Section 306Part 11 — Forgery, Coining and Counterfeiting
Impounding and destruction of counterfeit coin
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306. Any officer of the Government or the manager of any bank who receives, during the performance of that officer’s duties, any coin which that officer has reasonable ground for believing to be counterfeit coin shall impound such coin and transmit it to the Chairperson of the Board of the Cayman Islands Monetary Authority who may cut, deface or destroy it without compensation, as the Chairperson thinks fit, if in the Chairperson’s opinion it is counterfeit. For the purposes of this section the decision of the Chairperson of the Board of the Cayman Islands Monetary Authority that a coin is counterfeit, and that compensation shall be granted or withheld shall be final, and no person shall be entitled to claim and no proceedings or action shall be brought against the Chairperson of the Board of the Cayman Islands Monetary Authority, the Government, the officer of the Government concerned, the manager of the bank concerned or that manager’s bank in respect of any loss or damage suffered by reason of such impounding and cutting defacing or destruction.