Law:Currency Act

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R.s.c., 1985, c. C-52

An Act respecting Currency


Contents

Short Title

Short title

1. This Act may be cited as the Currency Act.

R.S., c. C-39, s. 1; 1984, c. 9, s. 2.


Interpretation

Definitions

2. In this Act,

“Minister”

« ministre »

“Minister” means the Minister of Finance.

“subsidiary coin”(Repealed, R.S., 1985, c. 35 (3rd Supp.), s. 16)

R.S., 1985, c. C-52, s. 2; R.S., 1985, c. 35 (3rd Supp.), s. 16; 1996, c. 16, s. 60; 1999, c. 4, s. 9.


Part I. Currency And Coinage

Monetary Unit

Monetary unit

3. (1) The monetary unit of Canada is the dollar.

Denominations

(2) The denominations of money in the currency of Canada are dollars and cents, the cent being one hundredth of a dollar.

R.S., 1985, c. C-52, s. 3; 1999, c. 4, s. 10.

4. to 6. (Repealed, R.S., 1985, c. 35 (3rd Supp.), s. 17)


Current Coins

Current coins

7. (1) A coin is current for the amount of its denomination in the currency of Canada if it was issued under the authority of

(a) the Royal Canadian Mint Act; or

(b) the Crown in any province of Canada before it became part of Canada and if the coin was, immediately before October 15, 1952, current and legal tender in Canada.

Defaced coins not current

(2) No coin that is bent, mutilated or defaced, or that has been reduced in weight otherwise than by abrasion through ordinary use, shall pass current.

R.S., 1985, c. C-52, s. 7; 1999, c. 4, s. 11.


Legal Tender

Legal tender

8. (1) Subject to this section, a tender of payment of money is a legal tender if it is made

(a) in coins that are current under section 7; and

(b) in notes issued by the Bank of Canada pursuant to the Bank of Canada Act intended for circulation in Canada.

Limitation

(2) A payment in coins referred to in subsection (1) is a legal tender for no more than the following amounts for the following denominations of coins:

(a) forty dollars if the denomination is two dollars or greater but does not exceed ten dollars;

(b) twenty-five dollars if the denomination is one dollar;

(c) ten dollars if the denomination is ten cents or greater but less than one dollar;

(d) five dollars if the denomination is five cents; and

(e) twenty-five cents if the denomination is one cent.

Coins of denominations greater than ten dollars

(2.1) In the case of coins of a denomination greater than ten dollars, a payment referred to in subsection (1) may consist of not more than one coin, and the payment is a legal tender for no more than the value of a single coin of that denomination.

Different amounts payable on the same day

(3) For the purposes of subsections (2) and (2.1), where more than one amount is payable by one person to another on the same day under one or more obligations, the total of those amounts is deemed to be one amount due and payable on that day.

Exceptions

(4) A coin that has been called in is not legal tender.

R.S., 1985, c. C-52, s. 8; R.S., 1985, c. 35 (3rd Supp.), s. 18; 1999, c. 4, s. 12.

Calling in of coins

9. (1) The Governor in Council may, by proclamation, call in coins of any date and denomination.

Redemption of coins

(2) The Governor in Council may make regulations for the redemption by the Minister of coins that are or that have at any time been current in Canada.

Redemption of coins

(3) Payments for the redemption of coins of the currency of Canada shall be made out of the Consolidated Revenue Fund on the authorization of the Minister.

R.S., 1985, c. C-52, s. 9; R.S., 1985, c. 35 (3rd Supp.), s. 19; 1999, c. 4, s. 13(F).

Amounts received from issue of coins

9.1 All amounts received from the issue of coins of the currency of Canada must be paid into the Consolidated Revenue Fund.

R.S., 1985, c. 35 (3rd Supp.), s. 20; 1999, c. 4, s. 14.


Counterfeit Coins

Defacement of counterfeit coins

10. Every officer employed in the collection of the revenue in Canada shall cause to be cut, broken or defaced every counterfeit coin that is paid to the officer in payment of an amount payable to Her Majesty, and shall forthwith forward the counterfeit coin to the Minister.

R.S., c. C-39, s. 9.


Melting Coins

Melting down coins

11. (1) No person shall, except in accordance with a licence granted by the Minister, melt down, break up or use otherwise than as currency any coin that is current and legal tender in Canada.

Offence and punishment

(2) Every person who contravenes subsection (1) or any condition attached to a licence referred to in that subsection is liable on summary conviction to a fine not exceeding two hundred and fifty dollars or to imprisonment for a term not exceeding twelve months or to both, and, in addition to any fine or imprisonment imposed, the court may order that the articles by means of or in relation to which the offence was committed be forfeited to Her Majesty.

R.S., c. C-39, s. 10.


Accounts, Contracts and other Matters Relating to Money

Public accounts and statements

12. All public accounts established or maintained in Canada shall be in the currency of Canada, and any reference to money or monetary value in any indictment or other legal proceedings shall be stated in the currency of Canada.

R.S., c. C-39, s. 11.

Contracts, etc.

13. (1) Every contract, sale, payment, bill, note, instrument and security for money and every transaction, dealing, matter and thing relating to money or involving the payment of or the liability to pay money shall be made, executed, entered into, done or carried out in the currency of Canada, unless it is made, executed, entered into, done or carried out in

(a) the currency of a country other than Canada; or

(b) a unit of account that is defined in terms of the currencies of two or more countries.

Previous contracts, etc.

(2) Notwithstanding subsection (1), every contract, sale, payment, bill, note, instrument and security for money and every transaction, dealing, matter and thing relating to money or involving the liability to pay money that was made, executed or entered into, done or carried out before October 15, 1952 shall, in so far as anything remained or remains to be or may be executed, done or carried out thereunder on or after that date, be construed and operate without reference to this Act.

R.S., c. C-39, s. 12; 1976-77, c. 38, s. 1.

Sums mentioned in Constitution and Acts

14. Any sum mentioned in dollars and cents in the Constitution Acts, 1867 to 1982 and in any Act of Parliament shall, unless it is otherwise expressed, be construed as being a sum in the currency of Canada.

R.S., c. C-39, s. 13.

Valuation of gold, etc.

15. Notwithstanding any other law, where any law of Canada or any treaty, convention, contract or agreement to which Canada is a party makes reference to

(a) a currency of a country other than Canada,

(b) a unit of account that is defined in terms of currencies of two or more countries,

(c) gold, or

(d) a combination of any of the things mentioned in paragraphs (a) to (c),

the Governor in Council may make regulations specifying, or specifying the means or method of ascertaining, determining or calculating, the equivalent dollar value of that currency, unit of account, gold or combination thereof.

1976-77, c. 38, s. 2.

Conversion of foreign currencies for purposes of customs laws

16. For the purposes of the administration, application and operation of the laws relating to the customs, the Governor in Council may make regulations specifying, or specifying the means or method of ascertaining, determining or calculating, the equivalent dollar value of currencies of countries other than Canada for a day or any other period or generally.

1984, c. 25, s. 100.


Part Ii. Exchange Fund Account

Exchange Fund Account continued

17. The special account in the name of the Minister known as the Exchange Fund Account, established to aid in the control and protection of the external value of the monetary unit of Canada, is continued and all assets acquired and held by or on behalf of the Minister in the Exchange Fund Account continue to be so held.

R.S., 1985, c. C-52, s. 17; 1993, c. 33, s. 1; 2005, c. 30, s. 113.

Previous VersionPolicy

17.1 (1) The Minister may establish a policy concerning the investment of the assets held in the Exchange Fund Account, including concerning the acquisition of assets to be held in the Exchange Fund Account, based on principles that a person of ordinary prudence would apply in dealing with the property of others.

Non-delegation of power

(2) The Minister may not delegate the power to establish the policy.

Statutory Instruments Act

(3) The Statutory Instruments Act does not apply to the policy.

2005, c. 30, s. 113.

Power to acquire, sell, etc.

17.2 (1) The Minister may acquire or borrow assets to be held in the Exchange Fund Account, and sell or lend those assets, in order to carry out the policy.

Financial transactions

(2) The Minister may carry out any transaction of a financial nature concerning assets held in the Exchange Fund Account that is in accordance with the policy.

Agents and mandataries

(3) The Minister may appoint agents and mandataries to perform services concerning the Exchange Fund Account.

Delegation in writing

(4) The Minister may delegate the powers set out in subsections (1) to (3) only in writing.

2005, c. 30, s. 113.

Crediting of Account

17.3 All amounts received by the Minister from transactions carried out under subsections 17.2(1) and (2) shall be credited to the Exchange Fund Account.

2005, c. 30, s. 113.

Expenses

18. Expenses determined by the Minister to have been incurred in respect of the operation of the Exchange Fund Account shall be paid out of the Account.

R.S., c. C-39, s. 20; 1984, c. 9, s. 6.

Advances out of C.R.F.

19. The Minister may authorize advances to the Exchange Fund Account out of the Consolidated Revenue Fund on any terms and conditions that the Minister considers appropriate.

R.S., 1985, c. C-52, s. 19; 2005, c. 30, s. 114.

Previous VersionNet income credited to C.R.F.

20. (1) Within three months after the end of each fiscal year, the amount of the net income of the Exchange Fund Account for the fiscal year, expressed in dollars, shall be paid into the Consolidated Revenue Fund if the net income for the year is a positive amount, and shall be charged to that Fund if the net income for the year is a negative amount.

Consistency with Public Accounts

(2) The net income of the Exchange Fund Account for a fiscal year shall be determined in accordance with accounting principles consistent with those applied in preparing the Public Accounts referred to in section 64 of the Financial Administration Act.

R.S., 1985, c. C-52, s. 20; R.S., 1985, c. 3 (4th Supp.), s. 1; 2005, c. 30, s. 114.

Previous VersionReport to Parliament

21. (1) The Minister shall cause to be tabled before each House of Parliament a report on the operation of the Exchange Fund Account for each fiscal year within the first 60 days on which that House is sitting after the end of that fiscal year.

Contents of report

(2) The report referred to in subsection (1) shall include

(a) a summary of the policy established under subsection 17.1(1);

(b) the objectives of the Exchange Fund Account for that fiscal year, and a statement of whether those objectives have been met;

(c) the objectives of the Exchange Fund Account for the current fiscal year;

(d) the financial statements of the Exchange Fund Account;

(e) a list of the agents and mandataries appointed by the Minister under subsection 17.2(3); and

(f) the Auditor General of Canada’s report referred to in subsection 22(2).

R.S., 1985, c. C-52, s. 21; 2005, c. 30, s. 114.

Previous VersionFinancial Administration Act

22. (1) The Financial Administration Act does not apply to the Exchange Fund Account or operations or transactions in connection with the Account.

Audit

(2) In each fiscal year, the Auditor General of Canada shall audit the Exchange Fund Account and the transactions connected with the Account in any manner that he or she thinks proper and report to the Minister on the results of the audit.

R.S., 1985, c. C-52, s. 22; 2005, c. 30, s. 115.

Previous Version23. (Repealed, 2005, c. 30, s. 116)

Previous VersionSchedule

(Repealed, R.S., 1985, c. 35 (3rd Supp.), s. 23)


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