Retirement of old notes and coins.
Section 59
SEC. 59. Retirement of old notes and coins.—The Central Bank may call in for replacement notes of any series or denomination which are more than five years old and coins which are more than ten years old. Notes and coins called in for replacement in accordance with this provision shall remain legal tender for a period of one year from the date of call. After this period, they shall cease to be legal tender but during the following three years, or for such longer period as the Monetary Board may determine, they may be exchanged at par and without charge in the Central Bank and by agents duly authorized by the Central Bank for this purpose. After the expiration of this latter period, the notes and coins which have not been exchanged shall cease to be a liability of the Central Bank and shall be demonetized. The Central Bank shall also demonetize all notes and coins which have been called in and replaced.