Dail Eireann Loans and Funds (Amendment) Act, 1933

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Number 19 of 1933.

DAIL EIREANN LOANS AND FUNDS (AMENDMENT) ACT, 1933.

ARRANGEMENT OF SECTIONS

Number 19 of 1933.

DAIL EIREANN LOANS AND FUNDS (AMENDMENT) ACT, 1933.

AN ACT TO MAKE PROVISION FOR THE REDEMPTION OF THE LOANS FLOATED BY PUBLIC SUBSCRIPTION IN THE UNITED STATES OF AMERICA UNDER THE AUTHORITY OF THE FIRST DAIL EIREANN AND THE SECOND DAIL EIREANN RESPECTIVELY, AND FOR LIMITING THE TIME FOR MAKING CLAIMS FOR ENTRY IN THE REGISTER PREPARED UNDER SECTION 4 OF THE DAIL EIREANN LOANS AND FUNDS ACT, 1924 . [28th July, 1933.]

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

Definitions.

1.—In this Act—

the expression the Act of 1924” means the Dáil Eireann Loans and Funds Act, 1924 (No. 3 of 1924);

the expression payment on account” means a sum actually or substantively paid by the Receivers appointed by the Supreme Court of the State of New York in the United States of America in respect of subscriptions to the External Loans and includes a sum for which the said Receivers gave in respect of such subscriptions any security, negotiable instrument, or bill of exchange or anything in the nature of a security, negotiable instrument, or bill of exchange;

the words “dollar” and “cent” mean respectively a dollar and a cent of the currency of the United States of America;

the word “subscriber” includes (in addition to the meaning given to it by the Act of 1924) any person claiming through or under a subscriber;

every word and expression to which a particular meaning is given by section 1 of the Act of 1924 has the meaning so given to it.

Redemption of the External Loans.

2.—(1) The Minister may redeem the External Loans by payment, in accordance with this Act, of the sum stated in whichever of the following paragraphs is, in each particular case, applicable, that is to say:—

(a) where there was no payment on account, the sum of one dollar and twenty-five cents for every dollar subscribed, or

(b) where there was a payment on account, a sum equal to the difference between the sum of one dollar and twenty-five cents for every dollar subscribed and the amount of such payment on account.

(2) Redemption of the External Loans under and in accordance with the foregoing sub-section of this section shall be a full satisfaction and discharge of the capital of the External Loans and of all claims in respect of interest thereon.

Method of redemption.

3.—(1) The redemption of the External Loans by the Minister under this Act shall be effected as follows, that is to say:—

(a) where the sum payable is the amount or balance due on a ten-dollar or a twenty-five-dollar bond, by the payment of such amount or balance in money of the United States of America;

(b) where the sum payable is the amount or balance due on any other bond either, as the Minister thinks fit—

(i) by the payment in money of the United States of America of such sum (less than five dollars) as is necessary to reduce such amount or balance to a multiple of five dollars, and the issue of securities created under this section for so much of such amount or balance as is not so paid in money, or

(ii) by the payment of the whole of such amount or balance in money of the United States of America.

(2) The Minister may, for the purpose of paying any sums which under the preceding sub-section of this section are payable by the issue of securities, create such securities capable of registration bearing such rate of interest and subject to such conditions as to repayment, redemption, or otherwise (including repayment or redemption in money of the United States of America) as he shall think fit.

(3) All moneys payable under this Act in redemption of the External Loans and also the principal and interest of all securities issued under this section and the expenses incurred in connection with the issue of such securities shall be charged on the Central Fund and the growing produce thereof.

Applications for redemption.

4.—(1) Any person or the duly authorised agent of any person who claims to be a subscriber to the External Loans (or either of them) may at any time before, but not after, the 31st day of August, 1934, apply in writing in the prescribed form and manner for redemption of the amount of the External Loans claimed to be due to such person.

(2) No person who has omitted to make an application under the foregoing sub-section of this section for redemption shall be entitled to be repaid under this Act the amount of the External Loans due to him.

(3) In this section the word “prescribed” means prescribed by regulations to be made by the Minister under this section.

Power to borrow to meet charges on Central Fund under this Act.

5.—(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 one million, five hundred thousand pounds to meet the sums charged on the Central Fund and the growing produce thereof by the foregoing provisions of 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 and 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 that Fund is available.

Final date for claims under section 4 of the Act of 1924.

6.—All claims to be entered in the register prepared under section 4 of the Act of 1924 shall be made before, but not after, the 31st day of March, 1934, and no claim for such entry made after that date shall be entertained by the Minister

Partial Repeal of section 6 of the Act of 1924.

7.— Section 6 (except sub-section (1) thereof) of the Act of 1924 is hereby repealed.

Expenses of the Minister.

8.—All expenses incurred by the Minister in the execution of this Act and not otherwise provided for by this Act shall be defrayed out of moneys to be provided by the Oireachtas.

Short title and citation.

9.—(1) This Act may be cited as the Dáil Eireann Loans and Funds (Amendment) Act, 1933.

(2) The Act of 1924 and this Act may be cited together as the Dáil Eireann Loans and Funds Acts, 1924 and 1933.