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Currency Act, 1927

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Number 32 of 1927.


CURRENCY ACT, 1927.


ARRANGEMENT OF SECTIONS

PART I.

Preliminary and General.

Section

1.

Short title.

2.

Definitions.

3.

Repeals.

4.

Standard of value.

PART II.

Gold Coinage.

5.

Coining of gold from bullion on request.

6.

Denominations and other particulars of gold coins.

7.

Calling in of coins issued under this Act.

8.

Prohibition of other gold coins or tokens.

9.

Legal tender in gold coins.

10.

Currency in which contracts, etc., are to be made.

11.

Application of certain enactments.

12.

Defacing light gold coin.

13.

Expenses of issue of coins.

PART III.

The Currency Commission.

14.

Constitution of the Currency Commission.

15.

The Chairman of the Commission.

16.

Removal and disqualification of the Chairman.

17.

Prohibition of Chairman holding shares in a bank.

18.

The ordinary Commissioners.

19.

Term of office of ordinary Commissioners.

20.

Disqualification of ordinary Commissioners.

21.

Prohibition of nominated Commissioner holding shares in a Bank.

22.

Election of first elected Commissioners.

23.

Nomination of first nominated Commissioners.

24.

Election of the first Chairman.

25.

Establishment of the Commission.

26.

Election of the Chairman other than the first Chairman.

27.

Election of elected commissioners other than the first such Commissioners.

28.

Nomination of nominated Commissioners other than the first such Commissioners.

29.

The London agency.

30.

Appointment of Deputy Chairman.

31.

Offices and staff of the Commission.

32.

Oath to be taken by Chairman, Commissioners and officers of the Commission.

33.

Procedure of the Commission.

34.

The seal of the Commission.

35.

Accounts and records of the Commission.

36.

Reports and returns by the Commission.

37.

Giving of information by bankers to the Commission.

38.

Issue and redemption by the Commission of coins under the Coinage Act, 1926.

PART IV.

Shareholding Banks.

39.

Admission of first Shareholding Banks.

40.

Admission of Shareholding Banks after the first such Banks.

41.

Removal of a Shareholding Bank from being such Bank.

42.

Registers of shareholders of shareholding Banks.

43.

Regulations by the Commission in relation to Shareholding Banks.

44.

Regulations by the Minister in relation to Shareholding Banks.

PART V.

Legal Tender Notes.

45.

Provision of legal tender notes.

46.

Application of certain enactments.

47.

Issue of legal tender notes.

48.

Calling in of legal tender notes.

49.

Redemption of legal tender notes.

50.

Provision of money to redeem legal tender notes.

PART VI.

Consolidated Bank Notes.

51.

Provision of consolidated bank notes.

52.

Issue of consolidated bank notes.

53.

Limit of amount of consolidated bank notes.

54.

Allotment of consolidated bank notes amongst Shareholding Banks.

55.

Extraordinary issues of consolidated bank notes.

56.

Limit on issue of consolidated bank notes to particular banks.

57.

Retirement and cancellation of consolidated bank notes.

58.

Responsibility of Shareholding Banks for payment of consolidated bank notes.

59.

Consolidated bank notes of Bank which ceases to be a Shareholding Bank.

60.

Prohibition of bank notes other than consolidated bank notes.

PART VII.

Financial.

61.

Legal tender note fund.

62.

The note reserve fund.

63.

General Fund.

64.

Capital liability of Shareholding Banks.

65.

Payments on consolidated bank notes.

66.

Payments on certain outstanding bank notes.

67.

Exemptions from taxes and duties.

68.

Bankers composition duty.

FIRST SCHEDULE.

SECOND SCHEDULE.

THIRD SCHEDULE.

FOURTH SCHEDULE.


Acts Referred to

Coinage Act, 1926

No. 14 of 1926

Inland Revenue (Adaptation of Taxing Acts) Order, 1923

No. 4 of 1923

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Number 32 of 1927.


CURRENCY ACT, 1927.


AN ACT TO AUTHORISE THE ISSUE OF GOLD COINAGE, TO MAKE PROVISION FOR THE ISSUE OF CURRENCY NOTES HAVING A LEGAL TENDER QUALITY, TO TERMINATE THE ISSUE OF BANK NOTES BY INDIVIDUAL BANKS AND SUBSTITUTE AN ISSUE OF BANK NOTES BY A CENTRAL AUTHORITY, AND TO ESTABLISH A COMMISSION TO MANAGE AND CONTROL THE ISSUE AND REDEMPTION OF THE SAID CURRENCY NOTES AND THE ISSUE OF BANK NOTES AND TO EXERCISE CERTAIN OTHER FUNCTIONS IN RELATION TO THE CURRENCY. [20th August, 1927.]

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