s.3Substituted Currency
3
Section 3Part 0 —

Substituted Currency

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If a subject of, or medium of payment under, a contract, security or instrument is a currency that has been substituted or replaced by the euro, the euro may be either —
used in determining the value of that currency; or
tendered,
in each case at the conversion rate specified in, or otherwise calculated in accordance with, the regulations adopted by the Council of the European Union.
If a subject of, or medium of payment under, a contract, security or instrument is the ECU, the euro may be either —
used in determining the value of the ECU; or
tendered,
in each case at the conversion rate specified in, or otherwise calculated in accordance with, the regulations adopted by the Council of the European Union.
Payment under a contract, security or instrument specified in subsections (1) or (2) may be made in the currency originally designated in the contract, security or instrument, (so long as that currency remains legal tender), or in the euro, but not in any other currency.

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