• Chapter Sixteen Chapter Sixteen General and Temporary Provisions

    • Article 108

      All decrees, regulations, decisions, rules, notices and directions made or issued under the provisions of the Bahrain Currency Decree No. (6) of 1964 and its amendments and supplements, that are in force on the date of the coming into force of this Law, shall be deemed to have been made and issued as a part of this Law, and shall remain in force until amended by virtue of other provisions to be issued pursuant to this Law.

    • Article 109

      The promulgation of this Law and the establishment of the Agency shall have the following consequences:

      A — The Bahrain Currency Board set up by virtue of Chapter One of the Bahrain Currency Decree, as amended, shall definitively cease to operate or engage in any other activity, provided however that the Minister of Finance may authorize the Bahrain Currency Board to continue to operate for such interim period, not exceeding six months, as is necessary or appropriate for the sole purpose of liquidating its operations.
      B — Title to all assets and liabilities of the Bahrain Currency Board shall pass to the Agency, and in case assets exceed liabilities, the excess alone shall be posted to the Reserve Account of the Agency.
      C — In the application of the provisions of this Law, currency notes and coins issued by the Bahrain Currency Board shall be deemed as issued by the Agency.

    • Article 110

      Bahrain Currency Decree No. (6) of 1964 and its amendments and supplements are hereby abrogated.

    • Article 111

      Every act performed by the Minister of Finance and every preliminary expenditure he has approved for the establishment of the Agency, shall have the same force and effect as if it had been performed or approved by the Agency, and the Agency shall continue any act or other measure he had started pursuant to and in accordance with the provisions of this Law but had not completed upon the date of establishment of the Agency.

    • Article 112

      The Minister of Finance shall issue the decisions necessary for the implementation of this Law. The date on which the provisions of this Law shall, in whole or in part, come into force shall be determined by a decision of the Minister of Finance, which shall be published in the Official Gazette.