New Zealand Legislation: Acts

7 Construction of references to existing currency, and method of conversion for purposes of payments

• (1) Subject to the provisions of this section—

  • (a) Every reference in any enactment passed or made before the commencement of this Part of this Act; and

  • (b) Every reference in any bill of exchange, promissory note, security for money, contract or agreement (whether the contract or agreement is in writing or not), deed, or instrument made, executed, or entered into before the commencement of this Part; and

  • (c) Every reference made before the commencement of this Part in any other manner whatsoever—

  to an amount of money in the existing currency shall, unless the context is such that it would be inappropriate, be construed as a reference to a corresponding amount of money in decimal currency, calculated on the basis of the equivalents specified in subsection (4) of section 5 of this Act.

  (2) Subject to subsection (3) of this section, where any such reference as aforesaid is to a percentage or other proportion expressed in terms of money, the reference shall be construed as a reference to an equivalent percentage or proportion expressed in terms of money in decimal currency.

  (3) Where any such reference as aforesaid is to an amount of pence, either alone or in addition to an amount of pounds or shillings, and it is necessary for the purpose of making a payment thereunder to ascertain the sum in decimal currency that corresponds to the sum that would have been required to make the payment in the existing currency, the following provisions shall apply:

  • (a) The sum that would have been required to make the payment in the existing currency shall be ascertained in pounds, shillings, and pence:

  • (b) That sum shall be converted into decimal currency on the basis of the equivalents specified in subsection (4) of section 5 of this Act.

  (4) In this section the term enactment means—

  • (a) Any Act of the Parliament of New Zealand; and

  • (b) Any Act of the Parliament of England or of the Parliament of Great Britain or of the Parliament of the United Kingdom, being an Act that is in force in New Zealand; and

  • (c) Any Ordinance of the Legislative Assembly of the Cook Islands or of the Niue Island Assembly, and any Island Ordinance or bylaw of an Island Council in any island forming part of the Cook Islands; and

  • (d) Any Ordinance or other law in force in the Tokelau Islands; and

  • (e) Any regulation, rule, order, bylaw, or instrument made under the authority of or having effect by virtue of any such Act, Ordinance, bylaw, or other law as aforesaid, and in force in New Zealand or in any territory or part of a territory to which this Act extends by virtue of section 3 of this Act.

  Compare: Currency Act 1963, ss 10, 11 (Australia)