JERSEY LAW 17/1959

CURRENCY NOTES (JERSEY) LAW, 1959.

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A LAW to authorise the issue and recall of currency notes and to provide for ]certain related matters, sanctioned by Order of the

28th day of JULY, 1959,

of the Counselors of State in Council on behalf of Her Majesty, being authorised thereto by Letters Patent dated the 15th day of June, 1959.

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(Registered on the 5th day of September, 1959).

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STATES OF JERSEY.

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The 28th day of April, 1959.

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THE STATES, subject to the sanction of Her Most Excellent Majesty in Council, have adopted the following Law:  -

ARTICLE 1

POWER TO ISSUE CURRENCY NOTES

[(1)]1    The Finance Committee2 shall have power to issue notes (in this Law referred to as “currency notes”) of such denominations, not exceeding [twenty pounds],3 as the Committee may determine, and to put such notes into circulation in the Island:

Provided that –

(a)    no currency notes shall be issued without the authority of the States previously obtained; and

(b)    the amount of the currency note issue shall not at any time exceed [fifteen million pounds.]4

[(2)      The States may by Regulations vary the maximum denomination of currency notes and the amount of the currency note issue in circulation at any one time.]5

ARTICLE 2

FORM AND AUTHENTICATION OF CURRENCY NOTES

Currency notes shall be in such forms and of such designs and printed from such plates and on such paper as may be directed by the Finance Committee,6 and shall be authenticated by the signature of the Treasurer of the States, which, if reproduced thereon by mechanical means, shall be as valid as if it had been subscribed by the Treasurer in his proper handwriting.

ARTICLE 3

CURRENCY NOTES TO BE LEGAL TENDER

Subject to the provisions of Article 5 of this Law, currency notes shall be legal tender in the Island.

ARTICLE 4

RIGHT TO RECEIVE OTHER NOTES IN EXCHANGE FOR CURRENCY NOTES

The holder of currency notes of any denomination shall be entitled, on a demand made by him during office hours at the States’ Treasury, to receive in exchange for the notes their equivalent face value in such bank notes or currency notes, being notes which at that time are legal tender in the Island, as he may specify.

ARTICLE 5

POWER TO RECALL CURRENCY NOTES

The Finance Committee6 shall have power, on giving not less than one month’s notice in two newspapers circulating in the Island, one being a publication in French and the other a publication in English,7 to call in any currency notes on payment of the face value thereof, and any such notes with respect to which a notice has been given under this Article shall on the expiration of the notice cease to be legal tender.

ARTICLE 6

PENALTY FOR DEFACING BANK NOTES AND CURRENCY NOTES

If any person prints or stamps or by any like means impresses on any bank note or currency note any words, letters or figures, he shall, in respect of each offence, be liable to a fine not exceeding one pound.

ARTICLE 7

CONSEQUENTIAL PROVISIONS

(1)    The provisions of the “Règlement” relating to bills of exchange and promissory notes, confirmed by Order of His Majesty in Council of the tenth day of     June, 1813,8 shall not apply to notes which, by virtue of any enactment, are for the time being legal tender in the Island.

(2)   In Article 5 of the said “Règlement”,9 for the words “aucun billet à ordre, ou billet payable au porteur, pour une somme qui soit au-dessous d’une livre sterling” there shall be substituted the words “aucun billet payable au porteur pour une somme qui soit au-dessous de cinq livres”.

ARTICLE 8

REPEAL

The Currency Notes (Jersey) Law, 1941,10 and the Currency Notes (Amendment) (Jersey) Law, 1941,11 are hereby repealed.

ARTICLE 9

SHORT TITLE

This Law may be cited as the Currency Notes (Jersey) Law, 1959.

To be printed, published and posted.

F. DE L. BOIS,

Greffier of the States.



1        Figure inserted by Currency Notes (Amendment No. 4) (Jersey) Law, 1976 (Volume 1975–1978, page 101).

2        Committee now referred to as the Finance and Economics Committee (R & O 5140).

3        Words substituted by Currency Notes (Amendment No. 2) (Jersey) Law, 1971 (Volume 1970–1972, page 199).

4        Words substituted by Currency Notes (Amendment No. 3) (Jersey) Law, 1975 (Volume 1975–1978, page 29).

5        Paragraph inserted by Currency Notes (Amendment No. 4) (Jersey) Law, 1976 (Volume 1975–1978, page 101).

6        Committee now referred to as the Finance and Economics Committee (R & O 5140).

7        See Official Publications (Jersey) Law, 1960 –Article 2.

8        Tomes I-III, page 48.

9        Tomes I-III, page 50.

10      Volume 1939–1945, page 357.

11      Volume 1939–1945, page 441.