Currency Act, 1927

Issue and redemption by the Commission of coins under the Coinage Act, 1926 .

38.—(1) The Minister, if he thinks fit so to do, may make such arrangements as he thinks proper to enable the Commission to issue on his behalf to any bank such amount of such coins provided by the Minister under the Coinage Act, 1926 (No. 14 of 1926) as such bank may require and to enable the Commission to redeem coins issued under the said Act by the Minister or under this section by the Commission on his behalf.

(2) All moneys received by the Commission for coins issued by it on behalf of the Minister under this section shall be carried to the general fund as deposits in the name either of the Minister or of the Commission on behalf of the Minister.

(3) The Minister may advance out of the Central Fund or the growing produce thereof all sums required or estimated to be required by the Commission for the redemption of coins under this section.