Gold Clauses Act

Link to law: http://nslegislature.ca/legc/statutes/gold.htm
Published: 2016-01-05

Gold Clauses Act

CHAPTER 186 OF THE REVISED STATUTES, 1989

An Act Respecting
Gold Clause Obligations

Short title
1 This Act may be cited as the Gold Clauses Act. R.S., c. 186, s. 1.

Application of Act
2 This Act shall apply to all obligations governed by the law of theProvince, including obligations of the Crown. R.S., c. 186, s. 2.

Legal tender discharges obligation
3 Every obligation heretofore or hereafter incurred and whether suchobligation is due, accruing due or past due, which gives or purports togive the obligee a right to require payment in gold or in a particular kindor standard of coin or currency, or in an amount of money of theDominion of Canada or elsewhere measured in gold or in a particularkind or standard of coin or currency, shall be discharged upon payment,dollar for dollar, in any coin or currency, which at the time of paymentis legal tender at the place of payment named in such obligation forpublic and private debts. R.S., c. 186, s. 3.

Action to enforce payment
4 Notwithstanding that any obligation heretofore or hereafterincurred, whether such obligation is due, accruing due or past due, givesor purports to give the obligee the right to require payment in gold or ina particular kind or standard of coin or currency, or in an amount ofmoney of the Dominion of Canada or elsewhere measured in gold or ina particular kind or standard of coin or currency, no action shall bebrought or maintained whereby to enforce such obligation or to enforceany judgment obtained outside of the Province based on any suchobligation, except to the amount of the face value of such obligation,dollar for dollar, in any coin or currency which at the time of paymentis legal tender at the place of payment named in such obligation forpublic and private debts. R.S., c. 186, s. 4.
Read Entire Law on nslegislature.ca