Singapore legislation
Clause 5
Clause 5
Repeal and re-enactment of sections 16 and 17
Sections 16 and 17 of the Currency Act are repealed and the following sections substituted therefor: —“Exchange of currency notes and coins16.—
The Board shall arrange for the re-issue and exchange of currency notes and coins at its offices subject to such conditions as may be prescribed.(2) The Board may in its discretion charge any person or class of persons such fee as may be prescribed for the re-issue and exchange of currency notes or coins with the Board under this section.Power to buy and sell currency notes and coins17.—
The Board may in its discretion buy and sell currency notes and coins against gold, silver or foreign currencies eligible for inclusion in the reserve of the external assets specified under section 24.(2) The Board shall be entitled to charge a commission at such rate or rates as may, from time to time, be determined for any currency notes or coins bought or sold by the Board under this section.”.