Interpretation.

2. In this Act, unless the context otherwise requires,(a) "Dominion notes" means notes of the Dominion of Canada issued and outstanding under the authority of this Act;

(d) "gold" means (i) gold coins which are a legal tender in Canada and, (ii) gold bullion in bars, each bar bearing either the stamp of the Royal Mint of the United Kingdom or of the branch thereof in Canada or of one of the branches thereof in Australia or of one of the coinage mints of the United States or of the Assay Office of the United States at New York certifying its weight and fineness, at a valuation of one dollar in the currency of Canada for every 23.22 grains of fine gold content;

(c) "Minister" means the Minister of Finance.

Issue and Redemption.

3. Dominion notes may be issued and outstanding at any time to any amount, and such notes shall be a legal tender in every part of Canada except at the offices at which they are redeemable.

4. Dominion notes shall be of such denominational values as the Governor in Council determines, and shall be in such form, and signed by such persons, two in number, as the Minister directs.

(2) By direction of the Minister, there may be substituted for signatures in the proper handwriting of one or both of the persons authorized to sign under the provisions of the last preceding subsection, facsimiles thereof printed from engraving: Provided that if both of the signatures are printed, then a distinguishing device and serial number shall be printed from engraving on each note, after the notes have been delivered by the printer and engraver to the Minister, and while the notes are in the custody and control of the officers of the Department of Finance.

(3) Dominion notes shall be redeemable in gold on presentation at branch offices established, or at banks with which arrangements are made for the redemption thereof as hereinafter provided.

Security.

5. The Minister of Finance shall always hold as security for the redemption of Dominion notes up to and including fifty million dollars, issued and outstanding at any one time, an amount equal to not less than twenty-five per centum of the amount of such notes in gold.

(2) As security for the redemption of Dominion notes issued in excess of fifty million dollars, the Minister shall hold an amount in gold equal to such excess.

6. In case the amount held in accordance with the provisions of this Act as security for the redemption of Dominion notes is not sufficient to pay the Dominion notes presented for redemption, or in case the amount so held is reduced below the amount required by this Act to be held, the Governor in Council may raise, by way of loan, temporary or otherwise, upon such form of security and upon such terms and conditions as the Governor in Council may approve, such sums of money as are necessary to pay such notes or to provide the amount required to be held as security for the redemption of Dominion notes issued and outstanding.

Proceeds and Expenses.

7. The proceeds of Dominion notes so issued shall form part of the Consolidated Revenue Fund of Canada, and all expenses incurred or required to be paid in connection with the engraving, printing or preparation of such notes, or the signing, issue or redemption thereof, shall be paid out of the said fund.

Monthly Statement.

8. The Minister of Finance shall publish monthly in The Canada Gazette a statement of the amount of Dominion notes outstanding on the last day of the preceding month. and of the gold then held by him for securing the redemption thereof.

Agencies for Redemption.

9. The Governor in Council may establish branch offices of the Department of Finance at Toronto, Montreal, Halifax, St. John, Winnipeg, Victoria, Charlottetown, Regina and Calgary, for the redemption of Dominion Notes, or may make arrangements with a chartered bank at any of the said places for the redemption thereof.

(2) The Governor in Council shall appoint a suitable person to be in charge of the respective offices so established, and such officer shall be called an assistant receiver general, and shall be an agent for the issue and redemption of Dominion notes.

Notes of Late Province of Canada.

10. Provincial notes under the Act of the late province of Canada, passed in the session held in the twenty-ninth and thirtieth years of Her late Majesty Queen Victoria's reign, chapter ten, intituled An Act to provide for the issue of Provincial Notes, shall be held to be notes of the Dominion of Canada, and shall be redeemable in gold on presentation at Toronto, Montreal, Halifax or St. John, according as the same are respectively made payable, and shall be legal tender except at the offices at which they are respectively made payable.

11. Chapter 27 of the Revised Statutes, An Act respecting Dominion Notes, is repealed.

9-10 Edward VII., CHAP. 14.

An Act Respecting the Currency.

[Assented to 4th May, 1910.)

His Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows: Short Title.

1. This Act may be cited as The Currency Act, 1910.

Denominations and Standards.

2. The denominations of money in the currency of Canada shall be dollars, cents and mills, - the cent being one-hundredth part of a dollar, and the mill one-tenth part of a cent.

3. (1) The standard for gold coins of the currency of Canada shall be such that of one thousand parts by weight, nine hundred shall be of fine gold and one hundred of alloy.

(2) The standard for silver coins of such currency shall be such that of one thousand parts by weight, eight hundred shall be of fine silver and two hundred of alloy. 10-11 Geo. V., c. 9, s. 3. Am.