Finance Act, 1958

Holding and investment of moneys of Post Office Savings Bank.

63.—(1) The following provisions shall have effect in relation to moneys of the Post Office Savings Bank:

(a) such moneys, as well as being capable of being held in currency of the State, may also be held in currency of the United States of America or currency of the Dominion of Canada,

(b) such moneys may be invested in any of the following securities:

(i) securities of the Government,

(ii) securities guaranteed as to capital and interest by the Minister for Finance,

(iii) stock of the Bank of Ireland,

(iv) securities or mortgages of the council of a county, the corporation of a county borough, the corporation of Dún Laoghaire or a harbour authority within the meaning of the Harbours Act, 1946 (No. 9 of 1946),

(v) securities of the government of Great Britain,

(vi) securities of the government of the United States of America,

(vii) securities of the government of the Dominion of Canada,

(c) such moneys may also be invested in an interest bearing deposit account with a bank, being a bank in the State, Great Britain, the United States of America or the Dominion of Canada.

(2) In subsection (1) of this section “securities” includes stocks and funds.

(3) Subsections (1) and (2) of this section shall be deemed to have come into operation on the 1st day of April, 1958.