DECIMAL CURRENCY

CHAPTER 45:02
DECIMAL CURRENCY

ARRANGEMENT OF SECTIONS

    SECTION

PART I
PRELIMINARY

    1.    Short title and commencement

    2.    Interpretation

PART II
DECIMAL CURRENCY BOARD

    3.    Establishment of Board

    4.    Constitution of Board

    5.    Secretary and officers

    6.    Meetings and procedure

    7.    Powers of the Board

    8.    Delegation

    9.    Committees

    10.    Disclosure of interest in agreements etc.

    11.    Finance

    12.    Accounts and returns

    13.    Abolition of Board

    14.    Regulations

PART III
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
G.N. 193/1970

    An Act to provide for the introduction of and conversion to the decimal currency system and for matters connected therewith and incidental thereto

PART I
PRELIMINARY

1.    Short title

    This Act may be cited as the Decimal Currency Act.

2.    Interpretation

    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.

PART II
DECIMAL CURRENCY BOARD

3.    Establishment of 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.

    (2) The Board may sue and be sued in its corporate name and may for all purposes be described by such name.

4.    Constitution of Board

    (1) The Board shall consist of not more than eight members appointed by the Minister and holding office during the Minister’s pleasure.

    (2) The Minister shall appoint one of the members of the Board to be Chairman and the members of the Board shall elect one of their number to be Deputy Chairman.

    (3) Any member who is absent for more than three successive meeting of the Board without permission from the Chairman, or who, in the opinion of the Chairman, is for any cause incapacitated so as to be unable to take a proper part in the affairs of the Board, may have his membership of the Board terminated by the Minister.

    (4) Any member may, by notice under his hand addressed to the Chairman, resign from his membership of the Board and such resignation shall be effective from the date specified therein or 7 days after receipt of the notice by the Chairman, whichever is later.

    (5) Members shall be entitled to such fees and allowances, if any, as the Board may, with the approval of the Minister, determine.

5.    Secretary and officers

    The Board shall on such terms and conditions as it thinks fit and with the approval of the Minister appoint a Secretary who shall be the chief executive officer of the Board, and may similarly appoint or employ such other officers or persons as may be necessary for the efficient performance of its functions.

6.    Meetings and procedure

    (1) The Board shall meet at such times and places as may be necessary or expedient for the transaction of the business of the Board.

    (2) Meetings shall be convened by the Chairman, or in the event of his absence or of a vacancy in his office, by the Deputy Chairman.

    (3) The Chairman shall preside at all meetings of the Board at which he is present, but in the event of his absence…