ACCP members have the LEGAL RIGHT to use Consumer Notes to purchase goods and services that are consumed.
Here is what the following Acts have to say regarding Consumer Purchases:
Bills of Exchange Act—Part V:
Section 188. Reads,
· “consumer purchase” means a purchase, other than a cash purchase, of goods or services or an agreement to purchase goods or services
(a) by an individual other than for resale or for use in the course of his business, profession or calling and
(b) From a person who is engaged in the business of selling or providing those goods or services;
· “goods” means any article that is or may be the subject of trade or commerce, but does not include land or any interest therein;
· “services” includes repairs and improvements.
Section 190. Reads,
· Consumer bill or note to be marked (1) Every consumer bill or consumer note shall be prominently and legibly marked on its face with the words “Consumer Purchase” before or at the time when the instrument is signed by the purchaser or by any person signing to accommodate the purchaser.
Bank of Canada Act:
WHEREAS it is desirable to establish a central bank in Canada to regulate credit and currency in the best interests of the economic life of the nation, to control and protect the external value of the national monetary unit and to mitigate by its influence fluctuations in the general level of production, trade, prices, and employment, so far as may be possible within the scope of monetary action, and generally to promote the economic and financial welfare of Canada;
Business and Powers of the Bank; Section 18 Reads,
The Bank may . . .
(o) accept deposits of money that are authorized or required by an Act of Parliament to be transferred to the Bank, and, in accordance with the Act, pay interest on money so deposited and pay out money to any person entitled to it under that Act; and
(p) carry on any business activity that is incidental to or consequential on something the Bank is allowed or required to do by this Act.