Central Bank Act 1942

Interpretation of references to the Commission in the Currency Act, 1927.

11

11. (1) On and after the appointed day and subject to the repeals and amendments effected by this Act, the Currency Acts, 1927 and 1930, shall have effect with and subject to the modification that every mention of or reference to the Chairman shall be construed as a mention of or reference to the Governor and every mention of or reference to the Commission shall be construed as a mention of or reference to the Bank, save that any such mention or reference which, expressly or by necessary implication, refers to the members of the Commission shall be construed as a mention of or reference to the Board.

(2) A legal tender note may, on and after the appointed day, be either of such form, size and design and printed in such manner and on such paper and numbered and authenticated in such manner as shall have been prescribed (whether before or after the passing of this Act) by the Commission under sub-section (2) of section 45 of the Currency Act (as modified by the foregoing sub-section of this section) before the appointed day or of such form, size and design and printed in such manner and on such paper and numbered and authenticated in such manner as shall be prescribed by the Bank under the said sub-section (2) of the said section 45 (as modified as aforesaid) on or after the appointed day.

(3) A consolidated bank note may, on and after the appointed day, be either of such form, size and design, and printed in such manner and on such, paper and numbered and authenticated in such manner as shall have been prescribed (whether before or after the passing of this Act) by the Commission under sub-section (3) of section 51 of the Currency Act (as modified by the first sub-section of this section) before the appointed day or of such form, size and design and printed in such manner and on such paper and numbered and authenticated in such manner as shall be prescribed by the Bank under the said sub-section (3) of the said section 51 (as modified as aforesaid) on or after the appointed day.