S.I. No. 233/2005 - Prize Bonds (Amendment) Regulations, 2005

National Treasury Management Agency

STATUTORY INSTRUMENTS

S.I. No. 233 of 2005

PRIZE BONDS (AMENDMENT) REGULATIONS, 2005

S.I. No. 233 of 2005

PRIZE BONDS (AMENDMENT) REGULATIONS, 2005

The National Treasury Management Agency, in exercise of the powers conferred upon it by the National Treasury Management Agency Act, 1990 (No. 18 of 1990) and the National Treasury Management Agency Act, 1990 (Delegation of and Declaration as to Functions) Order, 1990 ( S.I. No. 277 of 1990 ) hereby makes the following Regulations:

1.       In these Regulations—

“the Prize Bonds Regulations” means the Prize Bonds Regulations 1993 to 2004 ( S.I. No. 337 of 1993 , as amended by S.I. No. 431 of 1997 and S.I. No. 582 of 2004 ); and

“draw” means a draw for prizes in respect of bonds held after the 5^th day of May, 2005.

2.       The Prize Bonds Regulations are hereby amended—

(a)      in Regulation 9, by the substitution of the following paragraph for paragraph (1):

“(1) A bond shall be included in every draw held after the day on which the bond was registered in the register.”;

(b)      in Regulation 10, by the substitution of the following subparagraph for subparagraph (1)(e)(iv):

“(iv) any serial number generated which has not been allocated to a bond or which is the serial number of a bond—

(A)   which has been cancelled prior to the day on which the draw is held; or

(B)   whose serial number has previously been generated in the same draw

shall be disregarded and shall be ineligible for a prize and for the purpose of ascertaining which serial numbers are to be so disregarded, the register shall be consulted;”; and

(c)      in Regulation 11, by the substitution of the following paragraph for paragraph (1):

“(1) The number of prizes and the amount of each prize to be awarded to bonds selected for prizes in a draw shall be determined by the Operator with the approval of NTMA provided always that the total amount made available for the payment of prizes generally shall not in any event be less than the amount of interest payable on all bonds outstanding at midnight on the last day of the month immediately preceding the month in which the draw is held.”.

3.       (1)      These Regulations may be cited as the Prize Bonds (Amendment) Regulations, 2005.

(2)      The Prize Bonds Regulations and these Regulations may be cited together as the Prize Bonds Regulations, 1993 to 2005.

EXPLANATORY NOTE

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

The purpose of these Regulations is to provide for new arrangements in relation to the eligibility of prize bonds for inclusion in the prize bond draw and the calculation of the prize fund.