S.I. No. 101/1968 - Savings Certificates (Fifth Issue Extension) Rules, 1968.

S.I. No. 101 of 1968.

SAVINGS CERTIFICATES (FIFTH ISSUE EXTENSION) RULES, 1968.

I, CHARLES J. HAUGHEY, Minister for Finance, in exercise of the powers conferred on me by section 30 (2) of the Finance Act, 1940 (No. 14 of 1940), hereby make the following rules:

1. (1) These Rules may be cited as the Savings Certificates (Fifth Issue Extension) Rules, 1968.

(2) The Savings Certificates (Fifth Issue Extension) Rules, 1964 ( S.I. No. 143 of 1964 ), and these Rules may be cited together as the Savings Certificates (Fifth Issue Extension) Rules, 1964 and 1968.

2. In these Rules—

"savings certificate of the fifth issue" means a savings certificate of the issue of savings certificates which was introduced as the fifth issue of savings certificates;

"the date of maturity" means, in relation to a savings certificate of the fifth issue, the sixteenth anniversary of the date of the purchase thereof;

"unit certificate" means a savings certificate of the fifth issue the purchase price of which is one pound.

3. A savings certificate of the fifth issue may be held for a period not exceeding six years from the date of maturity thereof.

4. A savings certificate of the fifth issue which is held under these Rules shall, during the period for which it is so held, bear interest—

(a) in the case of a unit certificate, at the rate of—

(i) four pence for each complete period of three months until the second anniversary of the date of maturity,

(ii) five pence for each complete period of three months until the fourth anniversary of the date of maturity,

(iii) seven pence for each complete period of three months until the fifth anniversary of the date of maturity,

(iv) eight pence for each complete period of three months until the sixth anniversary of the date of maturity;

(b) in any other case—in a proportionate manner.

5. Subject to the provisions of these Rules, the Savings Certificates Rules, 1926, shall apply, with the necessary modifications, in relation to a savings certificate of the fifth issue which is held under these Rules.

GIVEN under my Official Seal, this 2nd day of May, 1968.

CHARLES J. HAUGHEY,

Minister for Finance.

EXPLANATORY NOTE.

This Instrument prescribes the rules governing the extension of the fifth issue of savings certificates.