CHAPTER 362
DECIMAL CURRENCY SYSTEM (ARRANGEMENTS) ACT

Arrangement of Sections

   Section

   1.   Short title

   2.   Interpretation

   3.   Powers of Minister to make arrangements

   4.   Delegation of Minister’s powers to Board

   5.   Decimal Currency Board

   6.   Constitution of Board

   7.   Disqualification, tenure of office, resignation, etc, of members of Board

   8.   Secretary and officers of Board

   9.   Meetings of Board

   10.   Functions of Board

   11.   Powers of Board

   12.   Delegation by Board

   13.   Appointment of advisory and technical committees

   14.   Disclosure of interest in agreements, etc

   15.   Reports

   16.   Finance

   17.   Regulations

Act 40 of 1966.

AN ACT

to provide for the making of arrangements for the introduction of the decimal currency system.

[1st July, 1966]

1. Short title

This Act may be cited as the Decimal Currency System (Arrangements) Act.

2. Interpretation

In this Act, unless the context otherwise requires—

“approved machine” means a machine or instrument designed for use in connection with the existing currency system or any similar system of currency, being—

      (a)   a machine or instrument used or intended for use solely or principally for the purpose of calculating or recording amounts of money, including an accounting machine or any similar machine, an adding machine or any postal articles, a cash register, a machine or instrument for use in connection with a punched card system, and price-computing scales; and

      (b)   any other machine or instrument included in a class or kind of machines or instruments prescribed by the Minister as an approved class or kind of machines or instruments for the purposes of this Act;

“Board” means the Decimal Currency Board established by section 5;

“decimal currency” means the currency in which the denominations of money are the kwacha and ngwee to be provided for by Act of Parliament; and “the decimal currency system” has a corresponding meaning;

“existing currency” means the currency of the Republic at the commencement of this Act; and

“the existing currency system” has a corresponding meaning.

3. Powers of Minister to make arrangements

   (1) The Minister, on behalf of the Republic, may do such things, make such arrangements and enter into such agreements as he considers necessary for the purpose of facilitating the transition from the existing currency system to the decimal currency system.

   (2) Without limiting the generality of sub-section (1), the Minister may—

      (a)   on behalf of the Republic, make such arrangements and enter into such agreements as he thinks fit for or in relation to the conversion or adaptation for use in connection with the decimal currency system, of such approved machines as he thinks fit or the replacement of any such machines with machines suitable for use in connection with the decimal currency system; and

      (b)   approve the making of payments by the Republic of such amounts as he determines by way of compensation in respect of such other approved machines as he thinks fit.

   (3) Any arrangement or agreement under paragraph (a) of sub-section (2) may provide—

      (a)   for the Republic to bear the whole or a part of the cost of converting or adapting an approved machine for use in connection with the decimal currency system, or of replacing any such machine with a machine suitable for use in connection with the decimal currency system;

      (b)   for the making of advances by the Republic, upon or subject to such terms and conditions as the Minister thinks fit, to the person with whom the arrangement or agreement is made, or for the giving of guarantees or indemnities by the Republic in respect of advances made to that person by any other person, for the purpose of assisting the first mentioned person to carry out his obligations under the arrangement or agreement.