S.I. No. 11/1924 - Damage To Property (Creation of Securities) Order, 1923.

SAORSTÁT EIREANN. STATUTORY RULES AND ORDERS. 1924. No. 11.

DAMAGE TO PROPERTY (CREATION OF SECURITIES) ORDER, 1923.

WHEREAS it is enacted by sub-section (6) of Section 13 of the Damage to Property (Compensation) Act, 1923 (No. 15 of 1923) that so much of any compensation payable by the Minister for Finance under the said Section 13 as is not payable in money under sub-section (5) of the said Section 13 shall be paid by the Minister for Finance to the applicant or other person entitled thereto by the issue to the applicant or other person aforesaid of a security or securities created under that Section for so much as aforesaid of such compensation:

And whereas it is enacted by sub-section (7) of the said Section 13 that the Minister for Finance may, for the purpose of the said sub-section (6), by order create such securities capable of registration, bearing such rate of interest and subject to such conditions as to repayment, redemption or otherwise as he shall think fit:

And whereas it is enacted by sub-section (8) of the said Section 13 that the principal and interest of all securities issued under that Section shall be charged to the Central Fund, or the growing produce thereof, Now, I, Liam T. Mac Cosgair, Minister for Finance in Saorstát Eireann, in exercise of the powers conferred on me by the said sub-section (7) of Section 13 of the Damage to Property (Compensation) Act, 1923 (No. 15 of 1923), and of every and any other power me, in this behalf enabling, do hereby order as follows:—

1. (a) The securities to be issued under the said Section 13 of the Damage to Property Compensation Act, 1923 , shall consist of inscribed stock of the Government of Saorstát Eireann (in this Order referred to as the "Stock"), issued for the principal sum of £50 or multiples of £50. The principal of the Stock shall be payable in the manner hereinafter provided, and the Stock shall carry interest at the rate of £5 (five pounds) per centum per annum, payable half-yearly on the first day of May and on the first day of November in each year.

(b) The Stock issued in the period up to and including the the thirty-first day of May, 1924, shall constitute a single complete series, and Stock issued in every subsequent twelve months ending on the thirty-first day of May in each year shall constitute separate complete series.

2. (a) The first payment of interest on any issue of the Stock shall consist of the interest at the rate aforesaid for the period from the date of such issue of the Stock to the next day appointed for payment of such interest.

(b) The interest on any Stock shall continue to be paid at the rate aforesaid until the date on which the principal of such Stock shall become payable.

3. (a) Any Stock accepted by the Revenue Commissioners, pursuant to sub-section (6) of Section 13 of the Damage to Property (Compensation) Act, 1923 , shall forthwith be redeemed.

Provided that the nominal value of the Stock so accepted shall not exceed the amount of duty, and that the Stock shall be accepted only in amounts of £50 or multiples of £50.

(b) On the first day of September, 1924, and on the first day of September in every subsequent year until the whole issue of Stock has been retired drawings shall be made of one-tenth of every complete series of Stock issued prior to such date: provided that the amount of Stock, of any series, redeemed under the provisions of paragraph (a) of this Section on or before the 31st day of May, 1924, or in the twelve months ending on the thirty-first day of May in every year in which such drawings shall take place, shall be deemed to form part of the aforesaid one-tenth so to be drawn; and provided further, that whatever the amount of Stock of any series so redeemed, pursuant to paragraph (a) of this Section shall in any year exceed the aforesaid one-tenth, the amount of such excess shall be carried forward, and shall be deemed to form part of the aforesaid one-tenth in the next following year.

Such further sum, not exceeding £45, as shall be necessary to raise any amount of Stock, of any series, to be drawn under this Section, to an even multiple of £50, shall be added, and shall also be drawn.

(c) The principal of any Stock drawn for redemption under the paragraph (b) of this Section shall be paid to the registered holder thereof on the first day of November next after the date on which such Stock shall have been drawn.

(d) The principal of any Stock not redeemed under paragraph (a) of this Section, nor drawn for redemption under paragraph (b) of this Section, shall be paid to the registered holder thereof on such of the days appointed for payment of interest as shall occur next after the expiration of ten years from the date of the issue of such Stock.

4. Particulars of the Stock drawn for redemption under the preceding section shall be published in the Iris Oifig£il not less than one month before the date of redemption.

5. There shall be kept by the National Land Bank, Limited (hereinafter called " the Bank "), at their head office in the City of Dublin, a Register in the prescribed form, of the Stock issued pursuant to this Order, wherein shall be entered:

(a) the name, description and address of the person to whom any such Stock shall have been issued;

(b) particulars of every transfer of such Stock, including the name, description and address of the person (in this Order called " the transferee ") to whom such Stock, or any part thereof, shall have been transferred, and the amount of the Stock transferred to him.

6. The Stock, or any part thereof, shall (except only in the case of a devolution by law), be transferred by the party making the transfer, or his attorney, in that behalf lawfully authorised (the authority of such attorney to be evidenced in such manner as may be prescribed), signing the entry of such transfer in the Register, and the transferee may subscribe in the Register his acceptance of such transfer.

7. Every devolution by law of Stock shall be entered in the Register on production of the prescribed evidence of such devolution.

8. Every transfer of Stock shall be a transfer of a multiple of £50, and no transfer of Stock which is not a multiple of £50 shall be entered in the Register.

9. No notice of any trust, expressed, implied or constructive shall be entered on the Register or be receivable by the Bank.

10. (a) The person who is for the time being the registered owner of stock shall alone be recognised as the owner thereof for the purpose of any transfer thereof, or the payment of any principal or interest thereon.

(b) The Bank may close the Register for the transfer of Stock on any day in the month next preceding that in which the interest on the Stock is payable, but so that the Register be not at any time so closed for more than fifteen days.

The persons who, on the day of such closing, are the registered owners of the Stock shall, as between them and their transferees, be entitled to the then current half-year's interest thereon.

11. (a) Payments of interest or principal in respect of Stock issued under this Order shall be made through the Bank, on the dates fixed for such payments by this Order, and subject to the provisions of this Order.

(b) The Bank shall make arrangements for the payment (on the request, in the prescribed manner, of the registered owner of Stock), of the interest on such Stock by the sending of warrants for such interest through the post to such registered owner, or on the request, in the prescribed manner, of such registered owner, to such other person as the registered owner may direct.

12. The Board of Directors of the Bank may, with the sanction of the Minister for Finance, make regulations for the management of the Register, and for the procedure at the annual drawings, and in this Order the word " prescribed " means prescribed by such Regulations.

13. In this Order the word " transfer " includes devolution by law (save where that meaning is expressly excluded), and the words " transferred " " transferee," and cognate words shall be construed accordingly.

14. The Interpretation Act, 1889, applies to this Order in the like manner as it applies to an Act of the Oireachtas.

15. This Order may be cited for all purposes as the Damage to Property (Creation of Securities) Order, 1923.

(Signed), LIAM T. MAC COSGAIR.

31st July, 1923.