Bank of Canada Act

Marginal note:Sole right of note issue

• 25 (1) The Bank has the sole right to issue notes and those notes shall be a first charge on the assets of the Bank.

• Marginal note:Arrangements for issue and removal

  (2) It is the duty of the Bank to make adequate arrangements for

  • (a) the issue of its notes in Canada and the supply of those notes as required for circulation in Canada; and

  • (b) the removal from circulation in Canada of

    • (i) its notes that are worn or mutilated, and

    • (ii) its notes that are the subject of an order made under paragraph 9(1)(b) of the Currency Act, regardless of whether the order has come into force.

• Marginal note:Denominations

  (3) 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 determines.

• Marginal note:Form and material

  (4) The form and material of the notes of the Bank shall be subject to approval by the Minister, but each note shall be printed in both the English and French languages.

• Marginal note:Notes previously printed

  (5) Notwithstanding anything contained in this section, each note of the Bank printed before June 23, 1936, whether issued before, on or after that date, is a valid and binding obligation of the Bank.

• Marginal note:Distinction

  (6) Notes of the Bank are neither promissory notes nor bills of exchange within the meaning of the Bills of Exchange Act.