In forceAs enactedCurrent version · As enactedSee versions on Attorney General's Chambers(opens the publisher’s site)
Currency and Monetary Order, 2004 (Formerly Known as Currency Act) · As enacted · Part IV
Currency and Monetary Order, 2004 (Formerly Known as Currency Act) · As enacted · Part IV
Official textFrom Attorney General's Chambers, unchanged
( 1) The Board shall establish a Reserve Fund.
There shall be paid into the Reserve Fund by the Board -
{a) the annual net profits of the Board so long as the Reserve Fund amounts to less than 10 per cent of the face value of the currency issued by the Board at the end of the financial year in which the net profits were earned; and
{b) any monies received by the Board from the Government.
There shall be paid into the Reserve Fund by the Government from the
Consolidated Fund the amount necessary to raise the value of the Reserve Fund to an amount equivalent to 10 per cent of the face value of the currency issued by the Board.
PARTV
MISCELLANEOUS
Profits.