Finance Act, 1946
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Interest on deposits in Post Office Savings Bank. |
28.—(1) The Minister may from time to time by order do all or any of the following things— | |
(a) fix the rate of interest (in this subsection referred to as the ordinary rate) to be payable in respect of deposits, | ||
(b) provide that, where the amount of a deposit exceeds a specified sum— | ||
(i) interest on so much thereof as does not exceed the said specified sum shall be payable at the ordinary rate, and | ||
(ii) interest on the remainder thereof shall be payable at such rate or at such different rates in respect of different parts thereof as may be specified in the order, | ||
(c) fix the minimum period for which any interest on a deposit is to be calculated, | ||
(d) fix the minimum amount of a deposit in respect of which or any multiple of which interest is to be calculated, | ||
(e) provide for the manner in which a part of any interest, consisting of a fraction of a penny, on a deposit is to be treated, | ||
(f) provide for such other matters, in relation to the calculation of any interest on deposits, as he thinks proper. | ||
(2) The Minister may by order amend or revoke any order made under subsection (1) of this section. | ||
(3) Before any order is made by the Minister under this section a draft thereof shall be laid before Dáil Eireann, and, if a resolution disapproving of the making of the order in the terms of the draft is passed by Dáil Eireann within the next subsequent twelve days on which Dáil Eireann has sat after the draft has been so laid before it, no further proceedings shall be taken thereon, but without prejudice to the making of any new draft order. | ||
(4) As on and from the date on which the first order made by the Minister under subsection (1) of this section comes into operation— | ||
(a) section 7 of the Post Office Savings Bank Act, 1861 , shall stand repealed, | ||
(b) the interest payable on deposits shall be at such rate or rates as may be specified in an order made under this section and for the time being in force. | ||
(5) In this section— | ||
the expression “the Minister” means the Minister for Finance; the word “deposit” means the total amount for the time being standing to the credit of a depositor's account in the Post Office Savings Bank, but does not include moneys standing to the credit of a trustee savings bank in the name of the Minister in the Post Office Savings Bank. |