AI-assisted research summary: People may not issue bank notes or make/issue certain metal coins or tokens unless licensed by the Commissioner; unlicensed contravention is an offence punishable by a fine up to £10,000.
BRITISH INDIAN OCEAN TERRITORY REVISED ORDINANCES OF THE BRITISH INDIAN OCEAN TERRITORY THE COMMEMORATIVE COINS ORDINANCE 2008 CHAPTER G.9 Revised Edition Showing the law as at 1 September 2020 Published by Authority REVISED ORDINANCES OF THE BRITISH INDIAN OCEAN TERRITORY THE COMMEMORATIVE COINS ORDINANCE 2008 CHAPTER G.9 Revised Edition Showing the law as at 1 September 2020 This is a revised edition of the law, prepared by the Law Revision Commissioner under the authority of the Law Revision Ordinance 2015 and contains: The Commemorative Coins Ordinance 2008 - Ordinance No.2 of 2008 ã British Indian Ocean Territory Administration All rights reserved. No part of this publication may be reproduced in any form or by any means (including photocopying or copying in electronic format) without the written permission of the Commissioner of the British Indian Ocean Territory, or otherwise as permitted under the terms of a licence from the British Indian Ocean Territory Administration. 2 REVISED ORDINANCES OF THE BRITISH INDIAN OCEAN TERRITORY THE COMMEMORATIVE COINS ORDINANCE 2008 CHAPTER G.9 ARRANGEMENT OF SECTIONS Section Page 1. Citation. 4 2. Restrictions on issue or making of bank notes and 4 coins. 3. Licensed bank notes and coins to be current and legal 4 tender. 3 REVISED ORDINANCES OF THE BRITISH INDIAN OCEAN TERRITORY THE COMMEMORATIVE COINS ORDINANCE 2008 CHAPTER G.9 An Ordinance to make licensed commemorative coins lawful currency in the British Indian Ocean Territory and to provide for matters incidental thereto and connected therewith. Citation. 1. This Ordinance may be cited as the Commemorative Coins Ordinance 2008, ROBIOT c.G.9. Restrictions on issue or making of bank notes and coins. 2. (1) Save under the authority of a licence granted by the Commissioner, no person may – (a) issue any bank notes; or (b) make or issue any piece of gold, silver, copper or bronze, or of any metal or mixed metal, of any value whatever, as a coin or token for money, or as purporting that the holder thereof is entitled to demand any value denoted thereon. (2) Any person who contravenes subsection (1) shall be guilty of an offence under this Ordinance and shall, on conviction, be liable to a fine not exceeding £10,000. (3) Despite subsection (1) British sterling notes and coins of the denominations, designs and specifications in circulation from time to time as lawful currency in the United Kingdom shall continue to be lawful currency in the Territory pursuant to the provisions of the Currency Ordinance 1981. Licensed bank notes and coins to be current and legal tender. 3. All bank notes, coins or other pieces authorised to be made and issued by a licence granted under section 2(1) may circulate in the Territory and shall be legal tender in the Territory for payment of any amount. _______________ 4 5 6