Council Resolution No. 12 of 2026 — Full Text

Amends: None

Repeals: None

Regulates: None

26CR12

A resolution for an ACT OF STATE to create the national currency; to provide for certain requirements thereof; and to prescribe the powers and duties of the Crown Treasury relating to the monetary policy of the state.

BE IT ENACTED BY THE CROWN-IN-COUNCIL:

Sec. 8.101. This act may be cited as the "Currency Act".

Sec. 8.102. As used in this act:

(a) "Business day" means a day of the week that is not Saturday, Sunday, or an official holiday.

(b) "Exchange rate" means the value of one franc on a given date, expressed in United States dollars and calculated pursuant to this act.

(c) "Monetary policy" means any policy or policies relating to the supply of the national currency or that are designed or intended to influence or affect the economic conditions of the state.

Sec. 8.103. (1) The money of account of the state shall be expressed in francs.

(2) The symbol of the franc shall be "₣". The symbol shall appear before the numeration.

(3) One franc shall be divided into 100 cents.

(4) The symbol of a cent shall be "¢". The symbol shall only be used for amounts not greater than 99 cents and if the numeration is not in decimal form.

Sec. 8.104. The franc shall be treated as legal tender for all debts public and private.

Sec. 8.105. (1) The Crown Treasury may print franc banknotes in the following denominations:

(a) ₣1.00

(b) ₣5.00

(d) ₣20.00

(e) ₣50.00

(f) ₣100.00

(2) The Crown Treasury may mint coins in the following denominations:

(a) ₣0.01

(b) ₣0.05

(d) ₣0.25

(e) ₣0.50

(f) ₣1.00

Sec. 8.106. The Crown Treasury shall establish the form of franc banknotes.

Sec. 8.107. (1) For 1.00 United States dollar, the exchange rate in francs is the sum total of the following components, as calculated on a given date using the prevailing market quotation for each component, rounded to the nearest hundredth:

(a) The value of 1.00 United States dollar, multiplied by 5.0.

(b) The value of 1.00 Canadian dollar expressed in United States dollars, multiplied by 2.5.

(d) The value of 1.0 troy ounce of gold expressed in United States dollars, divided by 31.1035 and multiplied by 0.75.

(e) The value of 1.0 ounce of platinum expressed in United States dollars, divided by 28.6495 and multiplied by 0.25.

(2) Beginning not later than January 1, 2027, the Lord High Treasurer shall publish the exchange rate in a conspicuous physical or electronic location not later than 12:00 UTC each business day.

Sec. 8.108. (1) The Crown Treasury shall maintain reserve holdings equal to not less than 100% of all francs in circulation.

(2) Reserve holdings must consist of the components provided for under ECL 8.107 as follows:

(a) Deposits or securities denominated in United States dollars, Canadian dollars, or euros.

(b) Physical, allocated, or exchange-traded gold or platinum bullion of standard fineness or equivalent commodity instruments.

(3) The Crown Treasury shall maintain reserve holdings directly or through authorized custodial institutions in recognized international markets.

Sec. 8.109. The Lord High Treasurer shall regularly review the valuation provided for under ECL 8.107 and recommend to the Council of State any corrective adjustments to the reference quantities of component assets deemed necessary based on the average market value of the franc.

Sec. 8.110. (1) The Crown Treasury may, subject to subsection (2), promulgate any monetary policy deemed to be necessary and proper for the sound management of the national currency.

(2) A policy change proposed under this section shall enter into effect unless the Council of State, by a two-thirds majority vote of its membership, votes to reject the proposed policy change.