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Central Bank Act, 1942

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Number 22 of 1942.


CENTRAL BANK ACT, 1942.


ARRANGEMENT OF SECTIONS

PART I.

Preliminary and General.

Section

1.

Short title, collective citation, and construction.

2.

Definitions.

3.

The appointed day.

4.

Repeals.

PART II.

Establishment of the Central Bank of Ireland and Dissolution of the Currency Commission.

5.

Establishment of the Bank.

6.

General function and duty of the Bank.

7.

Certain particular powers of the Bank.

8.

Certain further powers of the Bank.

9.

The capital of the Bank.

10.

The seal of the Bank.

11.

Interpretation of references to the Commission in the Currency Act, 1927.

12.

The Associated Banks.

13.

Admission of a bank to be an Associated Bank.

14.

Removal of a bank from being an Associated Bank.

15.

Dissolution of the Commission.

16.

Appointments to the staff of the Bank.

17.

Copyright in notes issued by the Bank.

18.

General adaptation of references to the Commission.

PART III.

the Board of Directors of the Bank.

19.

Appointment, tenure of office, etc., of the Governor.

20.

Prohibition of the Governor holding shares in a bank.

21.

Removal of the Governor.

22.

The Deputy Governor.

23.

Appointment, remuneration, etc, of the Directors.

24.

Tenure of office of the Directors.

25.

Disqualification of Directors.

26.

Panel for appointment of the first banking Directors.

27.

Panel for the appointment of banking Directors other than the first such Directors.

28.

Notices of vacancies and appointments of certain Directors.

29.

Prohibition of certain Directors holding shares in a bank.

30.

Operation of disqualification of the Governor or a Director.

31.

Oath of secrecy to be taken by the Governor, Directors, and officers.

32.

Procedure of the Board.

33.

Compensation and superannuation of Chairman, Commissioners, Governor, and Directors.

PART IV.

Extinction of Consolidated Bank Notes.

34.

Definitions in respect of this Part of this Act.

35.

Restrictions on amount of consolidated bank notes outstanding.

36.

Payment in respect of consolidated bank notes outstanding after cesser of issue.

37.

Payments by Associated Banks on consolidated bank notes.

38.

Stamp duty in respect of consolidated bank notes.

39.

Notes of former banks of issue.

40.

Power of banks of issue to write off certain notes.

PART V.

Deposits by Bankers.

41.

Construction of references to holding oneself out as a banker.

42.

Obligation to make deposit in the High Court.

43.

General provisions in relation to deposits under this Part of this Act.

44.

Deposit on behalf of a company before its incorporation.

45.

Payment of debts out of deposit.

PART VI.

Bankers' Licences and the Duties of Licensed Bankers.

46.

Application of this Part of this Act.

47.

Bankers' licences.

48.

Publication of financial statements by licensed bankers.

49.

Publication of balance sheets by licensed bankers.

50.

Power to required deposit by licensed bankers in certain circumstances.

51.

Powers in respect of licensed bankers' clearances.

PART VII.

Counterfeit and Unauthorised Currency.

52.

Definition of “bank note” in this Part of this Act.

53.

Extension of the Forgery Act, 1913.

54.

Disposal of bank notes, etc., seized under the Forgery Act, 1913.

55.

Making, etc., a document purporting to be or resembling a bank note.

56.

Prohibition of unauthorised money.

57.

Amendment of the Customs Consolidation Act, 1876.

PART VIII.

Coinage.

58.

Amendment of the Coinage Act, 1926.

59.

Amendment of the Gold and Silver (Export Control, etc.) Act, 1920.

60.

The issue of coins under the Coinage Act, 1926.

61.

Copyright in coins.

PART IX.

Miscellaneous.

62.

Winding-up of the note reserve fund and establishment of the currency reserve.

63.

Amendment of section 61 of the Currency Act.

64.

Amendment of section 3 of the Currency (Amendment) Act, 1930.

65.

Power of Bank to obtain information as to hire-purchase businesses.

66.

Amendment of the Bills of Exchange Act, 1882, in respect of banker's drafts.

67.

Legalisation of bank deposit as a trustee investment.

68.

Amendment of section 22 of the Bankers (Ireland) Act, 1845.

FIRST SCHEDULE.

Enactments Repealed.

SECOND SCHEDULE.

Rules for the Elections of Panels for the Appointment of Banking Directors.

THIRD SCHEDULE.

Maximum Amounts Of Consolidated Bank Notes Which May Be Outstanding With The Associated Banks Respectively.


Acts Referred to

Currency (Amendment) Act, 1930

No. 30 of 1930

Currency Act, 1927

No. 32 of 1927

Ministers and Secretaries Act, 1924

No. 16 of 1924

Industrial and Commercial Property (Protection) (Amendment) Act, 1929

No. 13 of 1929

Finance Act, 1932

No. 20 of 1932

Finance Act, 1937

No. 18 of 1937

Coinage Act, 1926

No. 14 of 1926

Industrial and Commercial Property (Protection) Act, 1927

No. 16 of 1927

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Number 22 of 1942.


CENTRAL BANK ACT, 1942.


AN ACT TO ESTABLISH A BANK TO BE THE PRINCIPAL CURRENCY AUTHORITY IN THE STATE, TO DISSOLVE THE CURRENCY COMMISSION AND TRANSFER ITS POWERS AND DUTIES (WITH CERTAIN MODIFICATIONS) TO THE SAID BANK, TO CONFER ON THE SAID BANK DIVERS OTHER POWERS AND DUTIES, AND TO PROVIDE FOR OTHER MATTERS CONNECTED WITH BANKING, CURRENCY, COINAGE, AND THE MATTERS AFORE SAID AND IN PARTICULAR FOR THE GRADUAL EXTINCTION OF CONSOLIDATED BANK NOTES. [4th November, 1942.]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: