| (1) | A tender, including a tender by the Bank itself, of a note of the Bank or of an outstanding note of another bank for which the Bank has assumed liability in terms of section 15(3)(c) of the Currency and Banking Act or in terms of any agreement entered into with another bank before or after the commencement of this Act, shall be a legal tender of payment of an amount equal to the amount specified on the note. |
| (2) | A tender, including a tender by the Bank itself, of an undefaced and unmutilated coin which is lawfully in circulation in the Republic and of current mass, shall be a legal tender of payment of money— |
| (a) | in the case of gold coins, in settlement of any amount, and the value of each gold coin so tendered shall be equal to the net amount at which the bank is prepared to purchase that gold coin on the day of such tender thereof; and |
| (b) | in the case of other coins, in settlement, per individual transaction, of a total amount not exceeding— |
| (i) | fifty rand, where coins of the denomination of one rand or higher are so tendered; |
| (ii) | five rand, where coins of denominations of ten cents up to and including fifty cents are so tendered; |
| (iii) | fifty cents, where coins of the denomination of five cents or less are so tendered, |
and the value of each coin so tendered shall be equal to the amount specified on that coin.
