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VOL. LXXVIX. WEDNESDAY, IST AUGUST, 1951. No. 44.
STATUTORY RULES ANI) ORDERS.
1951, No. 21.
THE CURRENCY REGULATIONS, 1951, DATED JULY 30, 1951,
MADE BY THE GOVERNOR UNDER SECTION 12 OF THE
CURRENCY ACT, 1950, (No. 4/1950) AFTER CONSULTATION
WITH THE BOARD OF COMMISSIONERS OF CURRENCY,
BRITISH CARIBBEAN TERRITORIES (EASTERN GROUP) AND
WITH THE APPROVAL OF THE SECRETARY OF STATE FOR
1. SHORT TITLE. These Regulations may be cited as
the Currency (Notes) Regulations, 1951.
2. INTERPRETATION. In these Regulations-
"the Board shall have the same meaning as in the Act;
"the Act means the Currency Act, 1950;
"currency note" means any note provided, issued or
re-issued, or to be provided, issued or re-issued under
the authority of the Act.
3. CURRENCY OFFICERS. All the members of the Board
of Commissioners of Currency, British Caribbean Territories
(Eastern Group), (hereinafter referred to as the Board "),
shall be Currency Officers for the purpose of these Regulations,
and the Board may in addition appoint such other persons to
be Currency Officers as the Governor may approve. The
Currency Officers so appointed shall be paid such salary or
remuneration as may be fixed by the Board.
4. PLATES FOR THE PRINTING OF CURRENCY NOTES. The
plates bearing the devices approved by the Secretary of State
from which currency notes are to be printed shall be prepared
by a person selected by the Crown Agents for the Colonies.
The plates shall be retained in the Custody of the Crown
5. PRINTING OF CURRENCY NOTES. The Currency notes
shall be printed under the supervision of the Crown Agents as
required from time to time by the Board.
6 CUSTODY OF CURRENCY NOTES. All unissued cur-
rency notes, and all currency notes withdrawn from circulation
by the Board and selected for re-issue in accordance with
Regulations 16 and 17 shall be kept in a secure receptacle in a
strong fire-proof vault provided by the Agent appointed by
the Board under Regulation 21. The door of such receptacle
shall be secured by three different locks, one of the keys or the
combinations of which shall be held by such Currency Officer
as the Board with the approval of the Governor may from time
to time appoint. The other two keys or combinations shall be
held by the Agent or his employees.
7. ISSUE OF CURRENCY NOTES ACCORDING TO SERIAL
NUMBERS. All currency notes, on first issue, shall be issued as
far as possible in the order of their serial numbers.
8. RE-ISSUE TO BE PREFERRED TO ISSUE OF CURRENCY
NOTES. The re-issue of currency notes selected in accordance
with Regulations 16 and 17, shall be preferred to the issue of
currency notes not previously issued.
9. MINIMUM SUM TO BE EXCHANGED FOR CURRENCY
NOTES Oil STERLING. (a) The minimum sum which any
person shall be entitled under the provisions of section 7 of the
Currency Act, 1950, to lodge with the Board or with the
Crown Agents, shall be twenty-five thousand dollars or the
equivalent in sterling, as the case may be.
RATE OF COMMISSION. (b) The rate of commission
chargeable by the Board for the issue or redemption of cur-
rency notes under the provisions of section 7 of the Currency
Act, 1950, shall be published in the Gazette.
10. BOOKS TO BE KEPT. The Board shall cause books
to be kept, to be called respectively-
(a) the Vault Book;
(b) the Currency Note Register;
(c) the Register of Currency Note Issues;
(d) the Control Account Register;
(e) the Register of Cancelled and Destroyed Notes.
11. THE VAULT BOOK. The Vault Book shall be kept
in each Presidency in the vault used for the keeping of currency
notes in accordance with Regulation 6, anl shall include a record
of the date of each transaction, showing the quantity in each
denomination of currency no:es deposited or withdrawn
(whether for issue, re-issue or cancellation and destruction) and
the total nominal value of each deposit or withdrawal, and the
serial numbers of currency notes received and issued for the
first time. Every entry shall be signed by each one of the
three persons authorised to hold the keys or combinations of the
vault under the said Regulation.
12. THE CURRENCY NOTE REGISTER. When currency
notes are supplied to the Board, or issued, withdrawn from
circulation, re-issued, cancelled or destroyed by the B(ard, an
entry shall forthwith be made in the Currency Note Register
which shall be kept at the Headquarters of the Board and signed
by at least two Currency Officers showing the date and nature
of each such transaction, the denominations and total number of
the notes involved and the denominations and total number of
all notes supplied to the Board, issued, remaining unissued,
withdrawn from circulation, re-issued, cancelled, kept for
destruction in accordance with the provisions of paragraph (3)
of Regulation 19 or destroyed by the Board up to and including
the transaction which is then being recorded.
13. REGISTER OF CURRENCY NOTE ISSUES. (1) In the
Register of Currency Note Issues which shall be kept at the
Headquarters of the Board there shall be recorded:-
(a) in the case of notes of denominations in excess of
ten dollars, the serial numbers in consecutive order of the
currency notes issued or re-issued by the Board together
with the date of issue and the date on which each note is
withdrawn from circulation, and re-issued, cancelled or
destroyed by the Board and the balance of currency notes
in circulation in each series;
(b) in every other case in respect of each prefix
number of a series the total number of currency notes
issued or re-issued by the Board, the total number of
notes withdrawn from circulation by the Board and
selected for re-issue, and the total number of notes can-
celled or destroyed by the Board, together with the date
of issue, re-issue, withdrawal from circulation, cancellation
or destruction ani the balance of currency notes in circula-
(2) Eich prefix number of a series under subparagraph
(b) of paragraph (1) of this Regulation shall be sub-divided
into live or ten groups as the Board may decide, and records
as provided in the said subparagraph shall be kept separately
in respect of each such group.
11. CoNTRO, ACCOUNT REGISTER. In the Control
Account Register which shall be kept at the Headquarters of
the Board there shill be kept in respect of each prefix number
of a series of currency notes a record showing the total number
of the currency notes issued or re-issued by the Board, the
total number of notes withdrawn from circulation by the Board
and selected for re-issue, and the total number of notes can-
celled or destroyed by the Board, together with the late of
issue, re-issue, withdrawal from circulation, cancellation or
destruction and the balance of currency notes in circulation.
15. REGISTER OF CANCELLED AND DESTROYED CUR-
RENCY NOTES. In the Register of Cancelled and Destroyed
Notes which shall be kept at the Headquarters of the Board
there shall he recorded:-
(a) in the case of notes of denominations in excess of
ten dollars, the serial numbers of notes cancelled or
destroyed together with the date of cancellation or des-
(b) in every other case, the total number of notes
cancelled or destroyed in respect of each group of a prefix
number of a series, together with the date of cancellation
16. CLASSIFICATION OF CURRENCY NOTES WITHDRAWN
FROM CIRCULATION. When any currency notes are withdrawn
from circulation by the Board, the notes shall forthwith be
classified either for re-issue or destruction.
17. RE-ISSUE OF CURRENCY NOTES. All currency notes
selected for re-issue under Regulation 16 shall be placed in the
vault and kept in the manner prescribed in Regulation 6, but
they shall be kept separately from the currency notes pre-
18. PROCEDURE FOR DESTRUCTION OF NOTES. All cur-
rency notes selected for destruction shall be forwarded at the
earliest opportunity, by the Agent, in the presence of the
Currency Officer, to the Executive Commissioner at the Head-
quarters of the Board in Trinidad.
19. DESTRUCTION OF CANCELLED CURRENCY NOTES.
(1) After cancellation, currency notes shall be arranged as far
as possible consecutively, according to their series in bundles
of 100 notes and their numbers recorded in the Register of
Cancelled and Destroyed Notes in accordance with the provi-
sions of Regulation 15.
(2) After the currency notes have been classified, bundled
and recorded, they shall be handed to at least two currency
Officers, none of whom shall have acted previously in respect
of the same notes under the foregoing provisions of this Regu-
lation. The currency notes after being checked by them shall
as far as possible be immediately destroyed in their presence by
fire in an incinerator provided for the purpose, and the Currency
Officers shall immediately after the destruction sign a certificate
in a form to be approved by the Board, showing the total
number and value of the notes destroyed under each prefix
letter of a series.
(3) If any currency notes are not destroyed by fire
immediately after they are handed to and checked by the
Currency Officers in accordance with the previous provisions of
this Regulation the Currency Officers shall certify the records
in the Register of Cancelled and Destroyed Notes and seal and
date the bundles of currency notes which shall forthwith be
placed in the vault and there kept until it is convenient to
(4) When the sealed bundles of cancelled currency notes
are withdrawn from the vault, the notes shall be checked against
the records in the Register of Cancelled and Destroyed Notes
by at least two Currency Officers who shall be the Currency
Officers who had sealed the bundles if those Officers are availa-
ble; the notes shall then be destroyed in their presence in
accordance with the provisions of paragraph (2) hereof, and
they shall sign a certificate in a form to be approved by the
Board as provided in that paragraph.
20. BOARD OF SURVEY. (1) There shall be a Board of
Survey appointed by the Governor which shall consist of at
least two persons, neither of whom shall be a member of the
Board or a Currency Officer whose duty it shall be to examine
the stocks of notes held by the Board, whether unissued, await-
ing re-issue or awaiting destruction.
(2) The Principal Auditor, whether or not he is a member
of the Board of Survey, shall be notified of every survey to be
held and shall be entitled to be present, either in person or by
his officers, at any survey.
(3) Ordinary surveys shall be held at least quarterly, and
surprise surveys shall be held by the Board of survey when
required to do so by the Governor. At least one surprise
survey shall be held in every year.
(4) At any survey the Board of Survey may accept, with-
out counting the contents thereof and if the seals are apparently
(i) any sealed package that bears the seal of:-
(a) the Principal Auditor and at least one
member of his staff; or
(b) the Crown Agents for the Colonies; or
(c) any recognized bank doing business in
the Colony during any period in which any bank
has agreed to receive back the package intact; or
(d) not less than three Treasury Officers
not being Currency Officers; or
(e) in the case of bundles of cancelled cur-
rency notes, two Currency Officers; or
(f) a previous Board of Survey.
(ii) any sealed containers or presses sealed with the
unbroken seal of any previous Board of Survey.
(5) A report of each survey containing a list of all pack-
ages of notes showing how tar the packages have been accepted
or counted, shall be forwarded to the Governor, the Principal
Auditor and to the Chairman of the Board who shall cause a
copy of the report to be furnished to each member of the Board.
(6) All books and documents in which is entered or
recorded any account, minute, memorandum, matter or thing
relating to the Currency Note Security Fund, or whatever else
shall tend to secure or to show a true account of the transactions
of the Board, shall be at all times open to examination by
the Board of Survey.
21. APPOINTMENT OF AGENTS, OFFICERS AND SERVANTS.
Subject to the provisions of the Act and of these Regulations
the Board shall appoint such agents, officers and servants and
at such remuneration as they shall think fit.
22. ACCOUNTS. The Accounts of the Board shall be
kept in the Currency Office at headquarters of the Board in
such form as the Board may direct.
23. ANNUAL ESTIMATE OF REVENUE AND EXPENDITURE.
(1) The Executive Commissioner shall before the commence-
ment of each year submit for the Board's approval, estimates of
the income to be received and expenditure to be incurred during
SUPPLEMENTARY ESTIMATES. (2) In the event of the
provision in the Annual Estimates proving insufficient, the
Board's prior authority for any supplementary provision shall
be obtained before expenditure is incurred, provided that the
Chairman of the Board may authorise expenditure in cases of
emergency not exceeding five hundred dollars. Such
emergency supplementary provision shall be submitted for the
approval of the Board as soon as practicable thereafter.
AUTHORISED EXPENDITURE. (3) The Executive Com-
missioner is authorised to incur expenditure up to the amount
shown in the Annual Estimates or Supplementary Estimates
which have been approved by the Board.
24. COMMENCEMENT. These Regulations shall come into
force on such date as the Governor shall, byv Proclamnati n
published in the Gazette, appoint for the coining into operation
of the Currency Act, 1950, in so far as it relates to currency
Made by the Governor this 30th day of July, 1951.
P. D. MACDONALP,
Printel tihe Governiment Printing Offioe, Leeward Islands,
by E. M. BLAKMAN, Government Printer.--By Authority.
[Price 15 cents.]