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Decimal Currency Act


Published: 1969-03-21

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DECIMAL CURRENCY

THE DECIMAL CURRENCY ACT

1

ARRANGEMENT OF SECTIONS

PART I-Preliminary

1. Short title.
2. Interpretation.

PART II--Consequential, Supplemental and Transitional
Provisions

3. Equivalence.
4. References to existing currency to be construed as references to

5. Forms.
6. Payment in decimal currency of bill or note made in existing

7. Payment of s u m previously payable in existing currency by bill

8. Acknowledgements of payments during transitional period.
9. Power of Minister to permit transactions made in existing cur-

decimal currency.

currency but not paid before conversion date.

or note made in decimal currency.

rency after conversion date.
10. Concurrent legal tender.
11. Demonetization of existing currency.

PART LII-Arrangements for facilitating the introduction of the
Decimal Currency System

12. General powers of Minister.
13. Closing of banks.
14. Establishment of Decimal Currency Board.
15. Functions of Board.
16. Powers of Board.
17. Funds of Board.
18. Reports and estimates.
19. Power of Minister to issue general directions to Board.

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2 DECIMAL CURRENCY

20. Delegation to Board of powers conferred by section 12.
21. Winding-up and dissolution of Board.
22. Regulations.

SCHEDULES

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DECIMAL CURRENCY 3

AcQ THE DECIMAL CURRENCY ACT 7 of 1969
25 of 1969.

[21st March, 1969. Part I1 and
Schedules4th September, 1969.1

PART I-Preliminary
1. This Act may be cited as the Decimal Currency Act. short title.

2. In this Act, unless the context otherwise requires- Interprets-
“bill of exchange”, “cheque”, and “promissory note”

have the same meanings as in the Bills of
Exchange Act;

“Board” means the Decimal Currency Board estab-
lished by section 14;

“decimal currency of the Island” means the decimal
currency provided for in this Act, and “the
decimal currency system” has a corresponding
meaning;

“existing currency of the Island” means the currency
of the Island at the passing of this Act, and “the
existing currency system” has a corresponding
meaning;

“Minister” means the Minister responsible for finance;
“prescribed machine” means a machine or instrument

designed for use in connection with the existing
currency system or any similar system of currency,
being-
(a) a machine or instrument used or intended

for use solely or principally for the purpose
of calculating or recording amounts of
money, including an accounting machine or
any similar machine, an adding machine or
any similar machine, a cash register, and

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4 DECIMAL CURRENCY

a machine or instrument for use in connec-
tion with a punched card system; or

(b) any other machine or instrument included
in a class or kind of machine or instrument
declared by the Minister, by order, to be
an approved class or kind of machine or
instrument for the purposes of Part III;

“specified equivalents’’ means the equivalents specified

“the Bank” means the Bank of Jamaica.
in section 3;

Part 11-Consequential, Supplemental and Transitional
Provisions

3. The equivalent in the decimal currency of the Island
of one Jamaica pound in the existing currency is two dol-
lars, the like equivalent of one Jamaica shilling is ten cents
and the like equivalent of one Jamaica penny is five-sixths
of a cent.

Equiva-
lence.

References
b existing
currency to
be wn-
strued as
references
to decimal
currency.

4.--(1) Subject to the provisions of this Part, every
reference in any law passed or made before the 8th Sep-
tember 1969, or in any deed, instrument, bill of exchange,
promissory note, security for money or other document
executed or made before such date or in any contract or
agreement (whether the contract or agreement is in writing
or not) entered into before such date and every reference
made before such date in any other manner whatsoever, to
an amount of money in the existing currency of the Island
shall, unless the context is such that it would be inappro-
priate, be read and construed as a reference to a corres-
ponding amount of money in the decimal currency of the
Island, calculated on the basis of the specified equivalents.

(2) Where such a reference as is mentioned h sub-
section (1) is to a percentage or other proportion expressed
in terms of money, the reference shall, unless the context

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DECIMAL CURRENCY 5

is such that it would be inappropriate, be read and con-
strued as a reference to an equivalent percentage or pro-
portion expressed in terms of money in the decimal
currency of the Island.

(3) Notwithstanding anything to the contrary, the
Minister may by order provide that any specified reference
in any specified law (whether passed or made before or after
the 8th September, 1969) or in any specified deed, instru-
ment, security for money or other document (whether
executed or made before or after such date) or in any
specified contract or agreement (whether in writing or not
and whether entered into before or after such date) or in
any other specified manner (whether made before or after
such date) to an amount of money in the existing currency
of the Island shall, with effect from a specified date, be
read and construed as a reference to such amount of
money in the decimal currency of the Island as may be
specified in the order in relation thereto, or that any such
reference as aforesaid shall, with effect from a specified
date, be read and construed as a reference to a correspond-
ing amount of money in the decimal currency of the
Island, calculated on the basis of such equivalents as may
be specified in the order in relation thereto, and such order
shall thereupon have effect accordingly.

(4) The provisions of subsection (3) do not apply to
bills of exchange or promissory notes.

(5) An order made under subsection (3) may contain
such consequential, supplemental and ancillary provisions
(including modifications of the provisions of this Part) as
the Minister may consider necessary or expedient for the
purposes of the order.

(6) In this section and in section 5 “law” includes any
instrument having the force of law.

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6 DECIMAL CURRENCY

Forms. 5. Where a law passed or made before the 8th September,
1969, contains a form that refers to an amount of money in
the existing currency of the Island, or provides for an
amount of money to be specified in that currency, a person
using the form may fill it in in such a manner as to set forth
the equivalent of that amount in the decimal currency of
the Island, calculated on the basis of the specified equiva-
lents.

Paymentin 6.41) Where, before the 8th September, 1969, a bill of
currency of exchange or promissory note is issued or made in the exist-
billornote ing currency of the Island, and the bill or note is not paid
existing before such date, any sum specified in it shall be converted
notpaid into the decimal currency of the Island in accordance with
before v rsion con- subsection (2).

(2) The said sum shall be converted on the basis of
the specified equivalents except that pence amounting to
less than one shilling shall be converted into cents on the
basis that an amount of pence specified in the first column of

First the First Schedule corresponds to the amount of cents
specified in the second column of that Schedule in relation
thereto.

made in

currency but

date.

Schedule.

(3) Where any sum specified in such a bill of ex-
change or promissory note as is mentioned in subsection (1)
is altered for the purpose of facilitating its negotiation,
colIection or payment, and the alteration is made in
accordance with the provisions of this section, the alteration
shall not render the bill or note void as against any party.

Payment of 7. Where a bill of exchange or promissory note issued
sum pre- or made in the decimal currency of the Island is .taken in
ablein respect of any sum that was payable in the existing cur-
currencyby rency of the Island, the conversion of that sum into decimal
madein currency shall be made in accordance with subsection (2)

of section 6.

viously pay-

existing

bill or note

currency.

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DECIMAL CURRENCY 7

8 .41) Without prejudice to the provisions of section 9, Acknowl-
where, in respect of any payment it is necessary, by reason ofpayments
of the use of a machine or instrument that operates in the %;;ionat
existing currency of the Island, to provide an acknowledge- period.
ment expressed in such currency, then, notwithstanding the
provisions of section 18 of the Bank of Jamaica Act, such
acknowledgzment may, during the transitional period, be
so expressed, and, if the payment was made in the decimal
currency of the Island, the reference in the acknowledge-
ment to the sum paid shall be construed as a reference to
the corresponding sum in the decimal currency of the
Island, calculated in accordance with subsection (2) of
section 6.

(2) In subsection (1) “transitional period” means the
period commencing on the 8th September, 1969, and ending
on a date to be specified by the Minister by order.*

9.-(1) If the Minister by order so directs, any contract, Powerof
sale, payment, bill, note, instrument and security for money topemit
specified in the order, and any transaction, dealing, matter
or thing whatever relating to money or the liability to pay existing
any money that is so specified may, notwithstandiqg the aftercon-
provisions of section 18 of the Bank of Jamaica Act, be dak.
made, executed, entered into, done or had according to
the existing currency of the Island before a date specified
in the order, being a date subsequent to the 8th September,
1969.

(2) The provisions of subsection (1) do not apply to
bills of exchange or promissory notes.

(3) An order made under subsection (1) may be
expressed to be subject to such conditions as may be
specified therein and may contain such consequential,
supplemental and ancillary provisions (including modifica-
tions of the provisions of this Part) as the Minister may
consider necessary or expedient for the purposes of the
order.

edgements

Minister

currency

Version

*L.N. 34/1970 fixed 15th April, 1970:

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8 DECIMAL CURRENCY

Concurrent

tender.

lO.-(l) Without prejudice to the provisions of section 9
and notwithstanding the provisions of sections 15 and 18
of the Bank of Jamaica Act, a tender of payment of money
is, subject to the provisions of section 11 of this Act, a
legal tender if it is made in notes or coins which were legal
tender in the Island immediately before the 8th September,

(a) in the case of notes, for the payment of any
corresponding amount of money payable in the
decimal currency of the Island, calculated on the
basis of the specified equivalents;

(b) in the case of coins of the following denomina-
tions, namely, half-crown, two shillings, one shil-
ling and sixpence, for the payment of a corres-
ponding amount payable in the decimal currency
of the Island (calculated on the basis of the speci-
fied equivalents) not exceeding five dollars;

(c) in the case of coins of the following denomina-
tions, namely, threepence, one penny and one
half-penny, for the payment of a corresponding
amount payable in the decimal currency of the
Island (calculated on the basis of the specified
equivalents) not exceeding twenty cents.

(2) Unless in respect of any transaction the parties
otherwise agree, a tender of payment of coins of any of
the following denominations, namely, threepence, one
penny and one half-penny, shall, notwithstanding the provi-
sions of paragraph (c) of subsection (11, only be a legal
tender for the payment of an amount not exceeding twenty
cents if several coins of one or more of those denomina-
tions are tendered in lots of a value of sixpence or a
multiple thereof.

(3) Without prejudice to the provisions of section 9
and notwithstanding the provisions of sections 15 and 18
of the Bank of Jamaica Act, a tender of payment of money

legs1

1969-

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DECIMAL CURRENCY 9

is, subject to the provisions of section 11 of this Act, a legal
tender if it is made, as to part, in accordance with the said
section 15 and, as to the remainder, in accordance with this
sect ion.

(4) A coin that is bent, mutilated or defaced, or that
has been reduced in weight otherwise than by abrasion
through ordinary use shall not be legal tender within the
meaning of this section.

11.-(1) The Bank shall have power, on giving not less Demone-
than three months’ notice in the Gazette, to call in any
notes and coins which, immediately before the 8th Septem- currency.
ber, 1969, were legal tender in the Island on payment of a
corresponding amount of money in the decimal currency
of the Island, calculated on the basis of the specified
equivalents.

(2) Any notes and coins with respect to which a
notice has been given under subsection (1) shall, on the
expiration of the notice and, notwithstanding the provisions
of section 11, cease to be legal tender, but shall be redeemed
by the Bank upon such conditions as may be prescribed.

(3) Notwithstanding the provisions of subsections (1)
and (2), the Bank shall not be required to redeem coins of
any of the following denominations, namely, threepence,
one penny and one half-penny, unless several coins of one
or more of those denominations are presented for redemp-
tion in lots of a value of sixpence or a multiple thereof.

(4) During the relevant period, references to notes
and coins in subsection (2) of section 16 and in sections 19
and 21 of the Bank of Jamaica Act shall be read and con-
strued as including notes and coins which were legal tender
in the Island immediately before the 8th September, 1969.

(5) While any coin which was legal tender in the
Island immediately before the 8th September, 1969, remains

tization of

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10 DECIMAL CURRENCY

legal tender by virtue of the provisions of this Part, section
17 of the Bank of Jamaica Act, shall have effect as if the
words “this Act” in subsection (1) thereof included a
reference to this Act as well.

(6) In subsection (4) “relevant period” in relation to
a note or coin means the period commencing on the 8th
September, 1969, and ending on the date when it ceases to
be legal tender under subsection (2).

PART 111-Arrangements for facilitating the introduction
of the Decimal Currency System

12.-(1) The Minister, on behalf of the Government, may
do such things, make such arrangements, and enter into
such agreements as he considers necessary for the purpose
of facilitating the transition from the existing currency
system to the decimal currency system.

General

Minister.
powers of

(2) Where the Minister is satisfied-
(a) that, as a direct consequence of the introduction

of the decimal currency system, a person has
incurred or will incur expenditure in relation to
the conversion or replacement of a prescribed
machine; and

(b) that that person’s circumstances are such that the
expenditure has caused, or is likely to cause,
severe and unusual hardship for that person,

he may, for the purpose of alleviating such hardship,
approve the payment, to or for the benefit of that person,
of such amount as he may determine.

(3) Notwithstanding any other provision of this Act
or the Bank of Jamaica Act, if the Minister by order so
directs, any decimal currency coin specified in the order
may be issued by the Bank for use before the 8th Septem-
ber, 1969, and any such coin shall, for the purposes of that
Act, be deemed, during the period between its issue and

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DECIMAL CURRENCY 11

the said 8th September, 1969, to be a current coin of such
denomination of the existing currency as may be specified
in the order in relation thereto.

13.-(1) For the purpose of facilitating the transition Closing
of banks. from the existing currency system to the decimal currency

system, the Minister may, by order, appoint a day or days
during which banks shall be closed to the public.

(2) For the same purpose, the Minister may, by the
same or any other order, prescribe the hours during which
the business premises of any bank shall be open for
business on all or any days of the week (other than Satur-
day and Sunday) during a period specified in the notice,
not exceeding one month, following the day or days
appointed under subsection (1).

(3) Any order under this section may be made to
apply wholly or partly to all banks, or to any specified
banks, or to any specified class or classes thereof, or to
any specified branch or branches or premises or agency or
agencies thereof.

(4) Every order under this section shall have effect,
notwithstanding the provisions of any enactment.

(5) The provisions of subsection (1) of section 93
of the Bills of Exchange Act shall apply in relation to each
day on which a bank is, by virtue of an order under sub-
section (1) of this section, required to be closed (other than
a Saturday) as if such day were a Saturday, but on any day
on which a bank is so required to be closed a cheque may
be presented by a bank (including the bank on which that
cheque is drawn) to a bank for payment, and may be paid
by the bank to which it is so presented and debited to the
customer’s account.

(6) In this section “bank” means a commercial bank
as defined in section 2 of the Bank of Jamaica Act.

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DECIMAL CURRENCY

Establish-
ment of
Decimal
Currency
Board.
Second
Schedule.

Functions
of Board.

1 4 . 4 1 ) There shall be established for the purposes of
this Part a body to be called the Decimal Currency Board.

(2) The provisions of the Second Schedule shall
have effect as to the constitution of the Board and otherwise
in relation thereto.

15. The functions of the Board are to facilitate the
transition from the existing currency system to the decimal
currency system and, in particular, (but without prejudice
to the generality of the foregoing)-

(a) to examine, in consultation with such organiza-
tions and persons as it considers appropriate,
problems involved in such transition;

(b) to furnish information and advice in relation to
the decimal currency system, and to publish
(whether by advertisement or otherwise) such
information as it thinks useful for familiarizing
the public with the decimal currency provided for
in this Act and its relation to the existing currency;

(c) to promote arrangements for the conversion or
replacement of prescribed machines;

(4 to make recommendations to the Minister with
respect to the exercise by him of his powers under
this Act;

(e) to exercise any power delegated to it under section
20;

(f) to make investigations and surveys for the purpose
of obtaining information of use to it in the exer-
cise of any of its functions;

(g) to perform such other functions in relation to the
introduction of the decimal currency system as
the Minister may from time to time determine.

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DECIMAL CURRENCY 13

16.--(1) The Board shall have all such powers as may Powersof
Board. reasonably be necessary or expedient to enable it to carry

out its functions.

(2) Without prejudice to the generality of sub-
section (l), the Board may contract with any person for
the execution of any work or service for the purpose of
enabling the Board to carry out its functions, or for the
giving of advice to the Board on any matter related to its
functions.

17.-( 1) The Board shall maintain a fund-
(a) into which shall be paid-

(i) all such moneys as may from time to time
be appropriated by Parliament for the pur-
poses of this Part;

(ii) all moneys accruing to the Board from any
other source; and

(b) out of which shall be paid-
(i) any payment approved under subsection

(2) of section 12;
(ii) any fees, salaries, remuneration, allowances

and expenses payable under this Act to
members of the Board or of any committee
appointed by the Board or to any officer,
servant or agent of the Board; and

(iii) any expenses incurred by the Board in the
pxformance of its functions under this Act.

(2) The Board shall keep proper accounts of the
Fund to the satisfaction of the Minister and such accounts
shall be audited at such times as the Minister shall direct
by an auditor appointed by the Board with the approval
of the Minister.

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Funds of
Board.

14 DECIMAL CURRENCY

Reports
and
estimates.

Power of
M Aster to
issue
general
dirictions
to Boxd.

Ddegition
to Board
of powers
conferred
by sxtion
12.

(3) Without prejudice to the provisions of subsection
(2), the Minister may at any time require the Auditor-
General to examine and report on the accounts of the Board
as a whole or any aspect of the Board’s operations and the
Board shall provide the Auditor-General with all necessary
and proper facilities for such an examination.

lS.---(l) The Board shall, at such times as the Minister
shall direct, prepare and forward to the Minister a report
of its activities during such period as the Minister shall
specify, including a statement of its accounts, audited in
accordance with section 17, and the Minister shall cause
copies of such report together with the auditor’s report to
be laid on the Table of the House of Representatives and
of the Senate.

(2) The Board shall, before a date specified by the
Minister, submit to the Minister for his approval estimates
of revenue and expcnditure for the ensuing financial year.

19. The Minister may, after consultation with the chair-
man of the Board, give to the Board directions of a general
character as to the carrying out of the functions of the
Board, and the Board shall give effect thereto.

20.-(1) The Minister may, by writing under his hand,
delegate to the Board all or any of his powers under section
12.

(2) Subject to the provisions of this section and to
any general directions given or conditions attached by the
Minister, the Board may exercise any powers so delegated
in the same manner and with the same effect as if they had
been conferred directly upon the Board by this Act and
not by delegation.

(3) Where the Board purports to act pursuant to any
delegation under this section it shall be presumed to be

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DECIMAL CURRENCY

acting in accordance with the terms of the delegation, in
the absence of proof to the contrary.

(4) A delegation under this section may be revoked
by the Minister at any time.

(5 ) A delegation of any power under this section
shall not prevent the exercise of the power by the Minister.

21.-(1) The Minister may by order provide for the Winding-up
winding-up and dissolution of the Board and for the trans- g::Ylu-
fer to such body or person as may be specified in the order Board.
of any property, rights, liabilities or obligations of the Board.

(2) An order under this section may contain such
incidental, consequential and supplementary provisions as
the Minister may consider necessary or expedient for the
purposes of the order.

2 2 . 4 1) The Minister may, from time to time, make regu- Begda-

prescribing or regulating the manner in which

tions. a/ 1969
S. 2(a).

lations for all or any of the following purposes-

applications for payments under subsection (2) of
section 12 are to be made, and the manner in
which such payments are to be made and applied;

providing for and regulating the, registration of
prescribed machines for the purposes of this Part,
providing for returns and applications to be made
to the Board in respect of such machines and the
persons or classes of persons by whom such
returns are to be made, and providing for the
verification of such returns;
prescribing anything required or permitted by this
Act to be prescribed;
prescribing maximum charges for the conversion
or adaptation of prescribed machines;

15

--
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16 DECIMAL CURRENCY

requiring prescribed conversion tables to be dis-
played in such classes of business places as may be
prescribed;
deeming prescribed cheques to have been drawn
before the 8th September, 1969;
providing for such matters as are necessary or
expedient for giving full effect to the provisions
of this Act or any regulations or orders made
thereunder, or for facilitating the transition from
the existing currency system to the decimal
currency system.

25/1969
2(b)*

(2) In making regulations pursuant to paragraph (e)
of subsection (1) the Minister may in relation to the prescrib-
ing of conversion tables exercise like powers as those
conferred upon him by subsection (3) of section 4 and a
conversion table so prescribed shall not be invalid by reason
only of the fact that it does not conform with the provisions
of section 3.

(3) Any regulations made under subsection (1) may
provide in respect of the breach of any of the provisions
thereof that the offender shall be liable to a fine not exceed-
ing two thousand dollars, or to a term of imprisonment not
exceeding twelve months, or to both such fine and
imprisonment, as may be prescribed therein.

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DECIMAL CURRENCY 17

FIRST SCHEDULE (Section 6(2))

Conversion of pence to cents for purposes of sections 6 , 7 and 8
First Column Second Column

Amount of pence
1
2
3
4
5
6
7
8
9

10
11

Amount of cents
1
2
2
3
4
5
6
7
8
8
9

SECOND SCHEDULE (Section 14)

The Decimal Currency Board

1. The Board shall consist of not less than five nor more than Constitution
seven members, as the Minister may from time to time determine, of Board.
appointed by the Minister.

2. The appointment of a member of the Board shall, subject to the Tenurcof
provisions of this Schedule, be for such period as the Minister shall ofice.
specify at the time of his appointment, and every member shall be
eligible for reappointment.

to be chairman.
(2) The appointment of a member of the Board as chairman

shall, subject to the provisions of this Schedule, be for such period
as the Minister shall specify at the time of his appointment, and the
chairman shall be eligible for reappointment.

3 . 4 1 ) The Minister shall appoint one of the members of the Board Chairman.

4. If the chairman or any other member of the Board is absent or Acting
unable to act as such the Minister may appoint some other person lappoint-
to act in the place of the chairman or such other member. meats.

5 . 4 1 ) The chairman may at any time resign his office as chairman Rcsigna-
or his office as member by instrument in writing addressed to the tions.
Minister.

(2) A member other than the chairman may at any time resign
his office as member by instrument in writing addressed to the Minister
and transmitted through the chairman.

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18 DECIMAL CURRENCY

Revocation
of appoint-
ments.

Gazetting
of appoint-
ments.

Incorpora-
tion.

offices.

Appoint-
ment of
officer,
servants
and agents.

(3) Every such resignation as aforesaid shall take effect from the
date of receipt by the Minister of the instrument of resignation.

6. The Minister may at any time revoke any appointment made by
him under this Schedule.

7. The names of all members of the Board as first constituted and
every change in the membership thereof shall be published in the
Gazette.

8.--(1) The Board shall be a body corporate to which the provisions
of section 28 of the Interpretation Act, shall apply.

(2) The seal of the Board shall be kept in the custody of the
chairman or secretary and shall be a x e d to instruments pursuant
to a resolution of the Board in the presence of the chairman, or any
other member of the Board, and the secretary.

(3) The seal of the Board shall be authenticated by the signatures
of the chairman, or any other member of the Board authorized to act
in that behalf, and the secretary.

(4) All documents other than those required by law to be under
seal, made by, and all decisions of, the Board may be signified under
the hands of the chairman, or any other member of the Board
authorized to act in that behalf, and the secretary.

9. The Board shall have a principal office in Kingston but may
maintain such branch offices, agencies and correspondents (whether
within or outside Jamaica) as the Board deems fit.

10.41) The Board may appoint and employ at such remuneration
and on such terms and conditions as it thinks fit a secretary and such
other officers, agents and servants as it thinks necessary for the proper
carrying out of its functions under this Act :

Provided that no salary in excess of $4,000 per annum shall be
assigned to any post without the prior approval of the Minister, and
no appointment to any post to which an annual salary in excess of
$4,000 is assigned shall be made without the prior approval of the
Minister.

(2) The Governor-General may, subject to such conditions as he
may impose, approve of the appointment of any officer in the service
of Jamaica to any office with the Board, and any officer so appointed
shall, in relation to pension, gratuity, allowance and other rights as a
public officer, be deemed to be in the service of Jamaica while
employed in any such office.

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DECIMAL CURRENCY 19

11.--(1) The Board shall meet as often as may be necessary or Procedure
expedient for the transaction of its business, and such meetings shall andmeet-
be held at such places and times and on such days as the Board may In@.
determine.

(2) A special meeting of the Board may be called by the Minister
or the chairman or by the secretary acting in accordance with any
direction issued to him in their behalf by the Minister.

(3) The chairman shall preside at all meetings of the Board at
which he is preseht, and in his absence from any meeting the members
present and constituting a quorum shall elect a chairman from among
their number to preside at that meeting.

(4) A quorum of the Board shall be three.
(5) The decisions of the Board shall be by a majority of votes

and, in addition to an original vote, the person presiding at a meeting
shall have a casting vote in any case in which the voting is equal.

(6) Minutes in proper form of each meeting of the Board shall
be kept.

(7) The validity of the proceedings of the Board shall not be
affected by any vacancy amongst the members thereof or by any defect
in the appointment of a member thereof.

(8) Subject to the provisions of this Schedule, the Board may
regulate its own proceedings.

1 2 . 4 ) Any member of the Board who, otherwise than as such Disclosure
member, is directly or indirectly interested in any arrangement or ofintcmt.
agreement made or entered into, or proposed to be made or entered
into, by the Board or in any approval under subsection (2) of section
12 granted, or proposed to be granted, by the Board as the Minister’s
delegate shall, as soon as possible after the relevant facts have come
to his knowledge, disclose the nature of his interest at a meeting of
the Board.

(2) A disclosure under this paragraph shall be recorded in the
minutes of the Board, and the member-

(a) shall not take part after the disclosure in any deliberation or
decision of the Board relating to the arrangement, agreement,
or approval; and

(b) shall be disregarded for the purpose of forming a quorum of
the Board for any such deliberation or decision.

13.41) The Board may appoint such committees, for such purposes, Committees.
as it may think fit and may with the approval of the Minister delegate
to any such committee such of the functions of the Board as the
Board may decide, including any power delegated to the Board by
the Minister under section 20 but excluding the power of delegation
conferred by this sub-paragraph.

r h e inclusion of this page is authorized by L.N. 480119731

20 DECIMAL CURRENCY

Protection
of
members.

Remunera-
tion of
members.

Exemption
from
income tax
and stamp
duty.

Offices not
public
offices.

(2) Every such committee shall consist of-
(U) at least one member of the Board nominated by the Board;

and
(b) such other persons as the Board may appoint as members of

the committee.
(3) The chairman of each such committee shall be the member

who is a member of the Board or, if more than one member is a
member of the Board, such member of the Board as the Board shall
appoint.

(4) The quorum of any such committee shall be such number
of its members as the Board may determine.

(5 ) A special meeting of any such committee may be called by
the chairman thereof.

(6) The provisions of paragraphs 2,4,5 and 6 and sub-paragraphs
(l), (3), (5). (7) and (8) of paragraph 11 of this Schedule and of sub-
sections (2) to (5) (inclusive) of section 20 of this Act shall (with the
necessary modifications) apply in relation to any such committee as if
references to the Minister were references to the Board and references
to the Board were references to such committee.

14.+1) No member of the Board or any committee appointed by it
shall be personally liable for any act or default of the Board or com-
mittee done or omitted to be done in good faith in the course of the
operations of the Board or committee.

(2) Where any member of the Board or a committee is exempt
from liability by reason only of the provisions of this paragraph the
Board or, as the cast may be, the committee, shall be liable to the
extent that it would be if the member were its servant or agent.

15. There shall be paid from the funds of the Board to the chairman
and other members of the Board and to the chairman and othw mem-
bers of every committee appointed by the Board such remuneration.
whether by way of honorarium, salary or fees, and such allowances.
as the Minister may determine.

16.-(1) The income of the Board shall be exempt from income tax.
(2) All instruments executed by or on behalf of the Board shall

be exempt from stamp duty.

17. The office of chairman or member of the Board, or of any
committee appointed by the Board. shall not be a public office for
the purposes of Chapter V of the Constitution of Jamaica.

[The inclusion of this page is authorized by L.N. 480119731