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2020-01-01

The Central Bank (Extension of Period of Redemption) Order, 2020

The Minister of Finance of Trinidad and Tobago issued Legal Notice No. 64 of 2020 under Section 27A(5) of the Central Bank Act to address redemption delays for specified currency notes. The Order extends the special period of redemption by two months from the date a court finally determines proceedings for notes detained as evidence. This extension applies specifically to true owners who were unable to present their notes for redemption during the initial or special periods due to such legal detention.

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LEGAL NOTICE NO. 64 REPUBLIC OF TRINIDAD AND TOBAGO THE CENTRAL BANK ACT, CHAP. 79:02 ORDER MADE BY THE MINISTER UNDER SECTION 27A(5) OF THE CENTRAL BANK ACT THE CENTRAL BANK (EXTENSION OF PERIOD OF REDEMPTION) ORDER, 2020

  1. This Order may be cited as the Central Bank (Extension of Period of Redemption) Order, 2020.
  2. In this Order– “Act” means the Central Bank Act; “initial period of redemption” means the period prior to the appointed date as specified in the Notice pursuant to section 27A(1) and (3) of the Act; “Notice” means Legal Notice No. 357 of 2019 dated the 8th day of December, 2019; “special period of redemption” means the period of three months after the appointed date ending on 1st April, 2020, pursuant to section 27A(4) of the Act; “specified notes” means the currency notes specified in the Notice.
  3. Pursuant to section 27A(5) of the Act, in the case where the specified notes were detained for use as evidence in court proceedings and the true owner was unable to present them for redemption as a result of such detention during the initial period of redemption and the special period of redemption or any material part thereof, the special period of redemption is extended in such a case for a further period of two (2) months from the date on which the proceedings are heard and finally determined by a Court. Dated this 31st day of March, 2020. C. IMBERT Minister of Finance Legal Supplement Part B–Vol. 59, No. 43–31st March, 2020 221 Citation L.N. No. 357 of 2019 Interpretation Chap. 79:02 Period of redemption extended PRINTED BY THE GOVERNMENT PRINTER, CARONI REPUBLIC OF TRINIDAD AND TOBAGO–2020
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