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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 12 July 1989 - onwards
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62. Winding-up of the note reserve fund and establishment of the currency reserve.

(1) As soon as may be after the passing of this Act and in any event not later than one month after such passing, the note reserve fund shall be wound up and for that purpose the following provisions shall have effect, that is to say: -

(a) there shall be established in the general fund an account to be called the currency reserve;

(b) out of the assets of the note reserve fund there shall be transferred to the legal tender note fund such assets (not exceeding two hundred thousand pounds in total value at the market prices current at the time of the transfer) as the Commission shall think proper;

(c) the assets transferred to the legal tender note fund in pursuance of the next preceding paragraph of this sub-section shall be applied in writing down in the books of that fund to such extent as the Commission shall think proper the values in such books of such of the assets of the said fund as the Commission shall think proper;

(d) the assets of the note reserve fund (other than those ass

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