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Discharge of death duties by transfer of certain securities.
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20.—(1) The Minister for Finance may by regulations provide that any security which is issued by him (whether before or after the passing of this Act) during the financial year ending on the 31st day of March, 1931, for the purpose of raising any money on loan shall, subject to such limitations and conditions as may be prescribed by such regulations, be accepted in payment of any death duty, and whenever any such regulations are made in relation to any such security any person from whom any sum is due on account of any death duty may, in accordance with and subject to the provisions of such regulations, pay that sum or any part thereof by means of the transfer to such account (in this section referred to as the said account) of the Minister for Finance as shall be prescribed by such regulations of so much of such security as is equal in value at the date of such transfer to the said sum or the said part thereof (as the case may be) to be so paid.
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(2) Securities transferred to the said account under this section may be held in the said account or sold, cancelled, or otherwise dealt with as the Minister for Finance shall direct, and the said Minister may by regulations provide for the manner in which such securities are to be so held, sold, cancelled or otherwise dealt with.
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(3) The transfer of a security to the said account under and in accordance with this section shall be accepted by the Revenue Commissioners as a cash payment to them of a sum equal to the value of such security at the date of such transfer.
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(4) The Minister for Finance shall pay out of the said account to the Revenue Commissioners the value at the date of transfer of all securities transferred to the said account under this section.
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(5) All sums paid by way of interest on or redemption of securities transferred under this section to, and for the time being held in, the said account and also all sums derived from the sale or other dealing by the Minister for Finance of or with securities transferred to the said account under this section shall be paid into the said account and shall be applied (so far as may be requisite) in or towards meeting payments which the said Minister is required by this section to make to the Revenue Commissioners out of the said account, and any balance of such sums from time to time standing in the said account and, in the opinion of the said Minister, not then required for meeting the said payments to the Revenue Commissioners shall, as and when the said Minister directs, be paid into the Exchequer in repayment of moneys advanced to the said account from the Central Fund or the growing produce thereof.
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(6) There shall be issued out of the Central Fund or the growing produce thereof to the said account such sums as may be required to meet any payments under this section by the Minister for Finance to the Revenue Commissioners out of the said account which are not met under the foregoing sub-section of this section, and so much of the sums so issued as is not authorised by this section to be met by borrowing by the said Minister shall be charged on the Central Fund and the growing produce thereof.
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(7) For the purpose of providing, wholly or partly, for so much of the sums authorised by this section to be issued out of the Central Fund or the growing produce thereof as is equal to ninety-three and one-half per cent. of the nominal value of the securities transferred to the said account under this section, the Minister may borrow money by means of the issue of such securities as he thinks proper.
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(8) All sums borrowed by the Minister for Finance under the foregoing sub-section of this section shall be paid into the Exchequer and the principal and interest on all securities issued under that sub-section shall be charged on and payable out of the Central Fund or the growing produce thereof.
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(9) For the purposes of this section—
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(a) the value at the date of transfer of any security transferred to the said account under this section shall be the nominal face value thereof with the addition of any interest thereon accrued due at the date of such transfer but then remaining unpaid, after deducting the amount of any interest thereon which may be receivable by the transferor after that date, and
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(b) interest on any such security shall be deemed to accrue from day to day.
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