Reserve Bank of New Zealand Act 1989

27 Legal tender

(1)

Every bank note issued, or deemed to be issued, under this Act shall be a legal tender for the amount expressed in the note.

(2)

A tender of payment of money, to the extent that it is made in coins issued, or deemed to be issued, under this Act, shall be a legal tender,—

(a)

in the case of coins of a denomination of $10 or more, for the payment of any amount:

(b)

in the case of coins of a denomination of $1 or more but less than $10, for the payment of any amount not exceeding $100:

(c)

in the case of coins of the denomination of 5 cents or more, but less than $1, for the payment of an amount not exceeding $5:

(d)

in the case of any coins of the denomination of less than 5 cents, for the payment of an amount not exceeding 20 cents.

(3)

The references to coins and bank notes in subsections (1) and (2) do not include references to coins and bank notes that have been called in.

Compare: 1964 No 27 s 14; 1964 No 134 s 20(2)