2006 New York Code - Definitions.



 
    § 5-1601. Definitions. As used in this title the following terms shall
  have the following meanings:
    1.  "Euro"  shall  mean the currency of participating member states of
  the European Union that adopt a single currency in accordance  with  the
  treaty  on  European  Union  signed  February  seventh, nineteen hundred
  ninety-two.
    2.  "Introduction  of  the  euro"   shall   mean   and   include   the
  implementation  from  time  to  time  of  economic and monetary union in
  member states of the European Union in accordance  with  the  treaty  on
  European Union signed February seventh, nineteen hundred ninety-two.
    3.  "ECU"  or  "European Currency Unit" shall mean the currency basket
  that is from time to time used as the unit of account  of  the  European
  Community  as  defined in European Council Regulation No.  3320/94. When
  the euro first becomes the monetary unit of participating member  states
  of  the European Union, references to the ECU in a contract, security or
  instrument that also refers to such  definition  of  the  ECU  shall  be
  replaced  by  references  to  the euro at a rate of one euro to one ECU.
  References to the ECU in a contract, security or instrument without such
  a definition of the ECU shall be presumed, unless either demonstrated or
  proven to the contrary by the intention of the parties, to be references
  to the currency basket that is from time to time used  as  the  unit  of
  account of the European Community.

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