ARRANGEMENT OF SECTIONS
1. Short title and commencement
DECIMAL CURRENCY BOARD
3. Establishment of Board
4. Constitution of Board
5. Secretary and officers
6. Meetings and procedure
7. Powers of the Board
10. Disclosure of interest in agreements etc.
12. Accounts and returns
13. Abolition of Board
CONVERSION TO THE DECIMAL CURRENCY SYSTEM
15. References to former currency after prescribed date
16. Payments made after prescribed date
17. Conversion in respect of several amounts etc.
18. Minister empowered to declare day or days for closure of financial institutions
30 of 1970
An Act to provide for the introduction of and conversion to the decimal currency system and for matters connected therewith and incidental thereto
[PARTS I AND II — 15TH SEPTEMBER 1970,
PART III — 15TH FEBRUARY 1971]
This Act may be cited as the Decimal Currency Act.
In this Act, unless the context otherwise requires—
“Board” means the Decimal Currency Board established by section 3;
“Chairman” means the Chairman of the Board;
“decimal currency system” means the system of currency provided for by Part III;
“Deputy Chairman” means the Deputy Chairman of the Board;
“existing currency system” means the system of currency in force in Malawi immediately before the date of commencement of Part III;
“former currency” means currency expressed in pounds, shillings and pence in accordance with the existing currency system;
“member” means a member of the Board;
“new currency” means currency expressed in Kwacha and tambala in accordance with the decimal currency system;
“prescribed machine” means a machine or instrument, designed to be used in connexion with the existing currency system or any similar system of currency, and used or intended for use solely or principally for the purpose of calculating or recording amounts of money (including an accounting machine, an adding machine or any similar machine, a machine for franking postal articles, a cash register, a price-computing scale and a price-computing petrol pump), which is declared by the Minister, by notice published in the Gazette, to be a prescribed machine for the purposes of this Act.
DECIMAL CURRENCY BOARD
(1) There is hereby established a Board, to be known as the Decimal Currency Board, which shall be a body corporate with perpetual succession and a common seal, with power to acquire, hold, charge and dispose of property, movable and immovable, to borrow money and to do or perform all such things and acts for the purpose of carrying out its functions as a body corporate may lawfully do.
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