Finance Act, 1970
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Postponement of redemption of certain Government loans. |
55.—(1) (a) If the Minister for Finance is of opinion that, owing to the closure of the Bank of Ireland, the redemption on the 15th day of July, 1970, of the outstanding stock of the 3½% Exchequer Bonds 1965/70, the 3½% Fourth National Loan 1960/70 and the 3% Exchequer Bonds 1965/70 cannot be effected, he may by order made before that day, or if this Act is passed after that day, by order made as soon as reasonably may be after such passing, postpone such redemption. | |
(b) If an order is made under this subsection after the 15th day of July, 1970, it shall have and be deemed to have had effect as on and from that day. | ||
(2) As soon as reasonably may be after the closure aforesaid ceases, the Minister shall by order fix a date, not being more than three months after such cesser, for the redemption of the stock aforesaid, and that stock shall, subject to the provisions of the Government Loans (Conversion) Act, 1951 , be redeemed on that date. | ||
(3) Where an order is made under subsection (2) of this section, interest at such rate as may be specified in the order, shall be paid on the outstanding stock aforesaid in respect of the period from the 15th day of July, 1970, to the date of redemption, fixed under this section, of such stock. | ||
(4) The Minister may by order revoke or amend an order under this section including an order under this subsection. | ||
(5) Every order under this section shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the order is passed by either House within the next twenty-one days on which that House has sat after the order has been laid before it, the order shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder. |