S.I. No. 254/1934 - Land Bond (Drawing) Regulations, 1934.

STATUTORY RULES AND ORDERS. 1934. No. 254.

LAND BOND (DRAWING) REGULATIONS, 1934.

WHEREAS it is enacted by sub-section (1) of section 1 of the Land Act, 1923 (No. 42 of 1923) as amended by section 3 of the Land Bond Act, 1925 (No. 25 of 1925), that in order to provide for the payment of the sums which under the Land Act, 1923 , are to be paid in bonds, the Minister for Finance shall have power to create and issue when and as required for the purpose, bonds to be called 4½ per cent. Land Bonds :

AND WHEREAS it is further enacted by sub-section (3) of the said section 1 so amended that the Minister for Finance shall make arrangements for the redemption of such 4½ per cent. Land Bonds as may be created and issued under the said section by means of yearly or half-yearly drawings and that the said Minister may make regulations for the drawing of such Bonds :

AND WHEREAS it is further enacted by the said sub-section (3) as amended by sub-section (1) of section 3 of the Land Act, 1931 (No. 11 of 1931), that such regulations shall provide for the immediate redemption of bonds transferred by order of the Judicial Commissioner in redemption of land purchase annuities charged on the lands acquired by the Land Commission under the Land Act, 1923 :

AND WHEREAS the said power of the Minister for Finance to issue 4½ per cent. Land Bonds was extended by subsequent enactments and the provisions of the Land Act, 1923 , and the Land Bond Act, 1925 , were duly applied to land bonds created and issued under such power so extended :

NOW, THEREFORE, the Minister for Finance, in exercise of the powers conferred on him by subsection (3) of section 1 of the Land Act, 1923 (No. 42 of 1923), as amended by section 3 of the Land Bond Act, 1925 (No. 25 of 1925), and of every and any other power him in this behalf enabling, hereby makes the following regulations, that is to say :—

1 Short title

1. These Regulations may be cited for all purposes as the Land Bond (Drawing) Regulations, 1934.

2 Interpretation.

2. The Interpretation Act, 1923 (No. 46 of 1923), applies to the interpretation of these regulations in like manner as it applies to the interpretation of an Act of the Oireachtas.

3 Definitions.

3. In these Regulations—

the word " bonds " means 4½ per cent. Land Bonds created and issued by the Minister for Finance under the powers conferred on him by the Land Act, 1923 (No. 42 of 1923), as amended by the Land Bond Act, 1925 (No. 25 of 1925), or under these powers as extended by the Land Act, 1927 (No. 19 of 1927), or the Land Act, 1929 (No. 31 of 1929) ;

the word " draw " means a drawing of bonds held under and in accordance with these Regulations ;

the expression " the Minister " means the Minister for Finance ;

the expression " the Bank " means the National City Bank, Limited ;

the expression " working day " means a day which is neither a Sunday nor a bank holiday.

4 Date of draw.

4. In the year 1934 and in each successive year until all bonds shall have been redeemed a draw shall be held commencing on the 15th day of October or, if that day is a Saturday or is not a working day, on the next day thereafter which is a working day and, if such draw is not completed on one day, continuing for so many consecutive working days as may be necessary for the completion of such draw.

5 Drawing of bonds.

5. Every draw shall be held at the registered office of the Bank and there shall be present at every draw a director of the Bank or an officer of the Bank appointed by the Directors of the Bank for that purpose and the Secretary of the Department of Finance or some other person appointed by him for that purpose.

6 Amount available for redemption of bonds.

6. (1) The amount available for the redemption of bonds at any draw shall be the total amounts of all sums which, after the making of all deductions required by law, stand, on the first day of May in the year in which such draw is held, set aside in the Land Bond Fund under sub-section (5) of section 1 of the Land Act, 1923 (No. 42 of 1923), as amended by subsequent enactments, together with all interest which has not been utilised for the redemption of bonds before such first day of May and which has accrued on moneys set aside under the said sub-section (5) at any time before that date.

(2) The Minister shall after the first day of May in every year ascertain the amount available in accordance with these regulations for the redemption of bonds to be drawn at the draw held, in accordance with these regulations, in that year, and shall, not less than fourteen days before such draw, publish in Iris Oifigiúil a statement of the amount so ascertained.

7 Discs.

7. The Bank shall provide, for the purpose of each draw, to represent each bond issued and at any time not later than seven days before the date of the commencement of such draw registered in the books of the Bank and at the time of such draw unredeemed, a card disc printed with the number of the bond it represents and with such letter (if any) as may be necessary for distinguishing such bond.

8 Colour of discs.

8. All card discs provided by the Bank in accordance with these Regulations to represent bonds of a particular denomination shall be of a uniform colour different from the colour of the discs so provided to represent bonds of any other denomination.

9 Custody of discs.

9. The following provisions shall apply to the custody of all discs provided by the Bank in accordance with these Regulations when such discs are not in use for the purpose of a draw, that is to say :—

(a) each receptacle used for the custody of discs shall be fitted with a cover secured by two locks not being locks which can be opened by means of the same key ;

(b) the key of one only of the locks of any receptacle used for the custody of discs shall be retained by the Bank and the key of the other only of the locks of such receptacle shall be retained by the Secretary of the Department of Finance ;

(c) discs representing any particular denomination of bonds shall be deposited in a receptacle or receptacles containing no discs representing bonds of any other denomination ;

(d) every receptacle in use for the custody of discs shall be locked by a director of the Bank or an officer of the Bank appointed by the directors of the Bank for that purpose and by the Secretary of the Department of Finance or some person appointed by him for that purpose, in the presence of each other, and deposited at the registered office of the Bank.

10 Amount to be drawn

10. At each draw discs representing bonds of the aggregate amount available for the redemption of bonds at that draw shall be drawn without selection in accordance with these Regulations by the director of the Bank present at such draw or, if an officer of the Bank has been appointed under these Regulations to be present at such draw, by such officer in the presence of the Secretary of the Department of Finance or such other person as may be appointed by him under these Regulations to be present at such draw.

11 Manner of drawing.

11. On the occasion of each draw, discs of each denomination shall be placed in a receptacle which contains discs of no other denomination, and the discs of each denomination shall be so drawn that the same proportion, as nearly as is reasonably possible, of discs to the total number of discs in such receptacle shall be drawn for each denomination.

12 List of bonds drawn.

12. Immediately on the conclusion of each draw a separate list of the distinguishing letters and numbers of all bonds of each denomination drawn at such draw shall be signed by the persons required by these Regulations to be present at such draw.

13 Payment of bonds drawn.

13. The payment of all bonds drawn at any draw shall be made by the Bank on or after the 1st day of January next following such draw.

14 Publications of bonds drawn.

14. As soon as may be after each draw the Minister shall publish in Iris Oifigiúil the distinguishing letters and numbers of all bonds drawn at such draw and an intimation that the corresponding bonds will be paid off at par on or after the first day of January next following the date of such draw at the registered office of the Bank and that as from such first day of January all interest thereon will cease, and the Bank shall send a notification to each person registered as the owner or joint owner of each bond drawn at such draw that such bond has been drawn for redemption on or after such first day of January.

15 Cancellation of certificates.

15. All certificates of registration of bonds drawn at any draw and presented for payment shall be cancelled but when any such certificate relates also to bonds which have not been drawn for redemption, a new certificate shall be issued in respect of such bonds which have not been so drawn.

16 Application of paragraphs (2) and (3) of Rule 6 of Land (Finance) Rules, 1925.

16. Notwithstanding anything contained in these Regulations paragraphs (2) and (3) of Rule 6 of the Land (Finance) Rules, 1925, shall apply for the purpose of the immediate redemption of Bonds transferred by order of the Judicial Commissioner in redemption of land purchase annuities charged on the lands acquired by the Land Commission under the Land Act, 1923 .

GIVEN under the Official Seal of the Minister for Finance this 29th day of September, 1934.

J. J. McELLIGOTT,

Secretary.

DEPARTMENT OF FINANCE,

DUBLIN.