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22 1942

CENTRAL BANK ACT, 1942

PART VIII.

Coinage.

Amendment of the Coinage Act, 1926 .

58. —(1) The Coinage Act, 1926 (No. 14 of 1926), is hereby amended, in relation to coins of the denomination of sixpence or of the denomination of threepence and in either case bearing a date subsequent to the year 1941 and no other coins, as follows, that is to say:—

(a) in sub-section (1) of section 2, sub-section (2) of section 5, and the first column of the Schedule, the word “cupro-nickel” is hereby substituted for the word “nickel”, and the said sub-sections and Schedule shall, in relation to the said coins, be construed and have effect accordingly;

(b) in the third column of the Schedule the words “cupro-nickel made up of 75 per cent. copper and 25 per cent. nickel” are hereby substituted for the words “pure nickel”, and the said Schedule and also section 2 shall, in relation to the said coins, be construed and have effect accordingly.

(2) Sub-section (1) of section 8 of the Coinage Act, 1926 (No. 14 of 1926), shall apply and have effect in relation to cupro-nickel coin issued under that Act in like manner as it applies to nickel coin similarly issued, and for that purpose the references in section 1 of the Coinage Offences Act, 1861, to silver coin shall be construed as including cupro-nickel coin as well as nickel coin.

(3) The Schedule to the Coinage Act, 1926 (No. 14 of 1926), is hereby amended by the deletion in the third column thereof of the words “Bronze, made up of 95½ per cent. copper, 3 per cent. tin, and 1½ per cent. zinc” and the substitution in lieu of those words of the words “Mixed metal made up of copper, tin and zinc”.

(4) This section shall be read as one with the Coinage Act, 1926 (No. 14 of 1926), and shall be construed and have effect accordingly.

Amendment of the Gold and Silver (Export Control, etc.) Act, 1920.

59. —Section 2 of the Gold and Silver (Export Control, etc.) Act, 1920, as adapted by or under subsequent enactments, shall apply and have effect in relation to coins of nickel, cupro-nickel, bronze, or other metal or mixed metals in like manner as it applies and has effect in relation to gold or silver coin.

The issue of coins under the Coinage Act, 1926 .

60. —(1) All coins issued by the Minister under the Coinage Act, 1926 (No. 14 of 1926), on or after the appointed day shall be issued by the Minister through the Bank, and the proceeds of every such issue of coins shall be paid into the general fund and carried therein to the credit of the currency reserve.

(2) All sums required for the provision of coins under the Coinage Act, 1926 (No. 14 of 1926), on or after the appointed day or for the redemption, on or after that day, of coins issued at any time under that Act shall be defrayed out of the general fund and debited therein to the currency reserve.

(3) On the appointed day all deposits under sub-section (2) of section 38 of the Currency Act which are, immediately before the appointed day, standing in the general fund, whether in the name of the Minister or in the name of the Commission on behalf of the Minister, shall be applied and disposed of as follows, that is to say:—

(a) all advances from the Central Fund for the purposes of the Coinage Act, 1926 (No. 14 of 1926), which are out standing immediately before the appointed day shall be repaid out of the said deposits;

(b) the sum of three hundred thousand pounds shall be set aside out of the said deposits and carried to a suspense account in the general fund and shall be paid to the Savings Certificates (Interest Charge Equalisation) Fund in such instalments and at such times as the Minister shall direct;

(c) the residue of the said deposits shall be carried to the credit of the currency reserve.

Copyright in coins.

61. —(1) The copyright in all coins issued (whether before or after the passing of this Act) under the Coinage Act, 1926 (No. 14 of 1926), or under Part II of the Currency Act and the copyright in the artistic work defining the design of any such coins shall be perpetual and shall belong and, in the case of any such coins issued before the passing of this Act, be deemed always to have belonged to the Minister

(2) Notwithstanding anything contained in sub-section (1) of section 155 of the Industrial and Commercial Property (Protection) Act, 1927 (No. 16 of 1927), the reproduction in any published literary or artistic work without the consent of the Minister of the whole or any part of any such coin as is mentioned in the foregoing sub-section of this section shall constitute an infringement of the copyright in such coin.