Section 4 Obligations, awards and judgments expressed in foreign currency.X1

(1)

The provisions specified in subsection (2) below shall cease to have effect.

(2)

The provisions mentioned in subsection (1) above are—

(a)

in the M1Bills of Exchange Act 1882—

(i)

section 57(2) (measure of damages for bills dishonoured abroad), and

(ii)

section 72(4) (rate of exchange), and

(b)

the following provisions (which require the conversion to United Kingdom currency as at the date of registration of the judgments and awards to which they relate)—

(i)

section 2(3) of the M2Foreign Judgments (Reciprocal Enforcement) Act 1933 ;

(ii)

section 1(3) of the M3Arbitration (International Investment Disputes) Act 1966, and

(iii)

Article 3(2) of the M4European Communities (Enforcement of Community Judgments) Order 1972.

(3)

The provisions specified in subsection (2)(a) above shall continue to have effect in relation to bills drawn before the coming into force of this section.

(4)

The provisions specified in subsection (2)(b) above shall continue to have effect in relation to judgments and awards registered before the coming into force of this section.

Annotations

Marginal citations

M1: 1882 c. 61.
M2: 1933 c. 13.
M3: 1966 c. 41.
M4: S.I. 1972/1590.

Editorial notes

X1: The text of ss. 1(1), 4, 5, 11, 12, 17(2), 19(2)(5), 24, 26(1), 28, 29, 32(4) Schs. 3, 5 does not reflect any amendments or repeals which may have been made prior to 1.2.1991.