Olympic (1976) Act (S.C. 1973-74, c. 31)

Short Title

Marginal note:Short title

1 This Act may be cited as the Olympic (1976) Act.

Interpretation

Marginal note:Definitions

2 In this Act,

Olympic

Olympic means the 1976 Summer Olympic Games; (Jeux olympiques)

Olympic coin

Olympic coin means a special coin commemorating the Olympic issued under the authority of section 3; (pièce des Jeux olympiques)

Olympic Corporation

Olympic Corporation means the Organizing Committee of the 1976 Olympic Games, a body corporate incorporated under the laws of the Province of Quebec; (Société des Jeux olympiques)

Olympic stamp

Olympic stamp means a special postage stamp commemorating the Olympic issued under the authority of section 6. (timbre des Jeux olympiques)

Olympic Coins

Marginal note:Olympic commemorative coins

• 3 (1) Notwithstanding section 5 of the Currency and Exchange Act, the Governor in Council, on the recommendation of the Minister of Finance, may by proclamation authorize the issue for circulation in Canada of silver coins bearing the respective dates of 1973, 1974, 1975 and 1976 of the denominations of $5 and $10 commemorating the Olympic.

• Marginal note:Gold Olympic coins

  (1.1) Notwithstanding sections 4 and 5 of the Currency and Exchange Act, the Governor in Council, on the recommendation of the Minister of Finance, may by proclamation authorize the issue for circulation in Canada of gold coins of the denomination of one hundred dollars commemorating the Olympic and bearing the date 1976.

• Marginal note:Standards of coins

  (2) Each Olympic coin shall be of such standard weight, standard millesimal fineness and remedy allowance as the Governor in Council may prescribe in respect thereof.

Marginal note:Legal tender

• 4 (1) Subject to this section,

  • (a) a tender of payment of money in gold Olympic coins is a legal tender if it is made for payment of an amount not exceeding one hundred dollars, but for no greater amount; and

  • (b) a tender of payment of money in silver Olympic coins is a legal tender if it is made for payment of an amount not exceeding twenty dollars, but for no greater amount.

• Marginal note:Different amounts payable on same day

  (2) Where more than one amount is payable by one person to another on the same day, whether under one or more obligations, subsection (1) applies as though the total of the amounts payable were one amount due and payable on that day.

• Marginal note:Certain coins not legal tender

  (3) An Olympic coin that

  • (a) is bent, mutilated or defaced,

  • (b) has been reduced in weight otherwise than by abrasion through ordinary use, or

  • (c) has been called in pursuant to section 5,

  is not legal tender.

Marginal note:Powers of Governor in Council

• 5 (1) The Governor in Council may by proclamation

  • (a) prescribe the dimensions and design of any Olympic coin;

  • (b) prescribe the standard weight, standard millesimal fineness and remedy allowance of Olympic coins of each denomination; and

  • (c) call in Olympic coins of any date and denomination.

• Marginal note:No sale for less than face value

  (2) An Olympic coin shall not be issued or sold by the Government of Canada at less than the face value of the coin or under any arrangement whereby the net consideration received by the Government of Canada for the coin is less than its face value.

• Marginal note:Total amount of face value

  (3) The total amount of the face value of all Olympic coins issued or sold pursuant to this Act shall not exceed four hundred and fifty million dollars exclusive of the total amount of the face value of any such coins that are redeemed.

• Marginal note:Minister of Finance

  (4) Where in the opinion of the Minister of Finance the amount of Olympic coins in circulation in Canada may be detrimental to the Canadian currency, the Minister shall redeem such amount of Olympic coins as he deems necessary.

• Marginal note:Persons associated with Olympic

  (5) No person who is involved in the promotion or operation of the Olympic or who has a financial interest with respect to the Olympic shall offer or give to any other person any subsidy, commission, benefit or other pecuniary incentive for the purchase of Olympic coins that would directly or indirectly result in the net consideration being paid for such coins by that other person being less than the face value of the coins so purchased.

• Marginal note:Postmaster General

  (6) The Postmaster General is hereby authorized to administer the promotion, distribution and merchandising of Olympic coins within and outside Canada.

Olympic Stamps and Postal Related Products

Marginal note:Olympic commemorative stamps and related products

• 6 (1) Subject to the Post Office Act, the Postmaster General may cause to be manufactured and distributed for sale during 1973, 1974, 1975 and 1976

  • (a) special postage stamps commemorating the Olympic; and

  • (b) postal related products commemorating the Olympic.

• Postal related products defined

  (2) For the purposes of this Act, the expression postal related products means

  • (a) philatelic products or any articles related to such products; or

  • (b) products featuring postage stamps or reproductions of postage stamps and intended as souvenirs whether or not they have any functional purpose.

Marginal note:Price of stamps

7 Olympic stamps may, in accordance with the Post Office Act, be sold at a price equal to

• (a) the amount of the postage rate indicated thereon; and

• (b) such additional amount as may be fixed by regulation of the Postmaster General with the approval of the Governor in Council for the purpose of providing financial assistance to the Olympic.

Marginal note:Disposal of net proceeds

• 8 (1) The net proceeds from the sale of Olympic stamps and postal related products shall be deemed not to be postal revenue within the meaning of the Post Office Act and shall be paid into the Consolidated Revenue Fund.

• Meaning of net proceeds

  (2) For the purposes of this Act, the net proceeds from the sale of Olympic stamps and postal related products are

  • (a) in the case of Olympic stamps,

    • (i) the net proceeds, as determined by the Postmaster General, derived from that part of the sale price of the stamps that is an additional amount described in paragraph 7(b), and

    • (ii) if, in the opinion of the Postmaster General, the sale was made for the purpose of stamp collecting and not for the payment of postage, the net proceeds, as determined by him, derived from the sale of the stamps; and

  • (b) in the case of postal related products, the net proceeds, as determined by the Postmaster General, from the sale of the postal related products.

Marginal note:Agents commission

9 The Postmaster General may authorize agents inside and outside Canada to sell Olympic stamps and postal related products and, notwithstanding paragraph 5(1)(h) of the Post Office Act, may allow to the agents such commission as may be fixed by regulation of the Postmaster General with the approval of the Governor in Council.

Lotteries

Marginal note:Olympic lottery authorized

• 10 (1) Notwithstanding any of the provisions of Part V of the Criminal Code relating to gaming and betting, it is lawful

  • (a) for the Olympic Corporation to cause a lottery scheme to be conducted and managed by the Corporation or by its agent, in accordance with such regulations as may be made by the Governor in Council in that behalf, in a province during any period approved by the lieutenant governor in council of that province for the conducting and managing of the lottery scheme in that province if the proceeds from the lottery scheme are used for the purpose of providing financial assistance for the Olympic and for the development of amateur sport in that province; and

  • (b) for any person, in connection with the lottery scheme and in accordance with the regulations referred to in paragraph (a), to do anything described in any of paragraphs 189(1)(a) to (f) or subsection 189(4) of the Criminal Code, in a province during the period in which it is lawful in accordance with paragraph (a) to conduct the lottery scheme in that province.

• Lottery scheme defined

  (2) In this section, lottery scheme has the meaning given to that expression by section 190 of the Criminal Code.

Olympic Account

Marginal note:Olympic Account

• 11 (1) There shall be established in the accounts of Canada an account to be known as the Olympic Account.

• Marginal note:Credits to Account

  (2) There shall be credited to the Olympic Account

  • (a) the proceeds less production costs, as determined by the Minister of Finance, before deduction of the costs referred to in paragraph (3)(a), derived by Canada from the issue and sale of Olympic coins; and

  • (b) the amount of the net proceeds derived by Canada from the sale of Olympic stamps and postal related products as determined under section 8.

• Marginal note:Charges on Account

  (3) There shall be paid out of the Consolidated Revenue Fund and charged to the Olympic Account

  • (a) all administrative, merchandising, distribution, promotion and other costs incurred by Canada in connection with the distribution and sale of Olympic coins, as determined by the Postmaster General;

  • (b) the net costs, as determined by the Minister of Finance, of any redemption of Olympic coins pursuant to subsection 5(4); and

  • (c) all amounts paid to the Olympic Corporation pursuant to subsection (4).

• Marginal note:Payments to Olympic Corporation

  (4) Subject to such terms and conditions as the Governor in Council may prescribe, the Minister of Finance may authorize the payment, from time to time, to the Olympic Corporation out of the Consolidated Revenue Fund of such part of any amount then standing to the credit of the Olympic Account as exceeds the amount that in his opinion may be required for the payment of the costs referred to in paragraphs (3)(a) and (b).

• Marginal note:Limitation

  (5) The aggregate amount of all payments made to the Olympic Corporation under this section shall not exceed two hundred and sixty million dollars and, subject to subsection (6), no payment shall be made out of the Consolidated Revenue Fund under this section in excess of the amount then standing to the credit of the Olympic Account.

• Marginal note:Permitted deficit

  (6) During the first twelve months after this Act comes into force, payment of the costs referred to in paragraph (3)(a) may be made out of the Consolidated Revenue Fund and charged to the Olympic Account notwithstanding the amount standing to the credit of that Account at the time of payment, but the Olympic Account shall not have a deficiency for any greater amount than five hundred thousand dollars, or have a deficiency at any time after those first twelve months.

Marginal note:Selling price of gold for coins

11.1 With respect to any gold held by or on behalf of the Minister of Finance for the Exchange Fund Account that is used in the production of gold Olympic coins, the Minister of Finance shall, for the purposes of this Act and the Currency and Exchange Act, determine the selling price of that gold on the basis of the market price of the gold when the selling price is determined.