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Bill C-435

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

The House of Commons of Canada

BILL C-435

An Act to amend the Bank of Canada Act (withdrawal of the thousand dollar note)

R.S. c. B-2

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

1. Subsection 25(3) of the Bank of Canada Act is replaced by the following:

Denomina-
tions

(3) Subject to section 25.1 , notes of the Bank shall be in such denominations and shall be printed and signed or otherwise executed as the Governor in Council by regulation deter mines.

2. The Act is amended by adding the following after section 25:

WITHDRAWAL OF THE THOUSAND DOLLAR NOTE

Withdrawal of the thousand dollar note

25.1 (1) Beginning on the date this section comes into force, the Bank

    (a) shall cease to print and issue thousand dollar notes; and

    (b) shall destroy any thousand dollar notes that it has printed but not issued.

Legal tender for three months

(2) Subject to subsection (3), the thousand dollar notes already issued by the Bank shall cease to be legal tender three months after this section comes into force.

Duty of the Bank for six months

(3) The Bank shall honour the thousand dollar notes already issued by it for six months after this section comes into force and, on the expiry of this time period, the Bank shall no longer honour such notes.