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Redemption of legal tender notes.
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121.—(1) The holder of a legal tender note of any denomination shall be entitled, on demand made by him during office hours at the principal office of the Bank in Dublin, to receive in exchange for the note—
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(a) either or both one or more legal tender notes and coins which would be legal tender, or
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(b) where the Bank has determined that payment by any other means is appropriate and the holder of the legal tender note so requests or consents, payment by that means, or
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(c) (i) either or both one or more legal tender notes and coins which would be legal tender, and
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(ii) part-payment in accordance with paragraph (b),
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to the same total value.
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(2) The Bank may refuse to exchange in accordance with subsection (1) any legal tender note which is so worn or damaged that it is in the opinion of the Bank not identifiable as a particular legal tender note or that the portion of such note forthcoming is not sufficient in the opinion of the Bank to exclude the possibility of the residue of such note being so exchanged on another occasion.
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(3) The Bank may make such arrangements as it thinks proper for the cancellation and destruction by it or on its behalf of such legal tender notes exchanged in accordance with subsection (1) as it does not think proper to preserve for re-issue.
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