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(1)Subject to the provisions of this section and of any order made under section 11 of this Act, where an enactment or subordinate instrument passed or made before the appointed day contains a reference to an amount of money in the old currency which is not a whole number of pounds, that reference shall, in so far as it refers to an amount in shillings or pence, be read on and after that day as referring to the equivalent of that amount in the new currency.
(2)Subsection (1) of this section—
(a)does not apply to any reference contained in this Act or any instrument made thereunder or in any other enactment or subordinate instrument relating to coinage or currency, whenever passed or made; and
(b)in the case of an enactment or subordinate instrument passed or made after the passing of the M1Decimal Currency Act 1967 does not apply if a contrary intention appears.
(3)On and after the appointed day the enactments mentioned in Schedule 2 to this Act (which contain references to amounts of money in the old currency of which the equivalent in the new currency is neither a new penny nor a multiple thereof) shall have effect subject to the amendments provided for by that Schedule.
(4)Where the expenses of any body established by a local instrument fall to be defrayed out of a common fund (however described) to which under any local instrument two or more authorities may be required to contribute in proportions determined by reference to the estimated or actual product of a rate of a penny in the pound, then in any local instrument that provides (in whatever terms) for the fixing or subsequent adjustment of the contributions of those authorities, references to the estimated or actual product of such a rate shall, in relation to contributions of those authorities for any period beginning after 31st March 1971, be read as references to the estimated or actual product of a rate of a new penny in the pound.
(5)In this section “local instrument” means a local Act, any instrument made under a local Act, or any instrument of a local nature made under a public Act.
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