S.I. No. 159/1933 - Damage To Property (Creation of Securities) Order, 1933,

SAORSTÁT EIREANN. STATUTORY RULES AND ORDERS. 1933. No. 159.

DAMAGE TO PROPERTY (CREATION OF SECURITIES) ORDER, 1933,

WHEREAS it is enacted by section 13 of the Damage to Property (Compensation) Act, 1923 (No. 15 of 1923), as applied and modified by section 7 of the Damage to Property (Compensation) (Amendment) Act, 1933 (No. 35 of 1933), that so much of the compensation and other moneys mentioned in the said section 7 as is not payable in money under the said section 13 as so applied and modified shall be paid by the Minister for Finance to the person entitled thereto by the issue to such person of a security or securities for so much as aforesaid of such compensation or other moneys : AND that the Minister for Finance may for that purpose 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 that the principal and interest of all securities so issued shall be charged on the Central Fund or the growing produce thereof:

AND WHEREAS it is enacted by section 10 of the said Damage to Property (Compensation) (Amendment) Act, 1933 , that it shall be lawful for the Minister for Finance, if he so thinks proper, to pay certain sums therein mentioned and that section 13 (as modified by the said section 10) of the said Damage to Property (Compensation) Act, 1923 , shall apply to sums so paid by the said Minister under the said section 10:

AND WHEREAS the Damage to Property (Creation of Securities) Order, 1923, was made by the Minister for Finance under the said section 13 of the Damage to Property (Compensation) Act, 1923 :

NOW, the Minister for Finance, in exercise of the powers conferred on him by section 13 of the Damage to Property (Compensation) Act, 1923 (No. 15 of 1923), as applied and modified by sections 7 and 10 respectively of the Damage to Property (Compensation) (Amendment) Act, 1933 (No. 35 of 1933), and of every and any other power him in this behalf enabling, hereby orders as follows:—

1. This Order may be cited for all purposes as the Damage to Property (Creation of Securities) Order, 1933.

2. The Interpretation Act, 1923 (No. 46 of 1923), applies to the interpretation of this Order in like manner as it applies to the interpretation of an Act of the Oireachtas.

3. In this Order—

the expression " the Minister " means the Minister for Finance;

the expression " the Stock " means the 3½% Compensation Stock created and issued under this Order;

the expression " the Bank " means the National City Bank, Limited;

the expression " the Register " means the Register to be kept by the Bank in pursuance of 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;

the expression " the Act of 1923 " means the Damage to Property (Compensation) Act, 1923 (No. 15 of 1923);

the expression "the Act of 1933" means the Damage to Property (Compensation) (Amendment) Act, 1933 (No. 35 of 1933);

the word "prescribed" means prescribed by regulations made by the Bank.

4.—(a) The securities to be issued under section 13 of the Act of 1923 as applied and modified by section 7 of the Act of 1933, shall consist of inscribed stock of the Government of Saorstát Eireann to be known as "3½% Compensation Stock" and to be created and issued for the principal sum of fifty pounds or a multiple of fifty pounds by warrant of the Minister addressed to the Bank;

(b) the principal of the Stock shall be payable in the manner hereinafter provided, and the Stock shall carry interest at the rate of three-and one-half per cent. per annum, payable half-yearly on the first day of May and the first day of November in each year.

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

(b) the interest on any part of the Stock shall continue to be paid at the rate aforesaid until the payment of the principal of such part of the Stock or, in the case of Stock which is cancelled, the dividend day next before such cancellation.

6.—(a) The Minister shall set aside, on the 1st day of November, 1934, and on every 1st day of May and 1st day of November in each succeeding year until the total issue of the Stock has been redeemed, a sum equal to whichever of the following sums is the greater, that is to say, the sum of six thousand pounds or two and one-half per cent. of the total issue of the Stock, but not in any case any greater sum than will, when added to the sums theretofore set aside under this sub-paragraph and not applied in the purchase of the Stock for cancellation under this paragraph, bring the amount of those sums up to the nominal amount of the Stock then outstanding;

(b) the sum so set aside on any day shall, whenever the price of the Stock is at or under par, be applied by the Minister in the purchase of the Stock in the open market or otherwise for cancellation and shall, whenever the price of the Stock is over par, be applied by the Minister at his discretion either in such purchase as aforesaid of the Stock or by being otherwise invested in such manner as the Minister shall direct;

(c) investments (other than the Stock) purchased under the next preceding sub-paragraph of this paragraph and the income thereof may be applied, if and when the Minister directs, in such purchase as aforesaid of the Stock.

7. The principal of so much of the Stock as is not purchased and cancelled under the foregoing paragraph shall be paid to the registered holder thereof on the 1st day of May, 1945.

8. There shall be kept by the Bank at its head office in the city of Dublin a Register in the prescribed form, of the Stock, issued pursuant to this Order.

9. The Bank shall enter or cause to be entered in the Register the following particulars, that is to say—

(i) the name, description, and address of the person to whom any of the Stock has been issued, and

(ii) particulars of every transfer of any of the Stock including the name, description, and address of the person to whom such transfer is made, together with the amount of the Stock so transferred.

10. 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.

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

12. Every transfer of any of the Stock shall be a transfer of one pound or of a multiple of one pound, and no transfer of any of the Stock which is not either one pound or a multiple of one pound shall be entered in the Register.

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

14.—(a) The person who is for the time being the registered owner of any of the Stock shall alone be recognised by the Bank or the Minister as the owner thereof for the purpose of any transfer thereof, or the payment of the principal or any interest thereon;

(b) the Bank may close the Register for the transfer of the Stock on any day in the month next preceding that in which the interest on the Stock is payable, but so that the Register shall not at any time remain so closed for more than twenty-one days;

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

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

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

16. The Board of Directors of the Bank may, with the sanction of the Minister, make regulations for the management of the Register.

17. The foregoing provisions of this Order shall not apply to sums paid by the Minister under section 10 of the Act of 1933, but in lieu thereof the Damage to Property (Creation of Securities) Order, 1923, shall, so far as it is applicable, apply and have effect in relation to all sums so paid.

Given under the Official Seal of the Minister for

Finance, this 20th day of November, One

Thousand Nine Hundred and Thirty-three.

(Signed), SEAN MacENTEE.