[ Search ] [ Legislation ] [ Bill Summary ]
[ Home ] [ Back ] [ Bottom ]
| [ Introduced ] | [ Engrossed ] | [ Enrolled ] |
90_HB1418ham001
LRB9004773SMdvam03
1 AMENDMENT TO HOUSE BILL 1418
2 AMENDMENT NO. . Amend House Bill 1418 by replacing
3 everything after the enacting clause with the following:
4 "Section 1. Short title. This Act may be cited as the
5 Euro Conversion Act.
6 Section 5. Definitions. As used in this Act:
7 "Euro" means the currency of participating member states
8 of the European Union that adopt a single currency in
9 accordance with the Treaty on European Union of February 7,
10 1992.
11 "Introduction of the euro" includes the implementation
12 from time to time of Economic and Monetary Union in member
13 states of the European Union pursuant to the Treaty on
14 European Union of February 7, 1992.
15 "ECU" or "European Currency Unit" means the currency
16 basket that is from time to time used as the unit of account
17 of the European Community as defined in European Council
18 Regulation No. 3320/94.
19 Section 10. Continuity of contract.
20 (a) If a subject or medium of payment of a contract,
21 security, or instrument is a currency that has been
-2- LRB9004773SMdvam03
1 substituted or replaced by the euro, the euro shall be a
2 commercially reasonable substitute and substantial equivalent
3 that may be either (i) used in determining the value of that
4 currency or (ii) tendered, in each case at the conversion
5 rate specified in, and otherwise calculated in accordance
6 with, the regulations adopted by the Council of the European
7 Union.
8 (b) If a subject or medium of payment of a contract,
9 security, or instrument is the ECU, the euro shall be a
10 commercially reasonable substitute and substantial equivalent
11 that may be either (i) used in determining the value of the
12 ECU or (ii) tendered, in each case at the conversion rate
13 specified in, and otherwise calculated in accordance with,
14 the regulations adopted by the Council of the European Union.
15 (c) Performance of any of the obligations described in
16 subsections (a) or (b) of this Section may be made in the
17 currency or currencies originally designated in the contract,
18 security, or instrument, (so long as that currency or those
19 currencies remain legal tender), or in the euro, but not in
20 any other currency, whether or not the other currency (i) has
21 been substituted or replaced by the euro or (ii) is a
22 currency that is considered a denomination of the euro and
23 has a fixed conversion rate with respect to the euro.
24 Section 15. Substituted currency does not change
25 contract requirements. None of the following shall have the
26 effect of discharging or excusing performance under any
27 contract, security, or instrument, or give a party the right
28 unilaterally to alter or terminate any contract, security, or
29 instrument:
30 (1) The introduction of the euro.
31 (2) Tendering euros in connection with any
32 obligation in compliance with subsections (a) or (b) of
33 Section 10.
-3- LRB9004773SMdvam03
1 (3) Determining the value of any obligation in
2 compliance with subsections (a) or (b) of Section 10.
3 (4) Calculating or determining the subject or
4 medium of payment of a contract, security, or instrument
5 with reference to a substituted or replaced interest rate
6 or other basis that is deemed a commercially reasonable
7 substitute and substantial equivalent according to the
8 terms of Section 10 of this Act.
9 Section 20. This Act is subject to anything that the
10 parties to a contract agree with specific reference to the
11 introduction of the euro.
12 Section 25. Reference to "ECU" in contracts. When the
13 euro first becomes the monetary unit of participating member
14 states of the European Union, a reference to the ECU in a
15 contract, security, or instrument that also refers to the
16 definition of the ECU in Section 5 shall be replaced with a
17 reference to the euro at a rate of one euro to one ECU. A
18 reference to "ECU" in a contract, security, or instrument
19 without defining "ECU" shall carry a presumption, rebuttable
20 by a showing of the contrary intention of the parties, that
21 it is a reference to the currency basket that is from time to
22 time used as the unit of account of the European Community.
23 Section 30. Statutory construction. This Act shall
24 apply to all contracts, including commercial contracts
25 governed by any other law of this State, and shall not be
26 deemed to be displaced by the provisions of any other law of
27 this State.
28 Section 99. Effective date. This Act takes effect upon
29 becoming law.".