participating Governments have agreed
to the arrangements set forth in this Agreement and have agreed
to sign this Agreement in token thereof.

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Currency (CAP. 123

AND WHEREAS the Government of the United Kingdom
and the Government of Trinidad and Tobago have agreed to enter
into this Agreement.

NOW THEREFORE the Government of the United
Kingdom and the Government of Trinidad and Tobago have
agreed as follows:-

1. This Agreement shall replace the 1958 Agreement which The 1958
shall continue to have effect in so far only as is necessary for carrying ir2:int
into effect the provisions of this Agreement.

2. (1) The Board shall be reconstituted as follows; that is Constitution of
Board of to say it shall consist of five members, one appointed by the commissioners of

Government of Trinidad and Tobago to represent Trinidad and Currency.
Tobago, the other four appointed by The Government of the
United Kingdom, the Governments of Barbados and British
Guiana each having the right to nominate one member to represent
their respective territories, the Governments of Antigua, Saint
Christopher Nevis and Anguilla, and Montserrat having the right
to nominate one member to represent their territories, and the
Governments of Grenada, Saint Vincent, Saint Lucia and
Dominica having the right to nominate one member to represent
their territories:

Provided that the members of the Board of Commissioners
of Currency appointed under the 1958 Agreement and holding
office at the commencement of this Agreement shall, subject to
the provisions of this Agreement, continue to function as the Board
for the remainder of the terms for which they were respectively
appointed:

Provided further that where a single currency authority is
established for any of the participating Governments, then the
participating Governments, for which such a single currency
authority is established shall be represented by a single member
of the Board nominated or appointed by the Governments or
Government who established such authority in place of their
representative and the Board shall be reconstituted accordingly.

(2) The Board shall elect one of its number to be Chairman:
Provided that the Chairman elected under the 1958 Agree-

ment and holding office at the commencement of this Agreement
shall, subject to the provisions of this Agreement, continue to func-
tion as the Chairman for the remainder of the term for which
he was appointed.

(3) The term of office of the members and the Chairman
shall be three years, subject to their continuing resident within

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6 CAP. 123) Currency

the territory they respectively represent. Subject to the foregoing
conditions each member shall be eligible for re-appointment.

(4) In addition to the five members appointed under
paragraph (1) of this Article there shall be an Executive Officer
of the Board of which he shall be a member with the title of
"Executive Commissioner" and the right to vote. The Executive
Commissioner shall be appointed by the Government of the United
Kingdom in agreement with the Government of Trinidad and
Tobago:

Provided that the Executive Commissioner appointed under
the 1958 Agreement shall be deemed to have been appointed under
this Agreement. The Executive Commissioner shall be responsi-
ble, subject to the direction of the Board, for all executive matters
connected with the procurement, issue, retirement, distribution
and holding of the Board's notes and coin.

(5) The Chairman and members of the Board shall be paid
such remuneration and allowances as may from time to time be
determined by the Government of the United Kingdom in agree-
ment with the Government of Trinidad and Tobago.

(6) Any duty devolving and any power conferred on the Board
may be discharged or exercised by any four members, and, in
the absence of the Chairman elected under paragraph (2) of this
article, members may for the purpose of any particular meeting
elect a Chairman ad hoc. The Chairman shall have an original
and a casting vote.

(7) The Board shall meet at least twice in every calendar year
and at such other times as may be deemed necessary by the
Chairman:

Provided that the Chairman shall call a meeting as soon as
practicable after receiving a request from any member.

(8) The headquarters of the Board shall remain in Trinidad
and offices shall be established at such other places, and the Board
may employ such agents, officers, and persons as may be required:

Provided that any such agents, officers and persons in the
employment of the Board at the commencement of this Agree-
ment shall be deemed to have been employed under this
Agreement.

(9) If any member of the Board is for the time being unable
to act, the Government of Trinidad and Tobago or the participating
Government or Governments by whom he was appointed or

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Currency (CAP. 123 7

nominated as the case may be may appoint a fit person to act
in his place during such inability.

(10) The Board and its officers and servants shall be deemed
to be public servants for the purpose of the criminal law in force
in Trinidad and Tobago and in the territories of the participating
Governments.

3. (1) Subject to the provisions of Articles 11 and 13 of The right of the
this Agreement the Board shall have the sole right to issue cur- ,","zd,$.
rency notes and coin in Trinidad and Tobago and in the territories
of participating Governments who shall not issue any such notes
or coin nor authorise such issue by other persons.

(2) The Government of Trinidad and Tobago and the partici-
pating Governments shall demonetize the United Kingdom coin
now in current circulation in Trinidad and Tobago and in the
territories of the participating Governments.

(3) The notes and coin to be issued by the Board shall be
in the following denominations:-

Notes Coin

20 dollars

10 dollars

50 cents

25 cents

5 dollars 10 cents

2 dollars 5 cents

1 dollar 2 cents
1 cent

Provided that notes and coin of other denominations may
be issued as required with the approval of the Government of the
United Kingdom in agreement with the Government of Trinidad
and Tobago; such notes and coin to be in dollars at the rate of
100 cents for each dollar of the value equivalent to four shillings
and two pence of sterling in London:

Provided also that the 100 dollar notes and half cent coins
of the Board issued under the terms of the 1958 Agreement shall
be treated in all respects as having been issued under this
Agreement.

4. (1) Subject to the provisions of Articles 11 and 13 of Conversion of
this Agreement the Board shall issue on demand to any person zFcz', ;,":,'"
desiring to receive currency notes at any of its offices or agencies, sterling and vice
currency notes to the equivalent value (at the rate of one dollar Versa.

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8 CAP. 123) Currency

for four shillings and two pence) of sums in sterling lodged with
the Crown Agents for Oversea Governments and Administrations
in London (hereinafter referred to as the "Crown Agents") by
the said person and shall pay on demand through the Crown Agents
to any person desiring to receive sterling in London the equivalent
value calculated as aforesaid of currency notes lodged with the
Board at any of its offices or agencies by the said person:

Provided that-

(a) no person shall be entitled to lodge with the Crown
Agents or the Board, as the case may be, less than such
minimum sum as may from time to time be prescibed for
the purpose of obtaining currency notes or sterling, as the
case may be; and

( 6 ) the Board shall be entitled to charge and levy from
any person obtaining currency notes or sterling commission
at such rate or rates as the Board may think fit not exceeding
one per centum and in addition the cost of any telegrams
sent by the Board or by the Crown Agents in connection
with any transfer as above described.

(2) The Board may, at its option, issue and redeem coin in
the same manner and subject to the same conditions as are pre-
scribed in paragraph (1) of this Article for the issue and redemp-
tion of currency notes.

Board may issue
currency notes to 5. The Board in its discretion may issue currency notes
value of to the equivalent market value of securities of, or guaranteed by,
securities of the the Government of Trinidad and Tobago or by any of the partici-
Government of
Trinidad and pating Governments lodged with the Board at its headquarters
Tobago and the at Trinidad as part of such transaction as is permitted by proviso
participating
Governments

(a) of paragraph (3) of Article 6 of this Agreement.
held by it.

Currency Fund. 6. (1) The Board shall establish and maintain a fund to
be called "The Currency Fund" (hereinafter referred to as "the
Fund") which subject to the terms of proviso (a) to paragraph
(3) of this Article, shall be held in London by the Crown Agents
for meeting the redemption of currency and shall not be applied
for any other purposes except as provided by this Agreement:

Provided that the Currency Fund established and maintained
under the 1958 Agreement shall be deemed to have been established
under this Agreement.

(2) There shall be paid into the Fund all sterling received
in exchange for currency notes or coin.

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Currency (CAP. 123 9

(3) The Fund may be invested in sterling securities of or
guaranteed by the Government of any part of Her Majesty's domi-
nions or of any territory under Her Majesty's protection or of
any territory administered by the Government of any part of Her
Majesty's dominions under the trusteeship system of the United
Nations or such other securities as the Crown Agents, with the
approval of the Government of the United Kingdom in agree-
ment with the Government of Trinidad and Tobago, may select:

Provided that-

(a) not more than an amount in dollars equivalent (at
the rate of one dollar for four shillings and two pence) to
two million five hundred thousand pounds sterling of the
moneys in the Fund may at any time be invested in securities
of or guaranteed by the Government of Trinidad and Tobago
or any of the participating Governments, such securities being
in any case as the Board may select and, if issued in Trinidad
and Tobago or in any of the territories administered by any
of the participating Governments, to be held by the Board
at its headquarters in Trinidad; and

( b ) a proportion of the Fund shall be held in London
in liquid form and such proportion may be determined and
varied from time to time by the Board who in determining
such proportion shall have regard to the provisions of Article
11 of this Agreement.

(4) The liquid portion of the Fund may be held in cash or
on deposit at the Bank of England or in Treasury Bills or may
be lent out at call or for short terms in such ways or invested
in such readily realisable securities as may be approved by Her
Majesty's Government in the United Kingdom in agreement with
the Government of Trinidad and Tobago.

(5) Notwithstanding anything in the preceding paragraphs
contained the Board may-

(a) use any coins held for the account of the Fund for
the purpose of having them reminted and coined into cur-
rent coin;

( b ) pay from the Fund the cost of the purchase of metal
to be minted into current coin;

( 6 ) pay to the Fund the proceeds of the sale for metal
value of coin withdrawn from circulation and destroyed.

(6) The value of the Fund for any of the purposes of this
eement shall be the current realisable value of the whole of

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10 CAP. 123) Curren~y

the assets held in the Fund, investments of the Fund being valued
at the current market price at the time of valuation.

Currency Fund 7. (1) The Board shall open and maintain an account to
Income Account. be called the "Currency Fund Income Account" (hereinafter refer-

red to as the "Income Account") into which shall be paid all
dividends, interest or other revenue derived from investments or
from the employment in any other manner of the moneys of the
Fund and all commissions paid to the Board in connection with
the issue or redemption of currency notes or coin:

Provided that the Currency Fund Income Account opened
and maintained under the 1958 Agreement shall be deemed to
have been opened under this Agreement.

(2) There shall be charged upon the Income Account-

(a) all the expenses other than the expenses referred to
in Article 6 of this Agreement incurred by the Board and
by the Crown Agents in the preparation, transport, issue,
redemption and demonetization of currency notes and coin
and the transaction of any business relating thereto;

(6 ) any expenses incurred by the Board for the protec-
tion of the currency against counterfeiting or forgery of coins
or notes;

(6) a sum equal to one per centum of the value of the
Fund at the end of each year calculated in accordance with
paragraph (6) of Article 6 of this Agreement which shall be
paid annually into the Fund; and

(d) such sum as the Board may decide to be credited
to a Contingencies Reserve Fund:

Provided that the Board may with the approval of the Govern-
ment of the United Kingdom in agreement with the Government
of Trinidad and Tobago direct that any expenditure of an excep-
tional nature may be charged upon the Fund and not upon the
Income Account:

Provided also that the Board may meet any expenses from
the Contingencies Reserve Fund.

(3) If on the last day in any year or on the 30th June 1967
there is a surplus in the Income Account it shall be paid to the
credit of an account to be called the "British Caribbean Territories
(Eastern Group) (Currency Surplus) Account" (hereinafter referred
to as the "Surplus Account") to be set up as provided in Article
8 of this Agreement; but if on the last day of any year or on the
30th June, 1967 there is a deficiency in the Income Account it

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Currency (CAP. 123

shall by met by the Government of Trinidad and Tobago and
the participating Governments in the proportions prescribed in
paragraph (2) of Article 8 of this Agreement from any sums held
by the Board to the credit of the Government concerned or from
moneys to be appropriated and paid from the revenue of the
Governments:

Provided that no Government shall be reauired to meet such
a deficiency if the Board did not issue currency notes in the territory
of that Government during the year to which such a deficiency
relates and that the Governments remaining liable to meet such
a deficiency shall share in meeting it in the ratio of the propor-
tions attributed to them in paragraph (2) of Article 8. If any
Government should default on anv Davment due under this

, L ,

paragraph, the amount in default may be recovered from any sub-
sequent payment due to that Government from any of the funds
held by the Board:

Provided that if on the last day in any year or on the 30th
June, 1967 the face value of the currency notes and current coin
in circulation exceeds the value of the Fund calculated in accord-
ance with paragraph (6) of Article 6 of this Agreement there shall
be paid into the Fund the whole of the said surplus in the Income
Account or such part thereof as shall make up the moneys of the
Fund as aforesaid to an amount equal to the face value of the
currency notes and current coin in circulation.

8. (1) There shall be set up a British Caribbean Territories Currency Surplus
(Eastern Group) (Currency Surplus) Account, into which shall
be paid any surplus in the Income Account arising as provided
in Article 7 of this Agreement.

(2) The Government of Trinidad and Tobago and the par-
ticipating Governments shall be entitled to share in the Surplus
Account in proportions which apply at present under the 1958
Agreement, that is to say:-

Trinidad and Tobago
British Guiana
Barbados
Dominica
Grenada
St. Lucia
St. Vincent
Antigua
Montserrat
St. Christopher Nevis Anguilla

Provided that no Government shall be entitled to share in
any surplus paid into the surplus account if the Board did not

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12 CAP. 123) Curren~y

issue currency notes in the territory of that Government during
the year to which such a surplus relates and that the Governments
entitled to share in any such surplus shall share in it in the ratio
of the proportions attributed to them in this paragraph.

(3) The Government of Trinidad and Tobago and each of the
participating Governments shall from time to time authorise the
Board to pay out of its share of the sums standing to the credit
of the Surplus Account its share of such charges in addition to
the charges referred to in Article 7 of this Agreement as the Govern-
ment of Trinidad and Tobago and each of the participating Govern-
ments may from time to time agree should be so paid.

(4) Any balance remaining in the Surplus Account to the
credit of any Government at the end of any year or on the 30th
day of June 1967 after the payment of any charges as provided
in paragraph (3) of this Article shall be paid to that Government.

Meeting of 9. (1) If the assets of the Fund should at any time prove
deficiencies in
the Currency inadequate to meet legal demands upon the Board for the con-
Fund. version of currency into sterling, the Government of Trinidad and

Tobago and the participating Governments shall be liable to meet
any deficiency in the Fund.

(2) If the value of the Fund calculated as provided in
paragraph (6) of Article 6 of this Agreement shall at any time
be less than the face value of the currency notes and coin in
circulation and in the opinion of the Government of the United
Kingdom in agreement with the Government of Trinidad and
Tobago it shall be necessary to make up such deficiency in the
Fund either wholly or partly the Government of Trinidad and
Tobago and the participating Governments shall be liable for the
sum which in the opinion of the Government of the United
Kingdom in agreement with the Government of Trinidad and
Tobago is required to be paid into the Fund.

(3) Any liability under paragraphs (1) and (2) of this Article
shall be borne by the Government of Trinidad and Tobago and
the participating Governments in accordance with the proportions
prescribed in paragraph (1) of Article 14.

(4) If any of the Governments mentioned in paragraph (1)
of this Article shall make default in any of the obligations set out
in that paragraph or in paragraph (2) of this Article, then the
other Governments so mentioned shall make good the amount
of such default in proportions determined between them in like
manner as in paragraph (3) of this Article:

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Currency (CAP. 123 13

Provided that in the event of a default being so made good
any sums due thereafter to the defaulting Government or Govern-
ments from any funds held by the Board shall be paid to the
Governments which have made good such defaults in the like pro-
portions until the amount so made good by them has been
refunded.

10. (1) The accounts of all transactions of the Board shall Accounts and
Returns.

be audited once in every year by such persons and in accordance
with such regulations as the Government of the United Kingdom
in agreement with the Government of Trinidad and Tobago may
direct.

(2) An abstract of such accounts shall as soon as may be after
such audit be published in the Gazette of Trinidad and Tobago
and of each of the participating Governments.

(3) The Board shall on the first day of each month make
up and as soon as may be thereafter publish in the Gazette of
Trinidad and Tobago and of each of the participating
Governments, an abstract showing the whole amount of currency
notes and coin in circulation on the said day and the average
amount in circulation during the previous month.

(4) The Board shall also publish half yearly in the Gazette
of Trinidad and Tobago and of each of the participating Govern-
ments an abstract showing-

(a) the amount of liquid portion of the Fund;

(b) the nominal value and price paid for and the latest
known market price of the securities belonging to the Fund.

(5) The amount of currency notes and coin in circulation
at a particular date shall be deemed to be the total nominal amount
of currency notes and coin issued prior to that date by the Board
after deducting the total nominal amount of currency notes and
coin received by the Board prior to that date.

(6) The said abstracts shall from time to time and at least
once a quarter be verified by a Board of Survey appointed in
accordance with such regulations as the Government of the United
Kingdom in agreement with the Government of Trinidad and
Tobago may direct.

11. (1) Any Government establishing another authority in Establishment of
place of the Board to issue currency in its territory to replace cur- ~ U ~ r ~ ~ ~ ~ t e
rency issued by the Board shall give to the Board at its head office Authority.

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14 CAP. 123) Currency

notice in writing (hereinafter referred to as a "Notice of Replace-
ment'') such Notice of Replacement being for such period as may
be agreed between the Government of the United Kingdom and
the Government of Trinidad and Tobago after consultation with
the Executive Commissioner:

Provided however that if any Government gives to the Board
at its head office a Notice of Replacement for a period of six months
or more it will not be required to obtain the prior agreement of
the Governments of the United Kingdom and Trinidad and Tobago
as provided in paragraph (1) of this Article.

(2) Subject to the provisions of Article 13 of this Agreement
the Board at the expiration of the period stipulated in such Notice
of Replacement shall-

(a) relinquish the right vested in it by paragraph (1) of
Article 3 of this Agreement to issue currency notes and coin
in the territory of the Government lodging such Notice of
Replacement;

( b ) cease to issue currency notes and coin under Article
4 of this Agreement in the territory of the Government lodging
such Notice of Replacement.

(3) (a) Neither the lodgement of a Notice of Replacement
nor the commencement of the issue of currency by a new
authority established by the Government lodging the notice
shall affect the right, if any, of that Government to share
in any distribution of the Board's funds under paragraph
(2) of Article 8 of this Agreement or the liability, if any, of
that Government to make good deficiencies under paragraph
(3) of Article 7 and Article 9 of this Agreement.

(6) The lodgement of a Notice of Replacement with the
Board shall in no manner affect the constitution of the Board
as prescribed by Article 2 of this Agreement.

(4) O n the 1st January 1966 the Board shall insofar as it has
not already done so under paragraph (2) of this Article-

(a) relinquish the right vested in it by paragraph (1) of
Article 3 in this Agreement to issue currency notes and coin
in the territories of the Governments; and

( 6 ) cease to issue currency notes and coin under Article
4 of this Agreement in the territories of the Governments.

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Currency (CAP. 123 15

(5) ( a ) Upon the lodgement of a Notice of Replacement,
the Board shall consult with the new currency authorities
individually, to arrange the procedures for the withdrawal
and redemption of currency and coin, insofar as coin is to
be withdrawn, and all other matters incidental thereto, as
from the date, or dates, on which the new currency authorities,
severally, commence to issue their own currencies.

( 6 ) Each Government shall endeavour to ensure that the
currency notes and coin of the Board circulating in its territory
shall, so far as practicable, be presented for redemption to
the Board by the new authority established by that Govern-
ment or the Agent of that new authority; and subject to
paragraph (8) of Article 2 the Board shall close its office or
offices, and terminate any agency arrangements in such
territory at the earliest practicable date after it ceases to issue
currency notes and coin therein.

(6) In redeeming currency notes and coin presented to the
Board by a new currency authority, the Board shall:

( a ) subject to the provisions of sub-paragraph (6) of this
paragraph in the first instance transfer to that authority in
lieu of sterling any securities which it may hold under pro-
viso ( a ) to paragraph (3) of Article 6 of this agreement of
the Government or Governments, which have established the
said new authority and the new authority shall accept such
securities at their nominal value;

( b ) otherwise redeem its currency notes and coin in
sterling at the rate of four shillings and two pence to the dollar;

(c) notwithstanding the provisions of sub-paragraph ( 6 )
of paragraph (1) of Article 4 of this Agreement, levy no com-
mission for such redemptions;

(6) in order to meet the special need of a new currency
authority the ~ o a r d shall on request by that new authority
redeem its currency in the first instance in accordance with
sub-paragraphs (b ) and ( e ) of this paragraph:

Provided that the Board shall have transferred the whole of
the holdings of the Board of the securities referred to in sub-
paragraph ( a ) of this paragraph to the said new authority by the
date on which the amount of the currency of the Board redeemed
for that new authority is equivalent to twice the amount of the
said securities held by the Board on the day on which the Board
commences to redeem currency for that authority;

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16 CAP. 123) Currency

(e) notwithstanding the provisions of sub-paragraph (6)
of this paragraph consult with the new authority with a view
to arranging where it is mutually desired for the transfer,
at their market value, of sterling securities held by the Board
in lieu of sterling.

(7) An authority established by any Government or Govern-
ments in place of the Board may appoint the Board to act as the
agent of such Authority to assist such Authority in the issue of
currency in the Territory of the Government or Governments to
replace currency issued by the Board and the Board may accept
such appointment and as such agent shall have and exercise such
powers as may be given to it by the authority appointing it.

(8) As soon as may be deemed expedient after the Board has
ceased to issue currency in the territory of any Government, that
Government shall, after consultation with the Board notify in the
official Gazette of such Government the date upon which currency
notes or coin of the Board shall no longer be legal tender in that
territory.

Government 12. The liabilities, obligations and responsibilities which
notes of Trinidad
and Tobago, the Board assumed under paragraph (2) of Article 2 of the 1958
British Guiana Agreement, in respect of the Government currency notes of the
and Barbados. Governments of Trinidad and Tobago, British Guiana and

Barbados, issued and in circulation on the 1st day of August, 1951,
shall revert to the said Governments severally as from the respec-
tive dates on which the new currencv authorities established bv
the said Governments commence to issue currency in each of the
said territories. On such dates the Board shall transfer from the
Fund to the Governments of Trinidad and Tobago, British Guiana
and Barbados, respectively, an amount in sterling or, by mutual
agreement, in sterling securities at current market value equivalent
to the face value of the notes of the Government concerned
outstanding in the Books of the Board on such dates. Thereafter
the Board shall have no liabilities, obligations nor responsibilities
whatsoever in respect of such notes.

Temporary use 13. (1) In default of the commencement of the issue of
of thc Board's
currency and currency notes by a new currency authority, the Board shall, if
continued use of requested by the Government of Trinidad and Tobago or any
the Board'a coin. participating Government, continue the issue of currency notes

in the territory of that Government, in accordance with Articles
3 and 4 of this Agreement up to 1st January, 1966:

Provided that-

( i) on the 1st January, 1966, or as soon as a new
authority commences to issue currency in a territory

LAWS OF ANTIGUA AND BAREUDA

Currency (CAP. 123

whichever is the earlier the right and obligation of
the Board to issue currency notes and coin under
Articles 3 and 4 of this agreement shall forthwith
be abrogated in respect of the said territory; and
the Board shall thereupon cease to issue currency
notes and coin therein;

(ii) for as long as the Board shall continue to issue
currency notes in a territory under this paragraph
such currency shall remain legal tender in the said
territory in accordance with the provisions of the
law in force in that territory; and thereafter, currency
notes of the Board shall in respect of the said
territory, be redeemed in the manner prescribed in
paragraph (6) of Article 11 of this Agreement and
demonetized in the same manner andsubject to the
same conditions as prescribed in paragraph (7) of
Article 11 of this Agreement.

(2) If requested by any Government, the Board shall make
available to the new currency authority established by that Govern-
ment coin of the Board for continued circulation in the territory
of that Government as from the date on which such new authoritv
commences to issue currency notes or from the 1st January, 1966,
until 30th June, 1967:

Provided that:-

(i) any coin so supplied to such new authority shall be
made available in the same manner and subiect to
the same conditions as are prescribed by paragraph
(2) of Article 4 of this Agreement and such coin shall
be treated for all purposes as if it had been issued
in accordance with the provisions of that Article;

(ii) the detailed arrangements, terms and conditions for
making coin available in accordance with this
paragraph shall be agreed between the Board and
the new currency authority concerned;

(iii) the Board shall at all times endeavour to meet all
reasonable demands for coin made upon it by the
new currency authority concerned;

(iv) so long as the Board shall continue to make coin
available under this paragraph such coin shall remain
legal tender in the territory concerned to the extent
to which it had previously been legal tender therein;
and thereafter coin of the Board shall, in respect
of that territory, be redeemed in the manner

LAWS OF ANTIGUA AND BARBUDA

18 CAP. 123) Currency

Dissolution of
Board.

prescribed in paragraph (6) of Article 11 of this
Agreement and demonetized in the same manner
and subject to the same conditions as are prescribed
in paragraph (7) of Article 11 of this Agreement.

14. (1) On the 30th June, 1967, the Board shall after-

(i) making full provision in accordance with Article 15,
to meet its residual liability in respect of its currency
notes not yet redeemed; and

(ii) making full provision in accordance with Article 17
or 18 as the case may be in respect of its coin not
yet redeemed;

,--
establish the amount of any surplus or deficiency in its total assets
and thereafter shall be dissolved.

Any surplus so established shall be distributed among the
participating Governments in the following proportions:-

Trinidad and Tobago 47.78
British Guiana 26.02
Barbados 10.34
Antigua 3.47
Dominica 2.37
Grenada 4.40
Montserrat 0.51
St. Christopher-Nevis-Anguilla 2.50
St. Lucia 1.59
St. Vincent 1.02

and any deficiency shall be made good in like proportions by the
said Governments.

(2) Any payment due to the Government of Trinidad and
Tobago and the participating Governments under paragraph (1)
of this Article shall be made either in sterling or at the discretion
of the Board wholly or partially in sterling securities held by the
Board by the transfer in the proportions of sterling and of each
security as the case may be prescribed in paragraph (1) of this
Article, to each Government, such transfer being made at the
market value of the said securities on the date on which the surplus
was established under paragraph (1) of this Article.

Liability for the 15. (1) On the 30th June, 1967, the Board shall forthwith
Board's notes
after the Board transfer to the Crown Agents in sterling for account of the Govern-
has been ment of Trinidad and Tobago and the participating Governments
dissolved. jointly an amount equivalent at the rate of 4s. 2d. to the dollar

to the nominal value of the currency notes constituting the
aforementioned residual liability of the Board in respect of currency

LAWS OF ANTIGUA AND BARBUDA

Currency (CAP. 123

notes not yet redeemed. Thereafter the Board shall cease to be
liable for the redemption of currency notes; and subject to
paragraph (5) of Article 16 such currency notes shall become a
liability of the Government of Trinidad and Tobago and of each
of the participating Governments in the proportions determined
in accordance with Article 14.

(2) The Government of Trinidad and Tobago and the par-
ticipating Governments shall authorise the Crown Agents to pay
out of the funds held by them under paragraph (1) of this Article
such sums as may be claimed from them under the provisions
of paragraph (3) of this Article.

(3) The Government of Trinidad and Tobago and the partici-
pating Governments shall appoint the new currency authorities
established by the Government of Trinidad and Tobago, the
Government of British Guiana and the new currency authority
established by the Governments of Barbados, Antigua, Dominica,
Grenada, Montserrat, St. Christopher-Nevis and Anguilla,
St. Lucia and St. Vincent, or as many of them as establish such
an authoritv. their agents to redeem notes issued bv the Board , , "
for any persons presenting such notes in Trinidad and Tobago,
British Guiana or Barbados for payment at the rate of four shill-
ings and two pence to one dollar and shall authorise the said new
currency authorities to reimburse themselves by claiming sterling
from the Crown Agents under paragraph (2) of this Article.

(4) The new currency authorities appointed under paragraph
(3) of this Article shall cancel and destroy notes presented to them
for redemption, in accordance with such arrangements as the
Government of Trinidad and Tobago and the participating Govern-
ments may agree.

(5) The Crown Agents and the new currency authorities
appointed under paragraph (3) of this Article shall keep accounts
and records of transactions carried out under this Article which
shall be audited annually and copies submitted to the Govern-
ment of Trinidad and Tobago and the participating Governments.

(6) The Crown Agents and the said new currency authorities
shall be entitled to recoup themselves out of the assets held by
the Crown Agents for any expenses necessarily incurred by them
in the course of their duties under this Article.

LAWS OF ANTIGUA AND BARBUDA

20 CAP. 123) Currency

Distribution by 16. (1) The Crown Agents shall from time to time
Crown Agents
and of distribute among the Government of Trinidad and Tobago and
deficiency in the participating Governments such part of the assets held by them
assets. under paragraph (1) of Article 15 as the Government of Trinidad

and Tobago and the participating Governments may jointly direct.

(2) O n the 30th June, 1977 the assets held by the Crown
Agents under paragraph (1) of Article 15 shall be distributed among
the new currency authorities as are specified in paragraph (3) of
this Article in the manner set forth in paragraph (4).

(3) The said assets referred to in paragraph (2) of this Article
shall be distributed among the following namely:- the new cur-
rency authorities established by the Government of Trinidad and
Tobago, the Government of British Guiana, and Governments
of Barbados, Antigua, Dominica, Grenada, Montserrat,
St. Christopher, Nevis and Anguilla, St. Lucia and St. Vincent
or as many of them as shall have established new currency
authorities.

(4) The said assets shall be distributed among the new cur-
rency authorities as are specified in paragraph (3) of this Article
in manner following, that is to say, so that the share of each new
authority in the to& amount o f the assets shall bear the same
proportion to such total as the aggregate value of the currency
notes of the Board redeemed by the Board for each authority under
the provisions of sub-paragraph (6) of paragraph (5) of Article
11 and redeemed by each authority under the provisions of
paragraph (3) of Article 15 bears to the value of all notes so
redeemed up to the 30th of June, 1977.

(5) Following the distribution of assets provided for in paragraph
(4) of this Article the liability of the Government of Trinidad and
Tobago and the participating Governments for the redemption
of the currency notes of the Board shall be transferred to the new
currency authorities referred to in paragraph (3) and each such
authority shall assume liability for the redemption of currency notes
of the Board up to the amount of the assets received by it under
paragraph (4).

(6) If at any time the assets held by the Crown Agents under
paragraph (1) of Article 15 prove insufficient to meet the redemp-
tion of notes, the Government of Trinidad and Tobago and the
participating Governments shall provide such sums as may be
required to make good the deficiency; and the Government of
Trinidad and Tobago and the participating Governments shall
indemnify the Crown Agents and the said new currency authorities

LAWS OF ANTIGUA AND BARBUDA

Currency (CAP. 123 2 1

against all claims of whatsoever kind arising out of their appoint-
ment under Article 15.

(7) Any distribution or claims in accordance with the pro-
visions of paragraphs (1) and (6) of this Article shall be apportioned
among the Governments of Trinidad and Tobago and the partici-
pating Governments in the proportions agreed for the purposes
of paragraph (1) of Article 14 of this Agreement.

17. If on the 30th June, 1967 the Board considers that Liability for the
it has met all its liabilities in Trinidad and Tobago and British ~ ~ ~ ~ ~ ~ ~ , " a , d
Guiana in respect of its coin, save in respect of a residual amount has been
of coin which is unlikely to be presented for redemption shortly,
the Board shall-

(a) transfer forthwith to the new currency authority
established by the Governments of Barbados, Antigua,
Dominica, Grenada, Montserrat, Saint Christopher-Nevis
and Anguilla, Saint Lucia and Saint Vincent, or so many
of them as establish such an authority, an amount in sterling
equivalent at the rate of four shillings and two pence to the
dollar to the nominal value of coin of the Board not redeemed.
Thereafter such coin shall become the liability of the said
new authority and be deemed to have been issued by the
said new authority;

(6) sell to the said new authority unissued stocks of coin
of the Board at cost; and

(6) authorise the transfer to the said new authority of
the dies of the Board, now in custody of the Royal Mint,
from which such coin was minted, so that the new authority
mav mint for issue, in accordance with the law from time
to time in force in the said territories, coin of the same design,
weight and composition as that previously minted for the
Board.

18. (1) If on the 30th June, 1967, there is more than one Establishment of
new Currency Authority which is availing itself of the provisions Ezinuation
of (2) of Article 13 or the Board considers that the Board.
amount of coin which is then circulating in Trinidad and Tobago
and in British Guiana makes it necessary for special provision to
be made for the redemption thereof, then there shall be established
a Coin Continuation Board (hereinafter referred to as "the Coin
Board").

(2) The Coin Board shall be constituted in the same manner
as the Board was constituted on the 30th June, 1967 and shall
in relation to its functions keep and maintain proper books of

LAWS OF ANTIGUA AND BARBUDA

22 CAP. 123) Curren~y

account and save as is hereinafter provided exercise the same rights
and perform the same duties and in all respects act in the same
manner in relation thereto as if it were the Board.

(3) The Board shall on the 30th June, 1967 transfer to the
Coin Board-

(a) the sterling equivalent at the rate of four shillings
and two pence to the dollar of the nominal value of the coin
of the Board not yet redeemed which sum will be held by
the Crown Agents and be constituted the Coin Fund and
the Coin Board shall be responsible for the redemption of
such coin; and

(b) the unissued stocks of coin held by the Board on the
30th June, 1967.

(4) Any surplus or deficit in the income of the Coin Board
shall be distributed or made good by the Government of Trinidad
and Tobago and the participating Governments in the propor-
tion which the coin in circulation in each of the territories of the
respective Governments bears to the total coin in circulation. For
the purpose of this paragraph the amount of coin in circulation
shall be deemed to be the average monthly circulation as deter-
mined by the Coin Board during the year in respect of which the
apportionment is made.

(5) When the Coin Board considers that it has met all its
liabilities in Trinidad and Tobago and British Guiana save in
respect of a residual amount of coin which is unlikely to be
presented for redemption shortly, then the provisions contained
in Article 17 relating to the Board and the new authority mentioned
therein shall equally apply to the Coin Board and the said new
authority.

(6) The Coin Board shall be dissolved by a resolution of the
Coin Board to that effect on the earliest practicable date after it
ceases to have any liabilities, obligations and responsibilities in
respect of coin under the provision of this Article.

(7) Any surplus in the Coin Fund remaining after the transfer
of assets under paragraph (5) of this Article shall be distributed
between the Government of Trinidad and Tobaeo and the "
participating Governments according to the proportions provided
in paragraph (1) of Article 14. Any surplus remaining in the Income
Account of the Coin Board shall be distributed according to the
provisions of paragraph (4) of this Article.

LAWS OF ANTIGUA AND BARBUDA

Currency (CAP. 123 23

19. (1) No person shall be entitled to recover from the Imperfect notes
Board or the Agents or the Currency Authority of any participating Or Coin'
Government appointed under paragraph (3) of Article 15 the value
of any mutilated or imperfect notes.

(2) The circumstances in which, and the conditions and limita-
tions subject to which, and the value of mutilated or imperfect
notes may be refunded as an act of grace shall be within the absolute
discretion of the Board or by agreement between the Agents
appointed under paragraph (3) of Article 15 or in the case of an
application for a refund made after June 30, 1977 to the Currency
Authority of a participating Government in the absolute discretion
of that authority.

(3) No person shall be entitled to recover from the Board
or the Coin Board the value of any mutilated or imperfect coin
or any coin which has been illegally dealt with.

(4) The circumstances in which and the conditions and limita-
tions under which the value of mutilated or imperfect coin or coins
which have been illegally dealt with may be refunded as an act
of grace shall be within the absolute discretion of the Board and
the Coin Board or in the case of an application for a refund after
June 30th, 1977 to the Currency Authority of a participating
Government in the absolute discretion of that authority.

20. The Government of the United Kingdom and the Enactment of
Government of Trinidad and Tobago hereby undertake to give ~ ~ P , ~ ~ ~
legal effect to the provisions of this Agreement by procuring the
enactment of and enacting appropriate legislation and subsidiary

- - - -

regulations in the territories of the respectide participating Govern-
ments and in Trinidad and Tobago (by the 31st January, 1965)
to be brought into full force and effect on a date to be agreed " "
between the Government of the United Kingdom and the Govern-
ment of Trinidad and Tobago after consultation with the Executive
Commissioner for effectively carrying out the purposes of this
Agreement and providing for any matter ancillary thereto:

Provided that such legislation may be subject to Exchange
Control Legislation which has been enacted or may be enacted
by any Government.

21. Any dispute arising from the interpretation of this settlement of
Agreement shall be referred to an arbitrator appointed by the dispute.
Government of the United Kingdom in agreement with the
Government of Trinidad and Tobago and the decision of such
arbitrator shall be final and binding on all the Governments con-
cerned and on the Board.

LAWS OF ANTIGUA AND BARBUDA

24 CAP. 123) Currency

Citation. 22. This Agreement may be cited as the British Caribbean
Currency Agreement 1964.

IN WITNESS WHEREOF the representatives of the Govern-
ment of the United Kingdom and the Government of Trinidad
and Tobago, being duly authorised to that effect, have executed
this Agreement; and the representatives of the participating Govern-
ment, being duly authorised, have also signed this Agreement in
signification of their concurrence therein.

Done in duplicate at Port-of-Spain on the Twelfth day of
December, 1964.

Signed by His Excellency Sir NORMAN EDGAR
COSTAR, K. C. M. G., British High Commissioner in
Trinidad and Tobago for and on behalf of Her Majesty's N. E. COSTAR
Government in the United Kingdom of Great Britain and
Northern Ireland, in the presence of

G. BOOTH
Financial Adviser.

Signed by ARTHUR NAPOLEON RAYMOND ROBINSON,
Minister of Finance of the Government of Trinidad and ARTHUR N. R.
Tobago for and on behalf of the Government of Trinidad ROBINSON
and Tobago in the presence of:

Signed by C. H. WOOD
for and behalf of the Government of British Guiana, in C. H. WOOD
the presence of:

Signed by ERROL W. BARROW ERROL W.
for and on behalf of the Government of Barbados, in the BARROW
presence of: (Premier)

E. S. S. BURROWES
Financial Secretary.

Signed by V. C . BIRD
for and on behalf of the Government of Antigua, in the V. C. BIRD
presence of: (Chief Minister)

W. D. CRIBBS
Ag. Financial Secretary.

LAWS OF ANTIGUA AND BARBUDA

Currency (CAP.

Signed by E. 0. LEBLANC
for and on behalf of the Government of Dominica, in the
presence of:

CECIL H. CLARKE
Financial Secretary.

Signed by H. BLAIZE
for and on behalf of the Government of Grenada, in the
presence of:

Signed by W. H. BRAMBLE
for and on behalf of the Government of Montserrat, in
the presence of:

PETER R. ELLS
Financial Secretary.

Signed by C. A. PAUL SOUTHWELL
for and on behalf of the Government of Saint Christopher,
Nevis and Anguilla, in the presence of:

A. HALEY
Financial Secretary.

Signed by JOHN COMPTON
for and on behalf of the Government of Saint Lucia, in
the presence of:

N. E. VENNER
Secretary of Finance.

Signed by E. T. JOSHUA
for and on behalf of the Government of Saint Vincent
in the presence of:

E. 0. LEBLANC
(Chief Minister)

H. BLAIZE
(Chief Minister)

W. H. BRAMBLE
(Chief Minister)

C. A. PAUL
SOUTHWELL

(Chief Minister)

JOHN COMPTON
(Chief Minister)

E. T. JOSHUA
(Chief Minister)

CECIL A. JACOBS
Financial Secretary.