1st Session, 36th Parliament,
46-47 Elizabeth II, 1997-98

The House of Commons of Canada

BILL C-41

An Act to amend the Royal Canadian Mint Act and the Currency Act

      Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

R.S., c. R-9; R.S., c. 35 (3rd Supp.); 1995, c. 26; 1996, c. 16

ROYAL CANADIAN MINT ACT

R.S., c. 35 (3rd Supp.), s. 1(3)

1. (1) The definitions ``base metal coin'' and ``precious metal coin'' in section 2 of the Royal Canadian Mint Act are repealed.

(2) Section 2 of the Act is amended by adding the following in alphabetical order:

``base metal''
« métal commun »

``base metal'' means any metal other than precious metal;

``circula-
tion coin''
« monnaie de circulation »

``circulation coin'' means a coin composed of base metal that is listed in Part 2 of the schedule and that is put into circulation in Canada for use in day-to-day transactions;

``non-
circulation coin''
« monnaie hors circulation »

``non-circulation coin'' means a coin composed of base metal, precious metal or any combination of those metals that is not intended for circulation and that is listed in Part 1 of the schedule;

``precious metal''
« métal précieux »

``precious metal'' means gold, silver, platinum or any of the platinum group of metals.

R.S., c. 35 (3rd Supp.), s. 3

2. Subsection 4(1) of the Act is replaced by the following:

Powers

4. (1) In carrying out its objects, the Mint has the rights, powers and privileges and the capacity of a natural person and may in particular

    (a) procure the incorporation, dissolution or amalgamation of subsidiaries and acquire or dispose of any shares in them;

    (b) acquire and dispose of any interest in any entity by any means; and

    (c) generally do all things that are incidental or conducive to the exercise of its powers with respect to

      (i) coins of the currency of Canada,

      (ii) coins of the currency of countries other than Canada,

      (iii) gold, silver and other metals, and

      (iv) medals, plaques, tokens and other objects made or partially made of metal.

R.S., c. 35 (3rd Supp.), s. 4

3. The heading before section 5.1 and sections 5.1 to 5.3 of the Act are replaced by the following:

NON-CIRCULATION COINS

Issue of coins

6. The Governor in Council may authorize the issue of non-circulation coins of a denomination listed in Part 1 of the schedule.

Amendment to Part 1 of the schedule

6.1 The Governor in Council may, by order, amend Part 1 of the schedule by adding or deleting a denomination of a non-circulation coin.

Characteris-
tics

6.2 The Mint may determine the characteristics, other than the design, of any denomination of a non-circulation coin.

Design

6.3 The Minister may determine the design of any denomination of a non-circulation coin.

CIRCULATION COINS

Issue of coins

6.4 (1) The Governor in Council may, by order, authorize the issue of circulation coins of a denomination listed in Part 2 of the schedule.

Characteris-
tics

(2) The order must specify the characteristics for that issue of coin.

Design

6.5 The Governor in Council may determine the design of any circulation coin to be issued.

Amendment to Part 2 of the schedule

6.6 The Governor in Council, may, by order, amend Part 2 of the schedule by amending any characteristic of a circulation coin.

R.S., c. 35 (3rd Supp.), s. 6

4. Subsection 7(4) of the Act is repealed.

R.S., c. 35 (3rd Supp.), s. 7(2)

5. Section 8 of the Act is replaced by the following:

Board of Directors

8. The Board of Directors of the Mint shall consist of not less than nine and not more than eleven directors, including the Chairperson and the Master.

R.S., c. 35 (3rd Supp.), s. 7(2)

6. Section 9 of the English version of the Act is replaced by the following:

Chairperson

9. The Chairperson shall be appointed by the Governor in Council to hold office during pleasure for any term that the Governor in Council considers appropriate.

R.S., c. 35 (3rd Supp.), s. 14

7. Subsection 20(1) of the Act is replaced by the following:

Borrowing power

20. (1) The Mint may, for the attainment of its objects, borrow money from the Consolidated Revenue Fund or any other source, but the total amount outstanding at any time may not exceed 75 million dollars or such greater amount as may be specified in an appropriation Act.

R.S., c. 35 (3rd Supp.); 1995, c. 26, s. 1; SOR/88-410; SOR/90-475; SOR/91-432, 510; SOR/93-105; SOR/95-45; SOR/96-75, 104, 488; SOR/98-92, 94, 96, 141

8. The schedule to the Act is replaced by the schedule set out in the schedule to this Act.

R.S., c. C-52; R.S., c. 14 (1st Supp.), c. 22 (2nd Supp.), c. 35 (3rd Supp.), c. 3 (4th Supp.); 1993, c. 33; 1996, c. 16

CURRENCY ACT

1996, c. 16, par. 60(1)(e)

9. The definition ``Minister'' in section 2 of the Currency Act is replaced by the following:

``Minister''
« ministre »

``Minister'' means the Minister of Finance.

10. Subsection 3(2) of the Act is replaced by the following:

Denomina-
tions

(2) The denominations of money in the currency of Canada are dollars and cents, the cent being one hundredth of a dollar.

11. Subsection 7(1) of the Act is replaced by the following:

Current coins

7. (1) A coin is current for the amount of its denomination in the currency of Canada if it was issued under the authority of

    (a) the Royal Canadian Mint Act; or

    (b) the Crown in any province of Canada before it became part of Canada and if the coin was, immediately before October 15, 1952, current and legal tender in Canada.

R.S., c. 35 (3rd Supp.), s. 18

12. (1) Paragraph 8(1)(a) of the Act is replaced by the following:

    (a) in coins that are current under section 7; and

(2) Subsections 8(2) and (3) of the Act are replaced by the following:

Limitation

(2) A payment in coins referred to in subsection (1) is a legal tender for no more than the following amounts for the following denominations of coins:

    (a) forty dollars if the denomination is two dollars or greater but does not exceed ten dollars;

    (b) twenty-five dollars if the denomination is one dollar;

    (c) ten dollars if the denomination is ten cents or greater but less than one dollar;

    (d) five dollars if the denomination is five cents; and

    (e) twenty-five cents if the denomination is one cent.

Coins of denomina-
tions greater than ten dollars

(2.1) In the case of coins of a denomination greater than ten dollars, a payment referred to in subsection (1) may consist of not more than one coin, and the payment is a legal tender for no more than the value of a single coin of that denomination.

Different amounts payable on the same day

(3) For the purposes of subsections (2) and (2.1), where more than one amount is payable by one person to another on the same day under one or more obligations, the total of those amounts is deemed to be one amount due and payable on that day.

R.S., c. 35 (3rd Supp.), s. 19(1)

13. Subsection 9(1) of the French version of the Act is replaced by the following:

Retrait de pièces

9. (1) Le gouverneur en conseil peut, par proclamation, retirer des pièces de monnaie, quelles qu'en soient la date et la valeur faciale.

R.S., c. 35 (3rd Supp.), s. 20

14. Section 9.1 of the Act is replaced by the following:

Amounts received from issue of coins

9.1 All amounts received from the issue of coins of the currency of Canada must be paid into the Consolidated Revenue Fund.

COMING INTO FORCE

Coming into force

15. This Act or any provision of this Act comes into force on a day or days to be fixed by order of the Governor in Council.