Currency Act, 1927

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Redemption of legal tender notes.

49.—(1) Every legal tender note shall be payable by the Commission on presentation at the London Agency and shall be so payable in money in any form which is for the time being legal tender in Great Britain for unlimited amounts.

(2) The Commission may, if and whenever and to such extent as it thinks fit, redeem in Dublin in gold coins which are for the time being legal tender under this Act in Saorstát Eireann for unlimited amounts or in money in any form which is for the time being legal tender in Great Britain for unlimited amounts or, if the person presenting the notes so agrees, by a draft on London, any legal tender notes presented to it for such redemption at the place in Dublin appointed in that behalf by the Commission.

(3) The Commission may refuse to redeem any legal tender note which is so worn or damaged that it is in the opinion of the Commission not identifiable as a particular legal tender note or that the portion of such note forthcoming is not sufficient in the opinion of the Commission to exclude the possibility of the residue of such note being redeemed on another occasion.

(4) The Commission may make by regulation or otherwise such arrangements as it thinks proper for the cancellation and destruction by it or on its behalf of such redeemed legal tender notes as it does not think proper to preserve for re-issue.