S.I. No. 56/1966 - National Bonds, 1966-77 (Draws For Redemption) Regulations, 1966.

S.I. No. 56 of 1966.

NATIONAL BONDS, 1966-77 (DRAWS FOR REDEMPTION) REGULATIONS, 1966.

I, JOHN LYNCH, Minister for Finance, in exercise of the powers conferred on me by section 4 of the Central Fund Act, 1965 (No. 4 of 1965), hereby make the following regulations :

1 Short title

1. These Regulations may be cited as the National Bonds, 1966-77 (Draws for Redemption) Regulations, 1966.

2 Interpretation

2. In these Regulations—

" the Bank " means the Central Bank of Ireland;

" the Bank's representative " has the meaning specified in Regulation 3 (2) (b);

" bonds " means National Bonds, 1966-77;

" draw " has the meaning specified in Regulation 3 (1);

" the Minister " means the Minister for Finance;

" the Minister's representative " has the meaning specified in Regulation 3 (3);

" working day " means a day which is not a Saturday, Sunday or bank holiday.

3 Drawings of bonds

3. (1) In the year 1966 and in each succeeding year until all bonds have been redeemed, a drawing of bonds (in these Regulations referred to as a draw) shall be held commencing on the 1st day of April, or, if that day is not a working day, on the next day thereafter which is a working day, and, if it is not completed on one day, continuing for so many consecutive working days as may be necessary for its completion.

(2) A draw—

(a) shall be held at such premises as the Bank, with the approval of the Minister, designates for that purpose, and

(b) shall be conducted by such officer of the Bank (in this Regulation referred to as the Bank's representative) as the Bank nominates for that purpose.

(3) A representative of the Minister (in these Regulations referred to as the Minister's representative) shall be present at a draw and he shall be such officer of the Minister as the Minister nominates for that purpose.

4 Provision of discs

4. The Bank shall provide in respect of each bond a card disc having printed thereon the number of the bond it represents.

5 Custody of discs

5. The discs provided in pursuance of these Regulations shall, before the first draw, be deposited in a suitable receptacle with respect to which the following provisions shall have effect :

(a) it shall be fitted with a cover secured by two locks, which cannot be opened by the same key, and the key of one of the locks shall be retained by the Bank and the key of the other lock shall be retained by the Secretary of the Department of Finance;

(b) it shall be locked by the Bank's representative and the Minister's representative in the presence of each other and shall, except when opened for a draw, be kept locked;

(c) it shall be deposited and kept at the premises of the Bank.

6 Amount to be drawn

6. At a draw, discs representing 313 bonds shall, in the presence of the Minister's representative, be drawn without selection by the Bank's representative from the receptacle referred to in Regulation 5.

7 List of bonds drawn

7. (1) Immediately on the conclusion of a draw, a list shall be prepared showing the numbers of the discs drawn.

(2) The list shall be signed by the Bank's representative and the Minister's representative, and thereupon every bond represented by a disc of which the number is included in the list shall be deemed to have been drawn at the draw.

8 Publication of bonds drawn

8. As soon as may be after a draw, the Minister shall publish in the Iris Oifigiúil suitable particulars of the bonds drawn at the draw, and the Bank shall send a notification to the person registered as the owner or the first of two or more joint owners of each bond drawn at the draw that the bond has been drawn for redemption at the price of £150 on the 1st day of June next following the date of the draw or, if that day is not a working day, on the next day thereafter which is a working day.

9 Persons to whom payments are to be made

9. Moneys payable in respect of a bond drawn at a draw shall be paid to the person or persons in whose name or names the bond is entered in the register on the 30th day of April in the year of the draw and no transfer of the bond shall be entered in the register after that day.

10 Cancellation or amendment of certificate

10. (1) Where a certificate of registration relating solely to bonds which have been drawn for redemption is returned for the purpose of obtaining payment of the bonds, the certificate shall be cancelled.

(2) Where a certificate of registration relating both to bonds which have been drawn for redemption and to bonds which have not been drawn for redemption is returned for the purpose of obtaining payment of the bonds drawn, either—

(a) the certificate shall be suitably amended, or

(b) the certificate shall be cancelled and a new certificate issued in respect of the bonds not drawn.

GIVEN under my Official Seal, this 16th day of March, 1966.

JOHN LYNCH,

Minister for Finance.

EXPLANATORY NOTE.

Section 4 of the Central Fund Act, 1965 , authorised the creation and issue by the Minister for Finance of non-interest bearing securities. National Bonds 1966-77 were created and issued under that section. These Regulations make provision for the conduct of the draws for redemption of the Bonds.