53. Redemption of currency

The Governing Board may, in its discretion, by notice published in the Gazette call in for the replacement of currency notes or coins of any issue or denomination.

Any currency notes and coins called in for replacement in accordance with this section shall remain legal tender for such period not exceeding one year from the date of call as may be specified by the Governing Board and shall thereafter cease to be legal tender.

The Governing Board may determine a period not less than one year within which the Central Bank or any agent authorized by the Governing Board for the purpose, shall, upon surrender of any currency notes or coins so called in for replacement, replace such currency notes or coins, at par and without charge, by the delivery in exchange of fit currency notes or coins.

All currency notes and coins called in for replacement and not surrendered as provided in subsection (3) shall cease to be a liability of the Central Bank and the bearer of any such notes or coins shall not be entitled to any compensation.