CURRENCY ACT, 1927

• (4) Consolidated bank notes shall be deemed to be bank notes within the meaning of the Forgery Act, 1913, and any other enactment relating to offences in respect of bank notes for the time being in force in Saorstát Eireann and to be valuable securi- ties within the meaning of the Larceny Act, 1861, the Larceny Act, 1916, and any other law relating to stealing which is for the time being in force in Saorstát Eireann.

52 Issue of consolidated bank notes.

52.—(1) Subject to the limitations and conditions specified in this Act and to compliance with the provisions of this section, the Commission may issue to any Shareholding Bank such amount of consolidated bank notes in such denominations authorised by this Act as such Bank shall from time to time apply for.

• (2) The total amount of the consolidated bank notes at any time outstanding (otherwise than on an extraordinary issue) with a Shareholding Bank shall not exceed the total amount of the liquid sound advances by such Bank to persons in Saorstát Eireann proved to the satisfaction of the Commission to exist at that time.

• (3) Proof for the purposes of the foregoing sub-section of the existence of liquid sound advances by a Shareholding Bank to persons in Saorstát Eireann shall be given by such Bank to the Commission in such manner as the Commission shall direct or allow and for the purposes of such proof the Chairman or a permanent officer of the Commission specially authorised in that behalf in writing by the Chairman may inspect the relevant books and documents of such Bank.

• (4) The Commission may require any Shareholding Bank to give to the Commission security to such amount as the Commission shall direct for consolidated bank notes theretofore or thereafter issued to such Bank by the transfer (by way of security only and not absolutely) to the Commission of assets of such Bank acceptable to the Commission or by such charge in favour of the Commission on such assets of such Bank as shall be acceptable to the Commission.

• (5) The taking of security by the Commission from a Shareholding Bank under this section in respect of consolidated bank notes issued to such Bank shall not prejudice or affect the liability under this Act of such Bank in respect of such consolidated bank notes nor the rights under this Act of the Commission in respect of such consolidated bank notes nor of the holder of any such note.

• (6) References in this Act to consolidated bank notes outstanding with a Shareholding Bank shall be construed as referring to and including all consolidated bank notes which at the time to which the reference relates have been issued by the Commission to that Shareholding Bank and have not been returned to the Commission for retirement.

53 Limit of amount of consolidated bank notes.

53.—(1) In this Part of this Act—

the expression “maximum limit” means the maximum amount of consolidated bank notes which may under this Act be outstanding otherwise than on an extraordinary issue made under this Act at the time in reference to which the expression is used and the expression “initial period” means the period of two years from the 31st day of March or the 30th day of September, whichever first occurs next after the day appointed under this Act for the commencement of the issue of consolidated bank notes.

• (2) The Commission shall take such steps, by restriction of issue or otherwise as it thinks fit, to ensure that the amount of consolidated bank notes outstanding at any one time exclusive of consolidated bank notes outstanding at any one time exclusive of consolidated bank notes outstanding on an extraordinary issue made under this Act does not exceed the amount appointed by or under this section to be the maximum limit for that time.

• (3) Save as is otherwise provided in this section, the maximum limit during the initial period shall be six million pounds.

• (4) At or within one month before the expiration of the initial period and of every period of three years thereafter, the Commission shall consider the maximum limit and may, on such consideration at or before the expiration of the initial period by unanimous vote and, on such consideration at or before the expiration of any triennial period by majority vote fix the maximum limit at such amount as it considers proper having regard to the total amount of liquid sound advances by Shareholding Banks to persons in Saorstát Eireann then existing, and other assets and liabilities of the Shareholding Banks, and such other matters as it considers relevant, and if the Commission on the occasion of any such consideration so fixes the maximum limit, the same shall be the maximum limit for the ensuing triennial period, and if at or before the expiration of the initial period the Commission does not so fix the maximum limit the maximum limit for the first triennial period shall be six million pounds and if at or before the expiration of any triennial period the Commission does not so fix the maximum limit the maximum limit for the then ensuing triennial period shall be the same as the maximum limit for the then expiring triennial period.

• (5) If the average amount of legal tender notes outstanding during any half-year which expires during the initial period is not less than six million pounds the Commission by a vote of not less than five of its members may, if it so thinks fit, fix the maximum limit at such amount as it considers proper having regard to the total amount of liquid sound advances by Shareholding Banks to persons in Saorstát Eireann then existing and such other matters as it considers relevant and if and whenever the maximum limit is so fixed the same shall be and continue to be the maximum limit until the expiration of the initial period or the fixing of a maximum limit under the next following sub-section whichever shall first happen.

• (6) If the average amount of legal tender notes outstanding during any half-year together with the average amount of gold coins which are for the time being legal tender under this Act in Saorstát Eireann for unlimited amounts estimated by the Commission to have been in circulation or held by bankers in Saorstát Eireann during such half-year does not exceed four million pounds the Commission may, if it so thinks fit, during the ensuing half-year fix the maximum limit at the sum of one million pounds in excess of the aggregate of the said average amounts and if and whenever the maximum limit is so fixed the same shall notwithstanding anything to the contrary contained in this section be and continue to be the maximum limit until the Commission fixes under the next following sub-section some other maximum limit.

• (7) Whenever the Commission has fixed a maximum limit under the foregoing sub-section, the Commission may at any time thereafter remove such maximum limit and if such maximum limit is so removed during the initial period the Commission shall forth with fix the maximum limit at six million pounds and if such first-mentioned maximum limit is so removed after the expiration of the initial period the Commission shall forthwith fix the maximum limit at such amount as it considers proper having regard to the total amount of liquid sound advances by Shareholding Banks to persons in Saorstát Eireann then existing and other assets and liabilities of the Shareholding Banks and such other matters as it considers relevant, and whenever the Commission fixes a maximum limit under this sub-section such maximum limit shall be and continue to be the maximum limit during the residue of the initial period or the triennal period (as the case may be) then current.

• (8) The Commission shall not at any time fix the maximum limit at a sum exceeding six million pounds without the previous consent of the Minister.

• (9) If the period commencing on the day appointed under this Act for the commencement of the issue of consolidated bank notes and ending on the next ensuing 31st day of March or 30th day of September, whichever first occurs, exceeds three months such period shall for the purpose of this section be deemed to be a half-year, and if such period does not exceed three months such period and the next ensuing half-year shall for the purpose of this section be deemed to form together one half-year.

54 Allotment of consolidated bank notes amongst Shareholding Banks.

54.—(1) The Commission shall take such steps as it thinks proper to ensure that the amount of consolidated bank notes outstanding with any particular Shareholding Bank at any one time otherwise than on an extraordinary issue does not exceed the quota or proportion of the maximum limit at that time assigned to such Bank under this section.

• (2) If and so long as no Bank other than the Banks named in the Third Schedule to this Act is a Shareholding Bank and whether all or some only of such Banks are Shareholding Banks the quota of each Shareholding Bank shall, unless and until otherwise provided under this section, be the proportion which the sum set out in the said Third Schedule opposite to the name of such Bank bears to the sum of six million pounds.

• (3) At or within one month before the expiration of the initial period and the expiration of every period of three years thereafter the Commission shall consider the quotas of the several Shareholding Banks and may vary the amounts of all or any of such quotas (including the fixing of the quota of a Bank which has become a Shareholding Bank during the then expiring initial or triennial period and the distribution of the quota formerly belonging to a Bank which has during such initial or triennial period ceased to be a Shareholding Bank) in such manner as the Commission may think proper having regard to the relative volume of the liquid sound advances of each Shareholding Bank and to any amalgamation, partition, transfer, or other change which may have occurred amongst the Shareholding Banks, and such other matters as it considers relevant, and the quota which is on any such occasion fixed by the Commission for any Shareholding Bank shall be the quota of such Bank during the ensuing triennial period and if on any such occasion the quota of any Shareholding Bank is not varied by the Commission, the quota of such Bank during the ensuing triennial period shall be the same as its quota during the preceding initial or triennial period.

• (4) Whenever after the establishment of the Commission a Bank becomes a Shareholding Bank no consolidated bank notes shall be issued to such Bank during the residue of the initial or triennial period then current.

• (5) Whenever any amalgamation, partition, transfer, or other change occurs amongst the Shareholding Banks the Commission shall make such (if any) adjustment of the quotas of the Banks concerned in or affected by such change as in the opinion of the Commission the circumstances require.

55 Extraordinary issues of consolidated bank notes.

55.—Whenever a Shareholding Bank is for any reason temporarily unable to comply with the provisions of this Act in relation to the issue to it of consolidated bank notes or the having such notes outstanding and also whenever a Shareholding Bank has outstanding the whole of its quota and temporarily requires a further issue of consolidated bank notes, the Commission may if it so thinks fit by unanimous vote and with the consent of the Minister make to such Bank an extraordinary issue of consolidated bank notes but such extraordinary issue shall be subject to the conditions imposed in regard thereto by this Act and also to the condition that the Commission may in addition to its powers under any other section of this Act, require such bank to give or provide to the Commission such security as the Commission shall direct and also to the limitations that such extraordinary issue shall not continue for more than twelve months and may be terminated by the Commission at any time during such twelve months and that the amount of consolidated bank notes outstanding at any one time on such extraordinary issue shall not exceed the amount at that time of the accumulated profits in excess of capital of such Bank.

56 Limit on issue of consolidated bank notes to particular banks.

56.—(1) In the case of a Shareholding Bank which under the law of any place outside Saorstát Eireann is entitled to issue bank notes in that place, the Commission shall, notwithstanding anything contained in this Act, take such steps as it thinks proper to ensure that the amount of consolidated bank notes outstanding with such Bank (otherwise than by virtue of an extraordinary issue) at any one time together with the amount of the bank notes of such Bank issued in such place outside Saorstát Eireann which are estimated by the Commission to be in circulation at that time on a fiduciary basis shall not form an excessive proportion in the opinion of the Commission of the total amount of the advances made (whether in or outside Saorstát Eireann) at that time by such Bank to its customers.

• (2) Any abatement under this section during the course of the initial or triennial period of the amount of consolidated bank notes which may be outstanding with such Bank (otherwise than by virtue of an extraordinary issue) shall be effected only by unanimous vote of the Commission but no ordinary Commissioner shall vote on or otherwise take part in proceedings under this section in relation to a Bank of which he is a director or by which he is employed.

57 Retirement and cancellation of consolidated bank notes.

57.—The Commission shall make by regulation or otherwise such arrangements as it thinks proper for the retirement by Shareholding Banks of consolidated bank notes issued to them under this Act (including the retirement of any such notes which have become worn or damaged and the issue of new notes in lieu thereof) and for the cancellation and destruction by or on behalf of the Commission of such retired consolidated bank notes as it does not think proper to preserve for re-issue.

58 Responsibility of Shareholding Banks for payment of consolidated bank notes.

58.—(1) Every consolidated bank note shall have printed thereon the name of the Shareholding Bank to which such note is issued by the Commission and in this section the expression “responsible Bank” means the Shareholding Bank whose name is so printed on the consolidated bank note in relation to which the expression is used.

• (2) Save as authorised by the Commission under this section no Shareholding Bank shall pay out to any person (other than the responsible Bank) any consolidated bank note in respect of which it is not itself the responsible Bank.

• (3) The Commission by general regulation or particular direction may, if special circumstances appear to the Commission to render such course expedient, by unanimous vote authorise a Shareholding Bank to pay out consolidated bank notes in respect of which it is not itself the responsible bank during such period, to such extent and subject to such conditions as the Commission thinks fit.

• (4) The amount of every consolidated bank note shall be payable by the responsible Bank on presentation at its principal office in Dublin on any day which is not a Sunday or a Bank holiday and during the time for which such Bank is ordinarily open for business on such day, and such amount shall be so payable in coins or notes (at the option of such Bank) which are at the time of such presentation legal tender in Saorstát Eireann for such amount.

• (5) Whenever the responsible Bank fails to pay in accordance with the foregoing sub-section a consolidated bank note duly presented to it in accordance with that sub-section, the holder of such note may either—

• (a) recover the amount of such note from the responsible Bank by action in any Court of competent jurisdiction or, in the event of such Bank going into liquida- tion, prove in such liquidation for the amount of such note, or

• (b) present such note to the Commission at its principal office in Dublin together with such evidence as the Commission may require of the due presentation of such note to the responsible Bank and the failure of such Bank to pay the amount thereof.

• (6) Whenever a consolidated bank note is presented under this section to the Commission, the Commission shall receive such note and shall recover the amount thereof from the responsible Bank by action, claim, or proof on such note (for which purpose the Commission shall be deemed to be the holder of the note) or by resort to and enforcement of the security held by it from the responsible Bank.

• (7) Whenever a consolidated bank note is duly presented to the Commission under the foregoing sub-section the Commission shall, as its own option, either—

• (a) pay to the person who presented such note or his legal representative all moneys recovered from the responsible Bank by the Commission on foot of such note and, if such moneys are less than the amount of such note, pay the deficiency to such person or his legal representative out of the note reserve fund, or

• (b) as soon as may be convenient after the presentation of such note, pay to such person or his legal representative the amount of such note out of the note reserve fund and pay all moneys recovered from the responsible Bank on foot of such note into the note reserve fund.

All moneys paid out of the note reserve fund under this sub-section by the Commission to a person or the legal representative of a person who presented a consolidated bank note shall bear interest payable by the responsible Bank to the Commission at such rate as the Commission shall appoint and recoverable by the Commission from such Bank as a civil debt.

• (8) Every Shareholding Bank shall be liable and responsible to the holder of a consolidated bank note in respect of which such Bank is the responsible Bank for the amount of such note and such amount may be recovered by such holder from such Bank by process of law.

• (9) For the purposes of section 6 of the Bank of Ireland Act 1821, section 2 of the Bankers (Ireland) Act 1825, and section 1 of the Bankers (Ireland) Act, 1845, every consolidated bank note shall be the note of and be deemed to have been issued by the Shareholding Bank (unless such Bank is the Bank of Ireland) which is under this section the responsible Bank in respect of such note and accordingly every shareholder and stockholder of such Bank shall be liable and responsible for the due payment of such note, but this sub-section shall not apply to the Bank of Ireland.

• (10) For the purposes of section 20 of the Act of the Irish Parliament entitled “An Act for establishing a bank by the name of the Governors and Company of the Bank of Ireland” and passed in the year 1781-82, the amount of every consolidated bank note in respect of which the Bank of Ireland is the responsible Bank shall be a debt due by the said Bank to the holder of such note, and the said section shall apply accordingly.

• (11) For the purposes of section 251 of the Companies (Consolidation) Act, 1908 every Shareholding Bank shall be a “bank of issue” and every consolidated bank note in respect of which such Bank is the responsible Bank shall be a note of such Bank, and the said section shall apply accordingly.

• (12) In this section the expression “Shareholding Bank” includes a bank which has ceased to be a Shareholding Bank but with which consolidated bank notes remain outstanding and not covered by a deposit of Saorstát gold coins or legal tender notes with the Commission in accordance with this Act.

59 Consolidated bank notes of Bank which ceases to be a Shareholding Bank.

59.—Whenever a Shareholding Bank ceases to be a Shareholding Bank it shall within six months after such cesser deposit with the Commission such amount of Saorstát gold coins which are legal tender under this Act for unlimited amounts or of legal tender notes as shall be equal to the amount of consolidated bank notes outstanding with it at the time of such deposit and thereupon—

• (a) such Bank shall cease to be liable to pay the amount of any such consolidated bank note or to pay any payment on consolidated bank notes in respect of any such note for any period subsequent to such deposit, and

• (b) the Commission shall surrender to such Bank all securities then held by it from such Bank in respect of such consolidated bank notes, and

• (c) all such consolidated bank notes shall be payable by the Commission on presentation at its principal office in Dublin and the amount so deposited by such Bank with the Commission shall be held by the Commission in trust to provide the moneys for so paying such consolidated bank notes, and

• (d) such consolidated bank notes shall not for any purpose relating to the maximum limit or to the quota of any Shareholding Bank, be reckoned as consolidated bank notes outstanding.

60 Prohibition of bank notes other than consolidated bank notes.

60.—(1) When and so soon as the Commission is in a position to issue consolidated bank notes the Commission shall by notice in writing sent to every Shareholding Bank and published in the Iris Oifigiúil appoint a day (in this section referred to as the appointed day) on which it will commence the issue of consolidated bank notes in accordance with this Act and the day so appointed shall not be less than fourteen days after the sending and publication of the said notice and shall not be earlier than the day appointed under this Act for the commencement of the issue of legal tender notes.

• (2) On and after the appointed day it shall not be lawful for any bank whether it is or is not a Shareholding Bank to issue or pay out, save as authorised by the Commission under this section, any bank notes other than consolidated bank notes and if any bank shall issue or pay out any bank note in contravention of this section such bank shall be liable to pay to the Commission a sum equal to one-tenth of the amount of such note.

• (3) The Commission may in its absolute discretion authorise by general regulation or particular direction any bank to issue and pay out or to pay out after the appointed day such bank notes (other than consolidated bank notes) during such period, to such extent, and subject to such conditions as the Commission thinks fit and the Commission shall make regulations under this sub-section for the purpose of enabling reasonable facilities to be given by banks to persons about to travel out of Saorstát Eireann for obtaining bank notes other than consolidated bank notes.

• (4) The Commission shall determine, in such manner as it thinks fit, in respect of every Bank which is at the passing of this Act a bank of issue the proportion of the notes of such Bank outstanding (including notes in the tills or vaults of such Bank) immediately before the appointed day which appertains to Saorstát Eireann and such proportion of such notes shall on or as soon as may be after the appointed day be redeemed cancelled and destroyed in such manner as the Commission shall direct and in the case of a first Shareholding Bank so much of such proportion as is for the time being not so redeemed shall for the purpose of payments on consolidated bank notes by such Bank and for the purpose of the issue of consolidated bank notes to such Bank be deemed up to one half of the quota of such Bank to be consolidated bank notes outstanding with such Bank otherwise than on an extraordinary issue.

• (5) Every sum payable to the Commission by a bank under this section shall be recoverable by the Commission as a civil debt in any court of competent jurisdiction.

PART VII. Financial.

61 Legal tender note fund.

61.—(1) The Commission shall keep a separate capital fund to be called the legal tender note fund and shall maintain and manage such fund in accordance with this Act.

• (2) All gold bullion, moneys, securities, and funds (other than legal tender notes and other than moneys paid by way of a charge for refining gold bullion or a charge corresponding to a charge for coining) paid or transferred to the Commission by any person or from any fund for legal tender notes issued by the Commission to such person or fund shall be carried to the legal tender note fund.

• (3) The capital of the legal tender note fund shall be held by the Commission or at its disposal in such one or more of the following forms as the Commission in its absolute discretion shall think proper and in no other form, that is to say:—

• (a) gold bullion;

• (b) gold coins which are for the time being legal tender in Saorstát Eireann for unlimited amounts;

• (c) money in any form which is for the time being legal tender in Great Britain for unlimited amounts;

• (d) British Government securities maturing within twelve months;

• (e) sterling balances on current or deposit account at the London Agency or any Bank in Great Britain or Northern Ireland.

• (4) The Commission shall in its absolute discretion determine from time to time as occasion requires the allocation of the capital of the legal tender note fund amongst the several forms mentioned in the foregoing sub-section or any of them.

• (5) All dividends and interest received by the Commission in respect of the capital of the legal tender note fund shall be carried as income to the general fund.

• (6) The Commission may, if and whenever it thinks fit, borrow temporarily for the purposes of the legal tender note fund, and may pledge the capital or any part of the capital of the legal tender note fund as security for such borrowing and shall charge all interest on such borrowing against the income of the general fund.

• (7) At the end of every half-year the Commission shall value in accordance with current market values the capital assets of the legal tender note fund and shall ascertain the extent of the net surplus or deficiency, if any, of such capital assets as so valued (less by the capital amount of any temporary borrowing under the foregoing sub-section then outstanding) above or below the amount of legal tender notes outstanding at the end of such half-year, and shall as soon as may be after such ascertainment transfer (as the case may require) from or to the legal tender note fund to or from the note reserve fund capital assets in any one or more of the forms mentioned in sub-section (3) of this section equal in value to the amount of such surplus or deficiency, if any.

62 The note reserve fund.

62.—(1) The Commission shall keep a separate capital fund to be called the note reserve fund and shall maintain and manage such fund in accordance with this Act and shall pay into such fund all moneys which are by this Act required to be paid thereinto and shall pay out of such fund all moneys which are by this Act required to be paid thereout.

• (2) The capital of the note reserve fund shall be held by the Commission or at its disposal in such one or more of the following forms as the Commission in its absolute discretion shall think proper and in no other form, that is to say:—

• (a) gold bullion;

• (b) gold coins which are for the time being legal tender in Saorstát Eireann for unlimited amounts;

• (c) money in any form which is for the time being legal tender in Great Britain for unlimited amounts;

• (d) British Government securities;

• (e) securities guaranteed by the British Government;

• (f) sterling balances on current or deposit account at the London Agency or any Bank in Great Britain or Northern Ireland;

• (g) legal tender notes.

• (3) Subject to the restriction that not more than one-tenth of the capital of the note reserve fund may at any time be held in the form of legal tender notes the Commission shall in its absolute discretion determine from time to time as occasion requires the allocation of the capital of the note reserve fund amongst the several forms mentioned in the foregoing sub-section or any of them.

• (4) All dividends and interest received by the Commission in respect of the capital of the note reserve fund shall be carried as income to the general fund.

• (5) The Commission may, if and whenever it thinks fit, borrow temporarily for the purposes of the note reserve fund and may pledge the capital or any part of the capital of the note reserve fund as security for such borrowing and shall charge all interest on such borrowing against the general fund.

• (6) At the end of every half-year the Commission shall value in accordance with current market values the capital assets of the note reserve fund and shall ascertain the extent of the net deficiency, if any, of such capital assets as so valued (less by the capital amount of any temporary borrowing under the foregoing sub-section and the value of any capital assets then transferable to the legal tender note fund, but with the addition of any capital assets then transferable from the legal tender note fund) below one tenth of the maximum amount of consolidated bank notes which might under this Act be outstanding (otherwise than on an extraordinary issue) on the last day of such half-year and, if on any such ascertainment any such deficiency is found to exist, shall as soon as may be transfer to the note reserve fund from the general fund in any of the forms mentioned in sub-section (2) of this section an amount equivalent to whichever of the following amounts is the less, that is to say:—

• (a) the amount of such deficiency, or

• (b) one-fifth of the surplus of the total amount received by the Commission during such half-year on account of dividends and interest in respect of the capital of the legal tender note fund and the capital of the note reserve fund remaining after deducting from such total amount all (if any) interest payable during such half-year on any temporary borrowing for the purposes of either of such funds.

63 General Fund.

63.—(1) The Commission shall keep a separate fund to be called the general fund and shall maintain and manage such fund in accordance with this Act.

• (2) The Commission shall carry to the general fund all moneys received by the Commission and not required by this Act to be carried to the legal tender note fund or paid into the note reserve fund and the Commission shall draw out of the general fund all payments made by the Commission and not required by this Act to be paid out of the legal tender note fund or out of the note reserve fund, and in particular shall pay out of the general fund the expenses of the Commission.

• (3) It shall be lawful for the Commission to exercise the functions of a banker in relation to the moneys for the time being in the general fund.

• (4) The Commission may for the purpose of meeting charges required by this Act to be paid out of the general fund borrow on the security of the general fund up to the amount for the time being paid up by. Shareholding Banks on account of their capital liability.

• (5) The Minister may, after consultation with the Commission, make regulations providing for the determination periodically of the surplus income of the Commission and may by such regulations enable provision to be made for reserves, depreciation, and other like matters before determination of the surplus income.

• (6) The Commission may out of its surplus income as determined under this section pay to Shareholding Banks dividends, at such rate not exceeding six per cent. per annum as the Minister may sanction, on the amount for the time being paid up by them on account of their capital liability.

• (7) The Commission shall pay its surplus income as and when determined under this section or the balance of such surplus income remaining after payment of dividends under the foregoing sub-section (as the case may be) into the Exchequer in such manner as the Minister shall direct and may at any time pending such determination pay into the Exchequer such sums on account of surplus income as may be agreed upon by the Minister and the Commission.

64 Capital liability of Shareholding Banks.

64.—(1) Every Shareholding Bank shall be liable to pay to the Commission the sum of five thousand pounds (in this Act called its capital liability) at the times and in the manner following, that is to say:—

• (a) each of the first Shareholding Banks shall, when applying for admission to be one of the first Shareholding Banks, pay the sum of one thousand pounds to the Minister in trust for the Commission and shall pay the residue of its capital liability to the Commission as and when required under this Act so to do by the Commission, and

• (b) a Bank admitted to be a Shareholding Bank after the establishment of the Commission shall immediately upon such admission pay to the Commission a sum equal to the amount then already paid by each of the other Shareholding Banks on account of their respective capital liabilities and shall pay the residue of its capital liability as and when required under this Act so to do by the Commission.

• (2) All sums paid by the first Shareholding Banks on account of capital liability to the Minister in trust for the Commission shall be paid by the Minister to the Commission immediately after the establishment of the Commission.

• (3) Every requisition made by the Commission to Shareholding Banks for a payment on account of capital liability shall be made to all such banks simultaneously and shall require payment of an equal amount from every such Bank.

• (4) Every sum payable by a Shareholding Bank to the Commission on account of capital liability shall be recoverable by the Commission as a civil debt in any court of competent jurisdiction, and the failure of a Shareholding Bank to pay in accordance with this section a sum on account of capital liability shall be a ground for removing such Bank from being a Shareholding Bank.

• (5) In the event of a Shareholding Bank ceasing by any means to be a Shareholding Bank the Commission shall forth with pay to such Bank the amount then paid up by it on account of its capital liability.

• (6) Section 113 of the Stamp Act, 1891 shall not apply to the capital liability of the Shareholding Banks.

65 Payments on consolidated bank notes.

65.—(1) Every Shareholding Bank shall pay to the Commission in respect of every half-year the following sums (in this Act referred to as payments on consolidated bank notes), that is to say:—

• (a) during so much, if any, of such half-year as the maximum amount of consolidated bank notes which might under this Act be outstanding did not exceed six million pounds, a sum calculated at the rate of one and one-half per cent. per annum on the amount of consolidated bank notes outstanding (otherwise than on an extraordinary issue or by way of special excess) from day to day with such Bank during such half year, and

• (b) during so much, if any, of such half-year as the said maximum amount exceeded six million pounds, a sum calculated at the rate of one and one-half per cent. per annum on so much of the amount of consolidated bank notes outstanding (otherwise than on an extraordinary issue or by way of special excess) from day to day with such Bank during such half-year as bears to the whole amount of consolidated bank notes so outstanding the same proportion as six million pounds bears to the said maximum amount, and a further sum calculated at the rate of two per cent. per annum on the residue of the amount of consolidated bank notes so outstanding, and

• (c) if any consolidated bank notes were during such half year outstanding with such Bank on an extraordinary issue a sum calculated during the first month of the continuous existence of such extraordinary issue at the rate of five per cent. per annum on the amount of consolidated bank notes so outstanding, and during the second month of such continuous existence at the rate of five and one-half per cent. per annum on such amount, and during the third month of such continuous existence at the rate of six per cent. per annum on such amount, and so on, such rate increasing by one-half per cent. per annum for every month of such continuous existence, and

• (d) if any consolidated bank notes were during such half year outstanding with such bank by way of special excess, a sum calculated at the rate of three per cent. per annum on the amount of consolidated bank notes so outstanding from day to day with such bank during such half-year, and

• (e) such share of the expenses incurred during such half-year by the Commission in providing consolidated bank notes as the Commission shall by regulation prescribe.

• (2) Whenever for any reason the amount of consolidated bank notes outstanding with a Shareholding Bank otherwise than on an extraordinary issue is in excess of the amount permitted by or under this Act to be so outstanding, the amount so in excess shall for the purposes of the foregoing sub-section be deemed to be outstanding on an extraordinary issue save in so far (if at all) as the same is determined by the Commission under this section to be outstanding by way of special excess.

• (3) Whenever the quota of a Shareholding Bank is reduced under Part VI. of this Act the Commission in its discretion may, where the circumstances appear to it so to warrant, determine that during any specified period ending not more than six months after such reduction of such quota a specified portion (not exceeding the amount by which such quota is so reduced) of the amount of consolidated bank notes outstanding otherwise than on an extraordinary issue with such bank in excess of the amount permitted by or under this Act to be so outstanding shall be deemed for the purposes of this section to be outstanding by way of special excess.

• (4) At the end of every half-year the Commission shall ascertain in respect of every Shareholding Bank the amount of the payments on consolidated bank notes payable under this section by it in respect of such half-year and shall send to every Shareholding Bank a certificate showing the said amount so ascertained in respect of it and how such amount is made up, and every Shareholding Bank shall within fourteen days after receiving any such certificate pay to the Commission the amount stated in such certificate to be payable by it.

• (5) Every sum payable by a Shareholding Bank to the Commission under this section shall be recoverable by the Commission from such Bank as a civil debt in any court of competent jurisdiction and the non-payment of any such sum by a Shareholding Bank within the time specified in this section for payment thereof shall be a ground for removing such Bank from being a Shareholding Bank.

• (6) A certificate under the seal of the Commission stating the amount payable on any occasion by a Shareholding Bank to the Commission under this section and that such amount or a specified portion thereof is due and unpaid shall, in any proceedings by the Commission to recover such amount, be evidence until the contrary is proved of the said matters so stated in such certificate.

• (7) For the purpose of this section the period commencing on the day appointed under this Act for the commencement of the issue of consolidated bank notes and ending on the next ensuing 31st day of March or 30th day of September, whichever first occurs, shall be deemed to be a half-year.

66 Payments on certain out-standing bank notes.

66.—(1) Where the Commission has determined under this Act in respect of any Bank which is at the passing of this Act a bank of issue the proportion appertaining to Saorstát Eireann of the notes of such Bank outstanding immediately before the day appointed for the commencement of the issue of consolidated bank notes there shall be payable by such Bank to the Commission in respect of every half year a sum calculated from day to day at the appropriate rate per cent. per annum on so much of such proportion of such notes as after the day so appointed is for the time being not redeemed in accordance with the directions of the Commission and is not deemed under this Act to be consolidated bank notes outstanding with such Bank otherwise than on an extraordinary issue.

• (2) For the purpose of the foregoing sub-section the appropriate rate per cent. per annum shall be three per cent. per annum for the period of twelve months from the day appointed for the commencement of the issue of consolidated bank notes and five per cent. per annum thereafter.

• (3) At the end of every half-year the Commission shall ascertain in respect of every Bank which is at the passing of this Act a bank of issue the amount of the payments payable under this section by it in respect of such half-year and shall send to every such Bank a certificate showing the said amount so ascertained in respect of it and how such amount is made up, and every such Bank shall within fourteen days after receiving any such certificate pay to the Commission the amount stated in such certificate to be payable by it.

• (4) Every sum payable by a Bank to the Commission under this section shall be recoverable by the Commission from such Bank as a civil debt in any Court of competent jurisdiction and the non-payment of any such sum by any such Bank which is a Shareholding Bank within the time specified in this section for payment thereof shall be a ground for removing such Bank from being a Shareholding Bank.

• (5) A certificate under the seal of the Commission stating the amount payable on any occasion by a Bank to the Commission under this section and that such amount or a specified portion thereof is due and unpaid shall in any proceedings by the Commission to recover such amount be evidence until the contrary is proved of the said matters so stated in such certificate.

• (6) For the purpose of this section the period commencing on the day appointed for the commencement of the issue of consolidated bank notes and ending on the next ensuing 31st day of March or 30th day of September, whichever first occurs, shall be deemed to be a half-year.

67 Exemptions from taxes and duties.

67.—(1) Relief from income tax shall be given by repayment or otherwise to the Commission in respect of all income from whatever source accruing to the Commission under or by virtue of this Act.

• (2) Part V of the Finance Act 1920 as amended by subsequent enactments shall not apply to the profits of the Commission.

• (3) Notwithstanding anything contained in paragraph (b) of clause 10 of the Inland Revenue (Adaptation of Taxing Acts) Order, 1923 (No. 4 of 1923), Exemption (1) of the General Exemptions from all Stamp Duties contained in the First Schedule to the Stamp Act, 1891, shall apply to all transfers made by the Commission of shares in—

• (a) the stocks and funds of the Government or Parliament of the late United Kingdom of Great Britain and Ireland, and

• (b) the stocks and funds of the Government or Parliament of the United Kingdom of Great Britain and Northern Ireland,

whether such stocks and funds are registered in the books of the Bank of Ireland in Dublin or are registered elsewhere.

• (4) Stamp duty shall not be chargeable on any contract note issued to the Commission in any case in which such duty would be payable by the Commission as part of its expenses.

68 Bankers composition duty.

68.—(1) The composition duty on promissory notes on unstamped paper issued by a licensed banker or on such notes of such banker in circulation shall be paid in respect of the period to which this section relates at that rate which bears to the rate in force at the passing of this Act the same proportion as the number of complete weeks in the said period bears to the number twenty-six.

• (2) The conditions of every bond given by a licensed banker under section 7 of the Bankers Composition (Ireland) Act, 1828 shall apply to promissory notes issued by such banker during the period to which this section relates with the modification that, in lieu of the account required by that section to be delivered half-yearly, an account duly verified in accordance with that section of the promissory notes issued by such banker under that Act and in circulation within the meaning of that Act on the Saturday in every week during the said period shall be delivered by such banker to the Revenue Commissioners within fourteen days after the last day of the said period to which this section relates.

• (3) This section relates to the period commencing on the 1st day of January or the 1st day of July, whichever shall be the later, next before the day appointed under this Act for the commencement of the issue of consolidated bank notes and ending on the day so appointed for such commencement.

FIRST SCHEDULE. Enactments repealed

Session and Chapter.	Short Title.	Extent of Repeal.	Date of Repeal
9 Geo. IV. c. 80.	The Bankers Composition (Ireland) Act, 1828.	The whole Act.	The day appointed under this Act for the commencement of the issue of consolidated bank notes.
5 & 6 Vic. c. 82.	The Stamp Duties (Ireland) Act, 1842	Section 2 so far as it relates to promissory notes on unstamped paper issued by a licensed banker in Ireland or such notes of such banker in circulation.	The day appointed under this Act for the commencement of the issue of consolidated bank notes.
8 & 9 Vic. c. 37.	The Bankers (Ireland) Act, 1845	Sections 8 to 21 and 23.	The day appointed under this Act for the Commencement of the issue of consolidated bank notes.
16 & 17 Vic. c. 59.	The Stamp Act, 1853.	Section 20 so far as it relates to promissory notes on unstamped paper issued by a licensed banker in Ireland or such notes of such banker in circulation.	The day appointed under this Act for the commencement of the issue of consolidated bank notes.
33 Vic. c. 10.	The Coinage Act, 1870.	Sections 4 and 5.	The day appointed under this Act for the commencement of the issue of legal tender notes.
54 & 55 Vic. c. 39.	The Stamp Act, 1891.	Sections 29, 30, and 31 and the head of charge “Bank Note” in the First Schedule.	The day appointed under this Act for the commencement of the issue of consolidated bank notes.
4 & 5 Geo. V. c. 14.	The Currency and Bank Notes Act, 1914.	The whole Act.	The day appointed under this Act for the commencement of the issue of legal tender notes.
4 & 5 Geo. V. c. 72.	The Currency and Bank Notes (Amendment) Act, 1914.	The whole Act	The day appointed under this Act for the commencement of the issue of legal tender notes.
10 & 11 Geo. V. c. 24.	The Bank Notes (Ireland) Act, 1920	The whole Act	The day appointed under this Act for the commencement of the issue of consolidated bank notes.
No. 14 of 1926.	The Coinage Act, 1926.	Section 7.	The day appointed under this Act for the commencement of the issue of legal tender notes.

SECOND SCHEDULE. Particulars of gold coins.

(1)	(2) Standard Weight	(2) Standard Weight	(3) Least Current Weight	(3) Least Current Weight	(4)	(5) Remedy Allowance	(5) Remedy Allowance	(5) Remedy Allowance	(5) Remedy Allowance
Denomination of Coin	Imperial Weight Grains	Metric Weight Grams	Imperial Weight Grains	Metric Weight Grains	Standard Fineness	Weight per Piece	Weight per Piece	Weight per Piece	Millesimal Fineness
Denomination of Coin	Imperial Weight Grains	Metric Weight Grams	Imperial Weight Grains	Metric Weight Grains	Standard Fineness	Imperial Grains	Metric Grams	Metric Grams	Millesimal Fineness
Pound	123.27447	7.98805	122.50000	7.93787	Eleven-twelfths fine gold, one-twelfth alloy, or millesimal fineness, 916.6	0.20000	0.01296	}	2
Ten Shillings	61.63723	3.99402	61.12500	3.96083		0.15000	0.00972	}	2

THIRD SCHEDULE. banks.

Name of Bank	Ratio Figure
	£
The Bank of Ireland	1,760,000
The Hibernian Bank, Limited	439,000
The National Bank, Limited	1,365,000
The Northern Banking Company, Limited	243,000
The Munster and Leinster Bank, Limited	852,000
The Provincial Bank of Ireland, Limited	649,000
The Royal Bank of Ireland, Limited	273,000
The Ulster Bank, Limited	419,000

FOURTH SCHEDULE. rules for the elections of the elected commissioners and the first chairman.

Rules Applicable to Every Case.

Rules Applicable to the Election of the First Elected Commissioners.

Rules applicable to the Election of an elected Commissioner subsequent to the first elected Commissioners.

Rules Applicable to the Election of the First Chairman.