When a notice under section 150 takes effect, you can no longer use the bank notes or coins it applies to as legal tender. The Reserve Bank is still responsible for paying out the value of these notes or coins if you take them to the Bank's head office. The notice takes effect on a specific date that is stated in it.
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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS289826.
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When the notice under section 150 takes effect, all bank notes or coins to which it applies cease to be legal tender.
However, the Bank continues to be liable to pay any such bank note or coin on presentation at the head office of the Bank.
The notice takes effect on the date specified in it.
