S.I. No. 46/1989 - Savings Certificates (Seventh Issue Extension) Rules, 1989.

S.I. No. 46 of 1989.

SAVINGS CERTIFICATES (SEVENTH ISSUE EXTENSION) RULES, 1989.

I, ALBERT REYNOLDS, 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 (Seventh Issue Extension) Rules, 1989.

(2) The Savings Certificates (Seventh Issue Extension) Rules, 1974 to 1986, and these Rules may be cited together as the Savings Certificates (Seventh Issue Extension) Rules, 1974 to 1989.

2. In these Rules—

"the seventh issue" means the issue of savings certificates introduced on the 14th day of March, 1966;

"relevant date" means, in relation to a savings certificate, the twenty-third anniversary of the date marked thereon as the date of issue thereof;

"unit certificate" means a savings certificate of the seventh issue the purchase price of which was one pound.

3. A savings certificate of the seventh issue may be held for a period not exceeding five years from the relevant date.

4. The amount repayable at any time in respect of a savings certificate of the seventh issue which is held under these Rules shall be—

( a ) in the case of a unit certificate—	£
(i) if it is held for less than six months from the relevant date	5.18
(ii) if it is held for six months or more and less than one year from such date	5.32
(iii) if it is held for one year or more and less than one and one half years from such date	5.49
(iv) if it is held for one and one half years or more and less than two years from such date	5.67
(v) if it is held for two years or more and less than two and one half years from such date	5.86
(vi) if it is held for two and one half years or more and less than three years from such date	6.06
(vii) if it is held for three years or more and less than three and one half years from such date	6.27
(viii) if it is held for three and one half years or more and less than four years from such date	6.49
(ix) if it is held for four years or more and less than four and one half year from such date	6.73
(x) if it is held for four and one half years or more and less than five years from such date	6.99
(xi) if it is held for five years from such date	7.26

( 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 which is held under these Rules.

GIVEN under my Official Seal, this 13th day of March, 1989.

ALBERT REYNOLDS,

Minister for Finance.

EXPLANATORY NOTE.

This instrument prescribes the rules governing the sixth extension of the Seventh Issue of Savings Certificates.