Singapore legislation
Clause 16
Clause 16
Conversion of currency notes and coins into sterling and vice versa
(1)
The Board shall issue, on demand by any person at any of its offices, currency notes to the equivalent value of sums in sterling lodged by that person with the Board’s Agent in London for its account; and shall pay, on demand by any person, sterling in London to the equivalent value of currency notes lodged with it by that person:Provided that such notes have been issued by the Board.
(2)
The Board may, at its option, issue coins in the same manner and subject to the same conditions as are prescribed in subsection (1) of this section for the issue of currency notes.
(3)
Coins issued shall, subject to any regulations made under section 31 of this Act, be redeemed by the Board in the same manner and subject to the same conditions as are prescribed in subsection (1) of this section for the redemption of currency notes.