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Applications for conversion or redemption.
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3.—(1) If such offer as is mentioned in the next preceding section of this Act is made by the Minister in accordance with that section, the following provisions shall have effect, that is to say:—
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(a) every stockholder who applies, not later than the 23rd day of November, 1935, for conversion of his holding or a specified part of his holding of the stock of the loan in accordance with such offer shall be entitled to have his holding or the said part of his holding (as the case may be) of that stock converted on the 1st day of December, 1935, into stock of the new loan of such amount and upon such terms as shall be applicable by virtue of such offer;
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(b) every stockholder who applies, not later than the 23rd day of November, 1935, to have his holding or a specified part of his holding of the stock of the loan redeemed in cash shall be entitled to have his said holding or the said part thereof (as the case may be) redeemed on the 1st day of December, 1935, by payment of a sum of money equal to the nominal amount of his said holding or the said part thereof together with the interest accrued on the said holding or the said part thereof to the said date;
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(c) where a stockholder does not make, on or before the 23rd day of November, 1935, any application under the foregoing paragraphs of this sub-section, such stockholder shall be deemed to have applied under paragraph (a) of this sub-section for conversion of the whole of his holding of the stock of the loan, and the said paragraph (a) shall apply accordingly;
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(d) where a stockholder makes, not later than the 23rd day of November, 1935, an application under either paragraph (a) or paragraph (b) of this sub-section or applications under each of those paragraphs, and such application or such applications (as the case may be) does or do not extend to the whole of his holding of the stock of the loan, such stockholder shall be deemed to have applied under the said paragraph (a) for conversion of that part of his said holding to which such application or applications does not or do not extend, and the said paragraph (a) shall apply to the said part of his said holding accordingly;
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(e) where an application under paragraph (b) of this sub-section is made after the 23rd day of November, 1935, and before the 1st day of January, 1936, and the Minister is satisfied that the failure to make such application on or before the said 23rd day of November was unavoidable owing to the absence from Saorstát Eireann of the person or one of the persons by whom such application is made, the Minister may, if he so thinks fit, direct that such application shall be received and that such steps as he may specify shall be taken to give effect to such application as if it had been made on the said 23rd day of November, and thereupon the Bank of Ireland and all other persons concerned shall carry out such direction and shall have in respect thereof such indemnity and discharge as if such direction were contained in this Act.
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(2) Every application under paragraph (a) or paragraph (b) of the foregoing sub-section of this section shall be irrevocable and shall bind the stockholder by whom it is made and his successors in title, save that where a stockholder makes an application under the said paragraph (b) and subsequently makes, not later than the 23rd day of November, 1935, an application under the said paragraph (a), such application under the said paragraph (a) shall (unless in any particular case the Minister otherwise directs) be deemed to revoke and be substituted for the said application under the said paragraph (b), whether either or both of those applications extends to the whole or to part only of the holding of such stockholder.
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(3) Every application under this section shall be made to such person and in such manner as shall be provided in the published terms of the offer mentioned in the next preceding section of this Act or be prescribed by regulations made under this Act.
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