8/6/2019 Reserve Bank Act 1989

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RESERVE BANK ACT - 1989

25. Issue of currency by bank

1. The Bank shall have the sole right to issue bank notes and coins in New Zealand

2. The Bank shall determine the denominations, form, design, content, weight, and composition of itsbank notes and coins3. Every bank note issued by the Bank before the commencement of this Act, and every coin issued bythe Minister under the Decimal Currency Act 1964 or under the Coinage Act 1933 by virtue of theDecimal Currency Act 1964, which is legal tender at the commencement of this Act shall be deemedfor all purposes to have been made or issued under this Act.(c.f. 1964, No 134, s. 20(1), (3); 1964, No. 27, s. 10)

26. Power of the bank to call in currency

1. The Bank may, from time to time, with the prior consent of the Minister, by notice in the Gazette,call in any bank notes or coins issued or deemed to have been issued under this Act2. Every notice shall take effect on a date specified in it

3. When the notice takes effect, all bank notes or coins to which it applies shall cease to be legal tender;but the Bank shall continue to be liable to pay any such bank note or coin on presentation at the headoffice of the Bank4. The Bank shall continue to be liable to pay any bank note issued before the commencement of thisAct which has ceased to be legal tender before the commencement of this Act, and which the Bank was,immediately before the commencement of this Act, liable to pay, on presentation at the head office ofthe Bank5. The Bank shall be liable to pay any coin issued by the Minister before the commencement of thisAct which has ceased to be legal tender before the commencement of this Act, on presentation at thehead office of the Bank.(c.f. 1964, No 134, s 22; 1964, No 27, s 12)

27. Legal tender

1. Every bank note issued, or deemed to be issued, under this Act shall be a legal tender for the amountexpressed in the note2. A tender of payment of money, to the extent that it is made in coins issued, or deemed to be issued,under this Act, shall be a legal tender, -a) in the case of coins of a denomination of $10 or more, for the payment of any amount:b) in the case of coins of a denomination of $1 or more but less than $10, for the payment of anyamount not exceeding $100:c) in the case of coins of the denomination of 5 cents or more, but less than $1 for the payment of anyamount not exceeding $5:d) in the case of any coins of the denomination of less than 5 cents, for the payment of an amount notexceeding 20 cents3. The references to coins and bank notes in subsections (1) and (2) of this section do not includereferences to coins and bank notes that have been called in.(c.f. 1964, No 134, s 20(2); 1964, No 27, s 14)