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Formal Consolidation |  1985 RevEd
Currency Fund
21.—(1)  The Board shall establish a Currency Fund (referred to in this Act as the Fund) which shall be maintained and managed by the Board in the manner prescribed in this Act.
[11/82]
(2)  The Board may, with the approval of the President, appoint any person to manage the Fund on its behalf in the manner prescribed in this Act.
(3)  There shall be paid into the Fund —
(a)all gold, silver and foreign currencies bought by the Board pursuant to section 16; and
(b)the proceeds of any transactions under subsection (7)(c), less all expenses incurred in connection therewith.
(4)  Subject to this Act, the Fund shall not be applied for any other purpose.
(5)  A portion of the Fund shall be held in liquid form and such portion may be determined and varied from time to time by the Board, except that at no time shall less than 30% of the Fund be so retained without the unanimous approval of all members of the Board.
(6)  The liquid portion of the Fund held in accordance with subsection (5) shall be held in all or any of the following forms:
(a)gold and silver in any form;
(b)sterling and other foreign exchange in the form of —
(i)demand or time deposits, maturing within two years, with the Board’s agents or correspondents abroad;
(ii)bank balances and money at call;
(iii)Treasury Bills;
(iv)notes or coins;
(c)securities, maturing within two years, of or guaranteed by foreign governments or international financial institutions.
(7)  Notwithstanding anything in subsections (1) to (6), the Board may —
(a)use any coin held for the account of the Fund for the purpose of having it reminted into current coin;
(b)pay from the Fund the cost of the purchase of metal to be minted into current coin; and
(c)sell any coin held for the account of the Fund.
(8)  The value of the Fund and its assets for any purpose of this Act shall be determined by such method as the Board may, with the approval of the President, from time to time adopt.
(9)  Any method of valuation adopted by the Board pursuant to subsection (8) shall be published in the Gazette.
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Informal Consolidation | Amended Act 3 of 1991
Currency Fund
21.—(1)  The Board shall establish a Currency Fund which shall be maintained and managed by the Board in the manner prescribed in this Act.
[11/82]
[Act 3/91 wef 01/02/1991]
(2)  The Board may, with the approval of the President, appoint any person to manage the Currency Fund on its behalf in the manner prescribed in this Act.
[Act 3/91 wef 01/02/1991]
(3)  There shall be paid into the Currency Fund —
(a)all gold, silver and foreign currencies bought by the Board pursuant to section 16; and
(b)the proceeds of any transactions under subsection (7)(c), less all expenses incurred in connection therewith.
[Act 3/91 wef 01/02/1991]
(4)  Subject to this Act, the Currency Fund shall not be applied for any other purpose.
[Act 3/91 wef 01/02/1991]
(5)  A portion of the Currency Fund shall be held in liquid form and such portion may be determined and varied from time to time by the Board, except that at no time shall less than 30% of the Currency Fund be so retained without the unanimous approval of all members of the Board.
[Act 3/91 wef 01/02/1991]
(6)  The liquid portion of the Currency Fund held in accordance with subsection (5) shall be held in all or any of the following forms:
(a)gold and silver in any form;
(b)foreign exchange in the form of —
(i)demand or time deposits, maturing within two years, with the Board’s agents or correspondents abroad;
(ii)bank balances and money at call;
(iii)Treasury Bills;
(iv)notes or coins;
[Act 3/91 wef 01/02/1991]
(c)securities, maturing within two years, of or guaranteed by foreign governments or international financial institutions.
[Act 3/91 wef 01/02/1991]
(7)  Notwithstanding anything in subsections (1) to (6), the Board may —
(a)use any coin held for the account of the Currency Fund for the purpose of having it reminted into current coin;
[Act 3/91 wef 01/02/1991]
(b)pay from the Currency Fund the cost of material for printing currency notes and the cost of the purchase of metal to be minted into current coin; and
[Act 3/91 wef 01/02/1991]
(c)sell any coin held for the account of the Currency Fund.
[Act 3/91 wef 01/02/1991]
(8)  The value of the Currency Fund and its assets for any purpose of this Act shall be determined by such method as the Board may, with the approval of the President, from time to time adopt.
[Act 3/91 wef 01/02/1991]
(9)  Any method of valuation adopted by the Board pursuant to subsection (8) shall be published in the Gazette.
[23