DECIMAL CURRENCY BILL
EXPLANATORY NOTE
THIs Bill provides for the introduction of a system of decimal currency from
a day to be proclaimed.
Part I contains preliminary provisions.
Part II provides for the decimal currency system.
Part III deals with coinage and legal tender.
Part IV deals with arrangements for the introduction of the decimal
currency system, and establishes the Decimal Currency Board for that purpose.
Part V provides for the making of regulations.
The Bill does not deal fully with the transitional period following the changeover to decimal currency. During that period both the old and the new
currencies will be in circulation for some time. It is intended that legislation
to deal with the transitional period will be introduced at a later date, after
recommendations have been made by the Decimal Currency Board.
Some of the provisions of the Bill are similar to those of the Currency Act
1963 (Australia). Where this is the case references to sections of that Act
appear under the relevant clauses of the Bill.
PART I
PRELIMINARY PROVISIONS
Clause 1 relates to the Short Title and cominencement.
Parts I, IV, and V will come into force on the passing of the Bill.
Parts II and III (which relate to currency, coinage, and legal tender) will
come into force on a date to be fixed by Proclamation.
C/ause 2 is an interpretation clause. The main definitions to be noted are
those of "approved machine" (which is for the purposes of Parts IV and V),
"decimal currency" (and "the decimal currency system"), and "existing currency" (and "the existing currency system").
Clause 3
extends the application of the Bill to the Cook Islands and the
Tokelau Islands.
Clause 4: The new Act is to bind the Crown.
No. 34-1
Price ls. 6d.
11
PART II
URRENCY
This Part is to come into force on a date to be proclaimed (see clause n.
Clause 5 provides that the monetary unit of New Zealand is to be the
dollar, and that the denominations of money will be the dollar and the cent.
Subclause (4) sets out the equivalents in decimal currency of the pound
(two dollars), the shilling (ten cents), and the penny (five-sixths of a cent).
Clause 6 replaces section 7 of the Coinage Act 1933, and is in similar terms
to that section, with necessary modifications. It provides, in effect, that all
contracts and transactions relating to money or involving the payment of
money are to be entered into according to the new currency, unless they are
entered into according to the currency of another country.
CAUSe 7 deals with the construction of references, in existing enactments,
bills of exchange, notes, securities, contracts, deeds, instruments, and other
transactions, to amounts of money in the existing currency. Such references,
except where it would be inappropriate, are to be construed as references to
the corresponding amounts in decimal currency. Where, however, any such
reference is to an amount of pence, either alone or in addition to an amount
of pounds and shillings, and for the purpose of making a payment it is
necessary to ascertain the sum in decimal currency corresponding to the
sum that would have been required to make the payment in the existing
currency, the calculation is to be niade iii pounds, Ihillings, and pence and
the total converted into decimal currency.
Clause 8 provides that where an existing enactment prescribes a form that
refers to an amount of money in the existing currency, a person using the
form may fill it in so as to specify the equivalent amount in decimal currency.
PART III
COINAGE AND LEGAL TENDER
This Part is to come into force on a date to be proclaimed (see clause 1).
It replaces the Coinage Act 1933 (except section 7, which is replaced by
clause 6 of the Bill) References to the corresponding sections of the 1933
Act will be found under the clauses of the Bill.
Coinage
Clause 9 provides that the standard composition of the coins specified in
the Schedule is to be as specified in that Schedule. The standard weight of
coins is to be prescribed by regulations.
Clause 10 empowers the Minister to issue coins of the denominations and
of the standard composition specified in the Schedule, and of standard weights,
designs, and denominations to be prescribed by regulations. In the making
of a coin a remedy (or variation from standard weight) is allowable as
prescribed. The cost of coinage is to be paid out of a Coin Account within
the Trust Account (which is one of the accounts in the Public Account),
without further appropriation, as it is now.
Subclause (5) permits the continued issue of coins of the existing denominations in the old currency until a date to be proclaimed.
Clause 11
authorises the Minister to appoint advisory committees to make
recommendations in respect of coins.
iii
Clause 12 authorises the Governor-General, by Proclamation, to call in
coins issued under the new Act or the Coinage Act 1933.
Clause 13 prohibits the issue of metal coins other than official coins; but
the Minister may authorise the use of tokens entitling the holder to demand
goods or services.
Legal Tender
Clause 1 4 provides that a tender of payment in the new coinage is to be a
legal tender up to five dollars in the case of five-cent, ten-cent ( one shilling),
twenty-cent, or fifty-cent coins, and up to twenty cents in the case of coins
of lesser denominations (half-cent, one-cent, and two-cent coins). Reserve
Bank notes will continue to be legal tender.
The present law provides that silver or cupro-nickel coins are legal tender
up to forty shillings, and bronze coins up to one shilling.
Repeats
Clause 15 rei)eals the Coinage Act 1933 and its amendments.
PART IV
ARRANGEMENTS FOR THE INTRODUCTION OF THE DECIMAL CURRENCY SYSTEM
Powers of Minister
Clause 16: Subcla'use (1) authorises the Minister, on behalf of the Crown,
to do such things, make such arrangements. and enter into such agreements
as he considers necessary for the purpose of facilitating the transition from
the existing currency system to the decimal currency system.
Subclause (2) provides that the Minister may, in particular,(a) On behalf of the Crown, enter into agreements for the conversion or
replacement of such approved machines (as defined in clause 2)
as he thinks fit:
(b) Approve the payment of compensation in respect of such other approved
machines as he thinks fit,
Subclause (3) provides that an arrangement under subclause (2) (a) may
provide(a) For the Crown to bear the whole or part of the cost of converting or
replacing a machine:
(b) For the making of advances or the giving of guarantees or indemnities
by the Crown for the purpose of assisting the person with whom
the arrangement is made to carry out his obligations under the
arrangement.
Clause 17 authorises the Minister to delegate any of the above-mentioned
powers to the Decimal Currency Board.
Clause 18 authorises the Minister to do such things as he considers necessary to have the new coins available at the date of commencement of
Parts If and III. The Coinage Design Advisory Committee is deemed to have
been appointed under this section.
Clause 19 provides that for the purpose of facilitating the change-over to
the decimal currency system the Minister may, by notice in the Gazette,
appoint a day during which banks and savings banks shall be closed to the
public.
1V
Decimal Currency Board
Clause 20
establishes the Decimal Currency Board, which is to be a body
corporate.
Clause 21 provides that the Board is to consist of six members, being a
Chairman, a Deputy Chairman, and four others. All the members will hold
office during the pleasure of the Governor-General. The existing Board is
deemed to have been appointed under this section.
Clause 22 provides that any member may resign by writing addressed to
the Minister.
Clause 23 sets out the functions of the Board, which are to make recom-
mendations to the Minister with respect to the exercise of his powers under
clause 16, to exercise any power delegated to it by the Minister under
clause 17, to
publish information, to perform such other functions in relation
to the introduction of the decimal currency system as the Minister determines,
and to make any necessary investigations and surveys.
Clause 24 gives the Board such powers as are reasonably necessary or
expedient for the carrying out of its functions. In particular it may contract
with any person to do work or perform services or to advise it on any matter
related to its functions.
Clause 25
authorises the Board, with the Minister's approval, to delegate
any of its powers to a committee of its members, except this power of
delegation.
Clause 26 authorises the Board to appoint sucli advisory or technical committees as it thinks fit.
Clause 27
makes the Board a public body for the purposes of the Public
Bodies Contracts Act 1959 (which sets out the manner iii which contracts may
be made and authorises and regulates the delegation of power to enter into
contracts).
Clause 28
relates to the disclosure bv Board members of intere»ts in
arrangements or agreements made or to be made, or approvals granted or to
be granted, by the Board.
Subclause (1) provides that any inember who, otherwise than as a member,
is directly or indirectly interested in such an arrangement, agreement, or
approval is to disclose the nature of his interest at a Board meeting as soon
as possible after the relevant facts have come to his knowledge.
Under subclause (2), such a disclosure is to be recorded in the minutes.
The member is not to take part in the deliberations or decision of the Board
on the matter, and is to be disregarded for the purposes of a quorum for
such deliberations or decision.
Subclause (.9) provides that a member is not to be regarded as being
interested in an arrangement or agreement between the Board and another
person by reason only that the other person may be paid the whole or any
part of the cost of converting a machine owned by the member.
Clause 29
makes the usual provisions for the holding of meetings of the
Board and the procedure at meetings.
Clause 30 provides that the Board is to make to the Minister an annual
report, which is to be laid before Parliament. The Board is also to make such
other reports to the Minister as he requires.
.
V
Clause 31 makes the usual provision for remuneration and travelling
expenses in accordance with the Fees and Travelling Allowances Act 1951.
Clause 32 provides for the appointment of an officer of the Treasury as
Secretary to the Board, and for the appointment of such other officers as may
be necessary. Appointments are to be made under the State Services Act
1962.
Finance
Clause 33 provides that there shall be paid into a Decimal Currency
Account within the Trust Account all money appropriated by Parliament for
the purposes of this Part of the Bill, and all money accruing to the Board
from any source. There will be paid out of the account all money payable
and payments approved under clause 16, remuneration and travelling expenses
of Board and committee members, and expenses incurred by the Board in
the performance of its functions.
PART V
REGULATION S
Clause 34 authorises the making of regulations for the purposes of the new
Act
The Schedule sets out the denominations of the coins that may be issued
under the new Act, and the standard composition of those coins. It will be
noted that the ten-cent coin is also to be known as one shilling.
Hon. Mr Lake
DECIMAL CURRENCY
ANALYSIS
Title
PART IV
ARRANGEMENTS FOR THE INTRODUC-
PART I
TION OF THE DECIMAL CURRENCY
SYSTEM
PRELIMINARY PROVISION S
1. Short Title and commencement
2. Interpretation
3. Application of Act to Cook Islands
and Tokelau Islands
Powers of Minister
16. Powers of Minister
17. Delegation to Decimal Currency
Board
4. Act to bind the Crown
18. Making and issue of coins
19. Closing of banks
PART II
Decimal Currency Board
CURRENCY
5. Decimal currency system established
6. Contracts, etc., to be made in
decimal currency
7. Construction of references to exist-
ing currency, and method of conversion for purposes of payments
8. Forms
20. Decimal Currency Board
21. Constitution of Board
22. Resignation of members
23. Functions of Board
24. Powers of Board
25. Delegation by Board
26. Board may appoint advisory and
technical committees
27. Contracts of Board
28. Disclosure of interests in agree-
PART III
COINAGE AND LEGAL TENDER
Coinage
9. Standard composition and weight of
ments, etc.
29. Meetings of Board
30. Reports
31. Remuneration and travelling expenses
coins
32. Secretary and other ofEkers of
10. Minister may issue coins
Board
11. Advisory committees
12. Coins may be called in
Finance
13. Prohibition of other than official
coins
33. Decimal Currency Account
Legal Tender
PART V
14. Legal tender
REGULATIONS
Repeals
15. Repeats
34. Regulations
Schedule
No. 34-1
2
Decimal Currency
A BILL INTITULED
An Act to provide for a system of decimal currency, and to
make provision with respect to coinage, legal tender, and
matters incidental to the foregoing purposes
BE IT ENACTED by the General Assembly of New Zealand 5
in Parliament assembled, and by the authority of the same, as
follows:
PART I
PRELIMINARY PROVISIONS
1. Short Title and commencement-(1) This Act may be 10
cited as the Decimal Currency Act 1964.
( 2) Parts I, IV, and V of this Act shall come into force on
the passing of this Act.
(3) Parts II and III of this Act shall come into force on a
date to be appointed by the Governor-General by Proclama- 15
tion.
2. Interpretation-In this Act, unless the context otherwise
requires,--
"Approved machine" means a machine or instrument
designed for use in connection with the existing 20
currency system or any similar system of currency,
being(a) A machine or instrument used or intended for
use solely or principally for the purpose of calculating
or recording amounts of money, including an account- 25
ing machine or any similar machine, an adding
machine or any similar machine, a machine for franking postal articles, a cash register, a machine or
instrument for use in connection with a punched card
system, and price-computing scales; or 30
(b) Any other machine or instrument included in
a class or kind of machines or instruments declared
by the Minister, by notice in the Gazette, to be an
approved class or kind of machines or instruments for
the purposes of Part IV of this Act: 35
"Board" means the Decimal Currency Board established
by this Act:
"Decimal currency" means the currency provided for by
Part II of this Act; and "the decimal currency
system" has a corresponding meaning: 40
Decimal Currency
3
"Existing currency" means the currency of New Zealand
at the passing of this Act; and "the existing currency
system" has a corresponding meaning:
"Minister" means the Minister of Finance:
5
"New Zealand" includes the territories to which this Act
extends by virtue of section 3 of this Act:
'Prescribed" means prescribed by regulations made
under this Act.
Cf. 1933, No. 12, s. 2; Currency Act 1963, s. 18
10 (Australia)
3. Application of Act to Cook Islands and Tokelau
Islands-This Act shall extend to and be in force in the
following territories:
( a) The Cook Islands:
15 (b) The Tokelau Islands.
Cf. 1933, No. 12, s. 12
4. Act to bind the Crown-This Act shall bind the Crown.
PART II
URRENCY
20 5. Decimal currency system established-( 1 ) The mone-
tary unit, or unit of currency, of New Zealand shall be the
dollar.
(2) The denominations of money in the currency of New
Zealand shall be the dollar and the cent.
25 (3) A cent is one-hundredth part of a dollar.
(4) The equivalent in the currency provided for by this Act
of one pound in the existing currency shall be two dollars, the
like equivalent of one shilling shall be ten cents, and the like
equivalent of one penny shall be five-sixths of a cent.
30 Cf. Currency Act 1963, s. 8 (Australia)
6. Contracts, etc., to be made in decimal currency-Every
sale, payment, bill of exchange, promissory note, and security
for money, and every contract, agreement, deed, instrument, transaction, dealing, matter, and thing whatsoever
35 relating to money or involving the payment of or a liability
to pay any money, that is made, executed, entered into, or
4
Decimal Currency
done in New Zealand shall be made, executed, entered into,
or done according to the currency of New Zealand provided
for by this Act, unless it is made, executed, entered into, or
done according to the currency of a country other than New
Zealand.
5
Cf. 1933, No. 12, s. 7; Currency Act 1963, s. 9
(Australia)
7. Construction of references to existing currency, and
method of conversion for purposes of payments-(1) Subject
to the provisions of this section- 10
(a) Every reference in any enactment passed or made
before the commencement of this Part of this Act;
and
( b) Every reference in any bill of exchange, promissory
note, security for money, contract or agreement 15
(whether the contract or agreement is in writing or
not), deed, or instrument made, executed, or entered
into before the commencement of this Part; and
(c) Every reference made before the commencement of this
Part in any other manner whatsoever- 20
to an amount of money in the existing currency shall, unless
the context is such that it would be inappropriate, be construed as a reference to a corresponding amount of money in
decimal currency, calculated on the basis of the equivalents
specified in subsection (4) of section 5 of this Act. 25
(2) Subject to subsection (3) of this section, where any
such reference as aforesaid is to a percentage or other pro-
portion expressed in terms of money, the reference shall be
construed as a reference to an equivalent percentage or pro-
portion expressed in terms of money in decimal currency. 30
( 3) Where any such reference as aforesaid is to an amount
of pence, either alone or in addition to an amount of pounds
or shillings, and it is necessary for the purpose of making a
payment thereunder to ascertain the sum in decimal currency
that corresponds to the sum that would have been required 35
to make the payment in the existing currency, the following
provisions shall apply:
(a) The sum that would have been required to make the
payment in the existing currency shall be ascertained
in pounds, shillings, and pence: 40
(b) That sum shall be converted into decimal currency on
the basis of the equivalents specified in subsection (4) of section 5 of this Act.
Decimal Currency
5
(4) In this section the term "enactment" means(a) Any Act of the Parliament of New Zealand; and
(b) Any Act of the Parliament of England or of the Parliament of Great Britain or of the Parliament of the
5
United Kingdom, being an Act that is in force in
New Zealand; and
(c) Any Ordinance of the Legislative Assembly of the Cook
Islands or of the Niue Island Assembly, and any
Island Ordinance or bylaw of an Island Council in
10
any island forming part of the Cook Islands; and
( d) Any Ordinance or other law in force in the Tokelau
Islands; and
(e) Any regulation, rule, order, bylaw, or instrument made
under the authority of or having effect by virtue of
15 any such Act, Ordinance, bylaw, or other law as
aforesaid, and in force in New Zealand or in any
territory or part of a territory to which this Act
extends by virtue of section 3 of this Act.
Cf. Currency Act 1963, ss. 10, 11 (Australia)
20 8. Forms-Where any enactment, as defined in section 7
of this Act, being an enactinent passed or made before the
commencement of this Part, prescribes or provides for a form
that refers to an amount of money in the existing currency,
or a form that provides for an amount of money to be specified
25 in that currency, any person using the form may fill it in in
such a manner as to specify the equivalent of that amount in
decirnal currency.
Cf. Currency Act 1963, s. 12 (Australia)
PART III
30 COINAGE AND LEGAL TENDER
C oinage
9. Standard composition and weight of coins-( 1) The
standard composition of the coins of the denominations specified in the Schedule to this Act shall be as specified in that
35 Schedule.
( 2) The standard weight of the said coins shall be as
prescribed.
Cf. 1933, No. 12, s. 3; Currency Act 1963, s. 13
(Australia)
Decimal Currency
6
10. Minister may issue coins- (1) The Minister may cause
to be made and issued coins of the denominations specified
in the Schedule to this Act.
(2) A coin to be so made and issued-
( a) Shall be of the standard composition specified in that 5
Schedule in relation to that coin; and
( b) Shall be of the standard weight, and of the design and
dimensions, prescribed in relation to that coin.
(3) In the making of any such coin, a remedy in respect of
weight (that is to say, a variation from the standard weight 10
applicable to the coin) shall be allowable as prescribed.
(4) The cost of all coins so made and issued, including
freight, insurance, the cost of manufacture, and all incidental
expenses, shall be paid out of an account within the Trust
Account, to be known as the Coin Account, without further 15
appropriation than this section.
(5) Notwithstanding the repeal, by section 15 of this Act,
of the Coinage Act 1933, the Minister may, until a date to be
appointed by the Governor-General by Proclamation as the
date on which this subsection shall cease to be in force, con- 20
tinue to cause to be made and issued coins in accordance with
the repealed Act.
Cf. 1933, No. 12, s. 4; Currency Act 1963, ss. 14, 15
(Australia)
11. Advisory committees-(1) The Minister may appoint 25
such advisory committees as he thinks fit for the purpose of
making recommendations to him in respect of coins.
( 2) Every such committee shall have such functions as the
Minister may determine.
(3) There may be paid to the members of any such com- 30
mittee, out of money appropriated by Parliament for the
purpose, remuneration by way of fees or allowances and
travelling allowances and expenses in accordance with the
Fees and Travelling Allowances Act 1951, and the provisions
of that Act shall apply accordingly as if the committee were 35
a statutory Board within the meaning of that Act.
12. Coins may be called in- (1) The Governor-General
may from time to time, by Proclamation, call in any coins of
any date or denomination issued under this Act or the Coinage
Act 1933, or any coins so issued and bearing dates earlier 40
than a date specified in the Proclamation.
Decimal Currency
7
( 2) Every Proclamation under this section shall have effect
from such date as is specified in the Proclamation in that
behalf, and may at any time be revoked or altered by any
subsequent Proclamation.
5 (3) The provisions of section 8 of the Regulations Act
1936 fwhich relates to the laying of regulations before Parlia-
ment) shall extend and apply to any Proclamation made
under this Act.
Cf. 1933, No. 12, ss. 8 (e),(f), 10; Currency Act 1963,
10
s. 37 (Australia)
13. Prohibition of other than official coins- (1) Subject to
subsection (2) of this section, no person shall make or issue,
or cause to be made or issued, any piece of gold, silver, copper,
bronze, or nickel or of any metal or mixed metal, of any
15 value whatsoever, other than a coin made or issued under
this Act or the Coinage Act 1933, as a coin or as a token for
money or as purporting that the holder thereof is entitled to
demand any monetary or other value denoted on it.
( 2) The Minister may in his discretion and subject to such
20 conditions, if any, as he thinks fit authorise the use of tokens
purporting to entitle the holder thereof to demand goods or
- services, and may at any time revoke any authority so given.
( 3) Every person commits an offence and is liable on
summary conviction to a fine not exceeding one thousand
25 dollars who acts in contravention of or fails to comply with
any of the provisions of this section or of any condition
imposed thereunder.
Cf. 1933, No. 12, s. 6; Currency Act 1963, s. 36
(Australia)
Legal Tender
30
14. Legal tender- (1) A tender of payment of money, if it
is made in coins made and issued under this Act and of
current weight, shall be a legal tender(a) In the case of coins of the denomination of five cents,
35
ten cents (one shilling), twenty cents, or fifty cents,
for the payment of an amount not exceeding five
dollars:
(b) In the case of any other coins, for the payment of an
amount not exceeding twenty cents.
Decimal Currency
8
(2) For the purposes of this section, a coin shall be deemed
to be not of current weight if it has become diminished in
weight by wear or otherwise so as to be of less weight than
the weight prescribed as the least current weight of that coin.
( 3) Nothing in this Act shall be construed to prevent any 5
note of the Reserve Bank of New Zealand which by virtue of
the Reserve Bank of New Zealand Act 1933 is a legal tender
from being a legal tender.
(4) The references to coins in subsection (1) of this section
do not include references to coins that have been called in 10
pursuant to this Act.
Cf. 1933, No. 12, s. 5 (1)-(3); Currency Act 1963,
ss. 16,17 (Australia)
Repeats
15. Repeals-The following enactments are hereby re- 15
pealed:
(a) The Coinage Act 1933:
(b) Section 6 of the Finance Act (No. 2) 1936:
(c) Section 31 of the Finance Act 1947.
PART
IV
20
ARRANGEMENTS FOR THE INTRODUCTION OF THE DECIMAL
CURRENCY SYSTEM
Poluers of Minister
16. Powers of Minister-( 1) The Minister, on behalf of the
Crown, may do such things, make such arrangements, and 25
enter into such agreements as he considers necessary for the
purpose of facilitating the transition from the existing
currency system to the decimal currency system.
(2) Without limiting the generality of subsection (1) of
this section, the Minister may- 30
(a) On behalf of the Crown, make such arrangements and
enter into such agreements as he thinks fit for or in
relation to the conversion or adaptation, for use in
connection with the decimal currency system, of
such approved machines as he thinks fit, or the 35
replacement of any such machines with machines
suitable for use in connection with the decimal
currency system:
Decimal Currency
9
( b) Approve the making of payments, out of the Decimal
Currency Account referred to in section 33 of this
Act, of such amounts as he determines, by way of
compensation in respect of such other approved
5 machines as he thinks fit.
( 3) Any arrangement or agreement under paragraph (a)
of subsection (2) of this section may provide( a) For the Crown to bear the whole or any part of the
cost of converting or adapting an approved machine
10 for use in connection with the decimal currency
system, or of replacing any such machine with a
machine suitable for use in connection with the
decimal currency system:
( b) For the making of advances by the Crown, upon or
15 subject to such terms and conditions as the Minister
thinks fit, to the person with whom the arrangement
or agreement is made, or for the giving of guarantees
or indemnities by the Crown in respect of advances
made to that person by any other person, for the
20 purpose of assisting the first-mentioned person to
carry out his obligations under the arrangement or
agreernent.
Cf. Currency Act 1963, s. 19 (Australia)
17. Delegation to Decimal Currency Board-( 1) The
25 Minister may by writing under his hand delegate to the
Decimal Currency Board any of his powers under section 16
of this Act.
(2) Subject to any general or special directions given or
conditions attached by the Minister, the Board may exercise
30 any powers so delegated in the same manner and with the
same effect as if they had been conferred directly by this Act
and not by delegation.
( 3) Where the Board purports to act pursuant to any
delegation under this section it shall be presumed to be acting
35 in accordance with the terms of the delegation, in the absence
of proof to the contrary.
(4) A delegation under this section shall be revocable at
Will.
(5) A delegation of any power under this section shall not
40 prevent the exercise of the power by the Minister.
Cf. Currency Act 1963, s. 20 (Australia)
2
Decimal Currency
10
18. Making and issue of coins-( 1) The Minister, on behalf
of the Crown, may do such things, make such arrangements,
and enter into such agreements in respect of the making and
issue of coins as he considers necessary for the purpose of
bringing Parts II and III of this Act into operation at the 5
date of the commencement of those Parts.
(2) Without limiting the generality of subsection (1) of
this section, the Minister may exercise the power conferred
on him by section 11 of this Act as if that section were in
force on the passing of this Act. 10
( 3) The persons holding office on the passing of this Act
as the Chairman and members of the Coinage Design Advi-
sory Committee established by the Minister on the fourth
day of May, nineteen hundred and sixty-four, shall be deemed
to have been appointed under this section to be the Chairman 15
and members of that committee on and from that date, and
the provisions of the said section 11 shall apply and be deemed
to have applied to that committee accordingly.
19. Closing of banks- (1) For the purpose of facilitating
the transition from the existing currency system to the decimal 20
currency system, the Minister may, by notice in the Gazette,
appoint a day during which banks within the meaning of the
Banking Act 1908, the Reserve Bank of New Zealand, trustee
savings banks, private savings banks, and the Post Office
Savings Bank shall be closed to the public. 25
(2) A notice under this section shall have effect according
to its tenor.
Decimal Currency Board
20. Decimal Currency Board- (1) For the purposes of this
Part of this Act there shall be a Board, to be known as the 30
Decimal Currency Board.
( 2) The Board shall be a body corporate with perpetual
succession and a common seal, and shall be capable of acquir-
ing, holding, and disposing of real and personal property,
of suing and being sued, and of doing and suffering all such 35
acts and things as bodies corporate may lawfully do and
sufTer.
Cf. Currency Act 1963, s. 21 (Australia)
Decimal Currency
11
21. Constitution of Board-( 1) The Board shall consist of
six members, being a Chairman, a Deputy Chairman, and
four other members.
( 2) The members shall be appointed by the Governor5 General on the recommendation of the Minister, and shall
hold office during the pleasure of the Governor-General.
(3) The functions and Powers of the Board shall not be
affected by any vacancy in its membership.
(4) The persons holding office on the passing of this Act
10 as the Chairman, Deputy Chairman, and members of the
Decimal Currency Board established by the Minister on the
eleventh day of May, nineteen hundred and sixty-four, shall
be deemed to have been appointed under this section to those
offices on and from that date.
15 Cf. Currency Act 1963, s. 22 (Australia)
22. Resignation of members-Any member of the Board
may at any time resign his office by writing addressed to the
Minister.
23. Functions of Board-The functions of the Board shall
20 be--
(a) To make recommendations to the Minister with respect
to the exercise by him of his powers under section 16
of this Act:
(b) To exercise any power delegated to it under section 17
25 of this Act:
( c) To furnish information and advice in relation to the
decimal currency system, and to publish such information and other material, whether by advertisement or otherwise, as in its opinion is necessary or
30 desirable for the purpose of facilitating the transition
from the existing currency system to the decimal
currency system:
( d) To perform such other functions in relation to the
introduction of the decimal currency system as the
35 Minister from time to time determines:
( e) To make investigations and surveys for the purpose of
obtaining information of use to the Board in the
exercise of any of its functions.
Cf. Currency Act 1963, s. 29 (Australia)
12
Decimal Currency
24. Powers of Board-( 1) The Board shall have all such
powers as may reasonably be necessary or expedient to enable
it to carry out its functions.
(2) Without limiting the generality of subsection (1) of
this section, the Board may contract with any person for the 5
execution of any work or service for the purpose of enabling
the Board to carry out its functions, or for the giving of advice
to the Board on any matter related to its functions.
Cf. Currency Act 1963, s. 30 (Australia)
25. Delegation by Board- (1) With the approval of the 10
Minister, and subject to subsection (2) of this section, the
Board may, either generally or in relation to any matter or
class of matters, by writing under its common seal, delegate
to any committee appointed by it and consisting of two or
more members of the Board all or any of its powers under 15
this Act, including any power delegated to it by the Minister
but excluding this power of delegation.
( 2) The Board shall not delegate power to enter into any
contract on behalf of the Board except in accordance with
section 4 of the Public Bodies Contracts Act 1959. 20
(3) Subject to the instrument of delegation and to any
general or special directions given or conditions attached by
the Board, the committee to whom any powers are so delegated may exercise those powers in the same manner and with
the same effect as if they had been conferred directly by this 25
Act and not by delegation.
(4) Every committee purporting to act pursuant to any
delegation under this section shall be presumed to be acting
in accordance with the terms of the delegation, in the absence
of proof to the contrary. 30
(5) A delegation under this section shall be revocable at
will.
(6) A delegation of any power under this section shall not
prevent the exercise of the power by the Board.
Cf. Currency Act 1963, s. 31 (Australia) 35
26. Board may appoint advisory and technical committeesWith the approval of the Minister, the Board may appoint
such advisory or technical committees as it thinks fit for the
purpose of assisting the Board in the carrying out of its
functions.
40
Decimal Currency
13
27. Contracts of Board- (1) The Board is hereby declared
to be a public body for the purposes of the Public Bodies
Contracts Act 1959.
( 2) The First Schedule to the Public Bodies Contracts Act
5 1959 is hereby amended by inserting in the appropriate
columns of Part II, after the provisions relating to the Christchurch Transport Board, the following words:
"The Decimal Currency 1 1964, No. 00-The Decimal
Board
Currency Act 1964."
10 28. Disclosure of interests in agreements, etc.- (1) Any
member of the Board who, otherwise than as such member,
is directly or indirectly interested in any arrangement or
agreement made or entered into, or proposed to be made or
entered into, by the Board on behalf of the Crown or in any
15 approval granted, or proposed to be granted, by the Board
shall, as soon as possible after the relevant facts have come
to his knowledge, disclose the nature of his interest at a
meeting of the Board.
(2) A disclosure under this section shall be recorded in the
20 minutes of the Board, and the member-
( a) Shall not take part after the disclosure in any deliberation or decision of the Board relating to the arrangement, agreement, or approval; and
( b) Shall be disregarded for the purpose of forming a
25 quorum of the Board for any such deliberation or
decision.
(3) For the purposes of this section, a member shall not be
regarded as being interested in any arrangement or agreement made or entered into, or proposed to be made or entered
30 into, by the Board with another person by reason only that,
under the arrangement or agreement, that other person may
be paid by the Crown the whole or any part of the cost of
converting or adapting a machine or instrument owned by the
member for use in connection with the decimal currency
35 systenn.
Cf. Currency Act 1963, s. 27 (Australia)
29. Meetings of Board- (1) Subject to the provisions of
this section, meetings of the Board shall be held at such times
and places as the Board from time to time determines.
Decimal Currency
14
(2) A meeting of the Board may be convened by the
Minister, or by the Secretary to the Board acting on the
direction of the Minister, or by the Chairman, or, in the event
of the absence of the Chairman or of a vacancy in his office,
by the Deputy Chairman. 5
(3 ) Subject to subsection (2)of section 28 of this Act,
three members of the Board shall form a quorum at any
nneeting of the Board.
(4) The Chairman shall preside at all meetings of the
Board at which he is present. 10
( 5) In the absence of the Chairman from any meeting of
the Board the Deputy Chairman shall preside; but if he is
also absent the members present shall appoint one of their
number to preside.
(6) Every question arising at any meeting of the Board shall 15
be decided by a majority of the valid votes recorded thereon.
( 7) The Chairman or other person presiding at any meeting of the Board shall have a deliberative vote and, in the
case of an equality of votes, a casting vote.
(8) The Board shall cause minutes to be kept of all resolu- 20
tions and proceedings of meetings of the Board.
(9) Subject to the provisions of this Act and of any regulations made under this Act, the Board may regulate its own
procedure.
30. Reports- (1) Within one month after the thirty-first 25
day of March in every year, or as soon thereafter as may be
practicable, the Board shall send to the Minister a report of
its operations during the year that ended with that date.
(2) A copy of the report shall be laid before Parliament
within twenty-eight days after its receipt by the Minister if 30
Parliament is then in session, and, if not, then within twenty-
eight days after the commencement of the next ensuing
session.
(3) The Board shall send to the Minister such other reports
relating to its operations as the Minister requires. 35
Cf. Currency Act 1963, s. 33 (Australia)
31. Remuneration and travelling expenses-(1) The Board
is hereby declared to be a statutory Board within the meaning
of the Fees and Travelling Allowances Act 1951.
Decimal Currency
15
( 2) There shall be paid to the members of the Board,
and there may be paid to the members of any committee
appointed by the Board, remuneration by way of fees, salary,
or allowances and travelling allowances and expenses in
5 accordance with the Fees and Travelling Allowances Act
1951, and the provisions of that Act shall apply accordingly.
32. Secretary and other officers of Board- (1) An officer
of the Treasury shall be appointed under the State Services
Act 1962 as Secretary to the Board. The Secretary shall be
10 the chief executive officer of the Board.
( 2) There shall be appointed under the State Services Act
1962 such other officers as may be necessary for the efficient
performance of the Board's functions.
Finance
15 33. Decimal Currency Account-(l) There shall be paid
into an account within the Trust Account to be known as the
Decimal Currency Account-
( a) All money appropriated by Parliament for the purposes
of this Part of this Act:
20 (b) All money accruing to the Board from any source.
( 2) There shall be paid out of the Decimal Currency
Account--
( a) Any money payable by the Crown under any arrangement or agreement entered into under section 16
25 of this Act:
( b) Any payment approved under that section:
( c) Any fees, salaries, allowances, and expenses payable
under this Act to members of the Board or of any
committee appointed by the Board:
30 (d) Any expenses incurred by the Board in the performance
of its functions or the exercise of its powers under
this Act.
PART V
REGULATIONS
35 34. Regulations-The Governor-General may from time to
time, by Order in Council, make regulations for all or any of
the following purposes:
( a) Prescribing the standard weights, least current weights,
designs, and dimensions of coins for the purposes of
40 Part III of this Act, and the remedies allowable in
the making of such coins:
Decimal Currency
16
( b) Prescribing or regulating the manner in which payments for the purposes of section 16 of this Act are
to be made and applied:
(c) Providing for and regulating the registration of
approved machines for the purposes of Part IV of 5
this Act; providing for returns and applications to be
made to the Board in respect of such machines and
the persons or classes of persons by whom such
returns are to be made; and providing for the verification of such returns: 10
( d) Prescribing or regulating the procedure of the Board
in the performance of its functions and the exercise
of its powers under this Act:
( e) Providing for such matters as are contemplated by or
necessary for giving full effect to the provisions of 15
this Act and for the due administration thereof.
Cf. 1933, No. 12, ss. 8,9
SCHEDULE
Sections 9, 10
DENOMINATIONS AND STANDARD COMPOSITION OF COINS
Denomination of Coin
Fifty cents ......
Twenty cents
Ten cents (one shilling)
Five cents .
Two cents ....
One cent .....
Half-cent
Standard Composition
Copper and nickel.
Copper and nickel.
Copper and nickel.
Copper and nickel.
Copper, tin, and zinc.
Copper, tin, and zinc.
Copper, tin, and zinc.
WELLINGTON, NEW ZEALAND: Printed under the authority of the New Zealand
Government, by R. E. OWEN, Government Printer-1964