Dáil Eireann Loans and Funds Act, 1924

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Number 3 of 1924.

DÁIL EIREANN LOANS AND FUNDS ACT, 1924.

ARRANGEMENT OF SECTIONS

Number 3 of 1924.

DÁIL EIREANN LOANS AND FUNDS ACT, 1924.

AN ACT TO MAKE PROVISION FOR THE DISPOSAL OF THE PROPERTY OF THE FIRST DÁIL EIREANN AND THE SECOND DÁIL EIREANN, AND FOR THE REDEMPTION OR DISCHARGE OF THE LOANS FLOATED BY AND THE OTHER LIABILITIES OF THE FIRST DÁIL EIREANN AND THE SECOND DÁIL EIREANN [18th February, 1924].

BE IT ENACTED BY THE OIREACHTAS OF SAORSTÁT EIREANN AS FOLLOWS:—

Definitions.

1.—In this Act—

the expression “Internal Loan” means the loan floated under the authority of the First Dáil Eireann by public subscription during the years 1919 and 1920 and closed on the 17th day of July, 1920;

the expression “External Loans” means and includes the loan floated on and after the 21st day of January, 1920, under the authority of the First Dáil Eireann by public subscription in the United States of America and the loan floated on and after the 15th day of November, 1921, under the authority of the Second Dáil Eireann by public subscription in the United States of America;

the expression “Minister” means the Minister for, Finance; the expression “Subscriber” includes the personal representative of a deceased subscriber.

Property vested in Dáil Eireann Trustees transferred to Minister for Finance.

2.—(1) All moneys, investments, and other property which immediately before the passing of this Act were vested in or were in the custody, possession, or control of the Dáil Eireann Trustees or any of them or any persons or person acting on behalf or under the authority of the Dáil Eireann Trustees or any of them and were so vested or in such custody, possession, or control in trust for or on behalf of the Government of Saorstát Eireann, shall immediately after the passing of this Act be transferred to and become and be vested in the Minister, and all such conveyances, deeds, and other instruments as shall be necessary fully to effectuate such transfer shall, upon the request and at the cost of the Minister, be duly executed by the Dáil Eireann Trustees and all other necessary parties.

(2) All liabilities, expenses, and payments necessarily and properly incurred or made by or on behalf of the Dáil Eireann Trustees in or about the execution of their duty as such Trustees and not otherwise paid or discharged prior to the passing of this Act, and the costs and expenses of effectuating the transfer of property to the Minister under this section, shall be paid or provided for by the Minister out of moneys to be provided by the Oireachtas.

(3) All moneys, investments, and other property transferred to the Minister by or under this section shall be applied and disposed of in such manner as the Minister shall from time to time by order provide.

Every order made by the Minister under this sub-section shall be laid before each House of the Oireachtas as soon as may be after it is made, and if a resolution is passed by Dáil Eireann within the next subsequent twenty-one days on which Dáil Eireann has sat annulling such order, such order shall be annulled accordingly, but without prejudice to the validity of anything previously done under such order, and any recommendation in respect of such order which shall be made by Seanad Eireann within such twenty-one days shall be duly considered by Dáil Eireann.

(4) In this section the expression ‘the Dáil Eireann Trustees’ means and includes all persons appointed by the First Dáil Eireann or by the Second Dáil Eireann to be trustees for Dáil Eireann as the Government of Saorstát Eireann as then constituted.

Certain shares in National Land Bank Limited transferred to Minister for Finance.

3.—(1) All shares in the National Land Bank Limited now standing in the name of or otherwise vested in the Natland Auxiliary Society Limited shall be transferred to and vest in the Minister, and all deeds of transfer and other instruments necessary to give effect to such transfer shall, on the request and at the cost of the Minister, be executed by the Natland Auxiliary Society Limited and all other necessary parties.

(2) The Minister may exercise all or any of the rights and powers which may from time to time be exercisable by the holder of the shares transferred to him by this section, and where any of such rights or powers are exercisable by attorney the Minister may if he so thinks proper exercise such rights or powers by his attorney.

(3) All liabilities which may from time to time be imposed on or incurred by the Minister under this section or by reason of his being the holder of the shares aforesaid shall be discharged by him out of moneys to be provided by the Oireachtas.

(4) The limitation contained in section 4 of the Industrial and Provident Societies Act, 1893, on the interest which may be had or claimed by one person in the shares of a society registered under that Act shall not apply to any interest in the shares of the National Land Bank Limited which shall be vested in or claimed by the Minister by virtue of this section.

Register of subscribers to Internal Loan to be prepared.

4.—(1) As soon as conveniently may be after the passing of this Act the Minister shall cause an authentic Register of subscribers to the Internal Loan to be prepared, and may take such steps as he shall consider to be necessary or proper for that purpose, including prescribing the conditions and evidence upon which any person claiming to be a subscriber to the Internal Loan may be entered in the Register.

(2) The decision of the Minister as to the claim of any person to be a subscriber to the Internal Loan or to be entered on the Register of such subscribers under this section shall be final.

Savings certificates to be issued to subscribers to the Internal Loan.

5.—(1) There shall be issued through the Post Office to every subscriber to the Internal Loan whose name is entered in the Register of such subscribers prepared under this Act a savings certificate which shall entitle the holder thereof to be paid on the 1st day of June, 1927, the sum of twenty-eight shillings for every pound subscribed by such subscriber.

(2) All regulations for the time being in force in relation to savings certificates issued through the Post Office prior to the passing of this Act shall apply to savings certificates issued under this section, save that no part of the amount of a savings certificate issued under this section shall be payable before the 1st day of June 1927 and that the consent of the Postmaster-General shall not be necessary to an assignment of any such savings certificate.

(3) The total amount payable on the 1st day of June 1927 in respect of savings certificates issued under this section and the expenses incurred in connection with the issue and payment of such savings certificates shall be charged on the Central Fund or the growing produce thereof.

Minister for Finance may redeem External Loan.

6.—(1) It shall be lawful for the Minister to take such steps as he shall think proper to ascertain the names and other particulars of all subscribers to the External Loans or either of them and the amounts subscribed by them respectively.

(2) The Minister may at any time issue to every subscriber to the External Loans or either of them a stock certificate for a sum equal to the amount so subscribed by him.

(3) The Minister may at any time redeem all or any of the stock certificates issued under this section either

(a) by paying to the holder thereof a sum equal to the nominal amount of the certificate together with interest on that amount at the rate of five per cent. per annum from the date on which the amount aforesaid was fully subscribed to the Loan to the date of redemption, or

(b) by purchasing such certificates for such price as the Minister shall think proper.

(4) The Minister may, subject to the provisions of this section, make regulations governing the issue transfer devolution and redemption of stock certificates issued under this section.

(5) There shall be charged on the Central Fund or the growing produce thereof such sum as shall be required to redeem in manner hereinbefore provided all stock certificates issued under this section and to meet the expenses in connection with the issue and redemption of such stock certificates.

Minister for Finance may borrow to meet charges on Central Fund.

7.—(1) The Minister may borrow from any person and the Bank of Ireland may advance to the Minister any sum or sums not exceeding in the whole two million, five hundred thousand pounds to meet the sums charged on the Central Fund and the growing produce thereof by this Act, and for the purpose of such borrowing the Minister may create and issue securities bearing such rate of interest, and subject to such conditions as to repayment, redemption or otherwise as he shall think fit.

(2) The principal and interest of any securities issued under this section and the expenses incurred in connection with the issue of such securities shall be charged on the Central Fund or the growing produce thereof.

(3) Any money raised by securities issued under this section shall be placed to the credit of the account of the Exchequer and shall form part of the Central Fund and be available in any manner in which such Fund is available.

Short title.

8.—This Act may be cited as the Dáil Eireann Loans and Funds Act, 1924.