Canada Shipping Act Gold Franc Conversion Regulations

Contents

His Excellency the Governor General in Council, on the recommendation of the Minister of Finance and the Minister of Transport, is pleased hereby(a) to revoke, pursuant to subsection 651(1) of the Canada Shipping Act, the Gold Franc Equivalent Order made by Order in Council P.C. 1975-2579 of 28th October, 1975, as amended; and(b) to make, pursuant to section 2 of An Act to amend the Currency and Exchange Act and other Acts in consequence thereof, being chapter 38 of the Statutes of Canada, 1976-77, the annexed Regulations respecting Conversion of Values expressed in Gold Francs into Canadian Dollar Equivalents for purposes of the Canada Shipping Act.^note^note

Short Title

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These Regulations may be cited as the Canada Shipping Act Gold Franc Conversion Regulations.

Interpretation

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In these Regulations, S.D.R. means the special drawing rights issued by the International Monetary Fund.

General

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For the purposes of the Canada Shipping Act, the equivalent dollar value of gold francs shall be determined as follows:

(a)gold francs shall be converted into S.D.R.’s at the exchange rate of 15.075 gold francs per S.D.R.; and

(b)S.D.R.’s shall be converted into Canadian dollars at the exchange rate established by the International Monetary Fund for S.D.R.’s and Canadian dollars.

Federal laws of Canada reproduced under the Reproduction of Federal Law Order (SI/97-5); not the official version. Source: Justice Laws Website.

Short Title

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Interpretation

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General

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