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S.I. No. 89/1962 - Savings Certificates (Fourth Issue Extension) Rules, 1962.

S.I. No. 89 of 1962.

SAVINGS CERTIFICATES (FOURTH ISSUE EXTENSION) RULES, 1962.

I, SÉAMAS Ó RIAIN, Minister for Finance, in exercise of the powers conferred on me by subsection (2) of section 30 of the Finance Act, 1940 (No. 14 of 1940), hereby make the following rules :

1.—(1) These Rules may be cited as the Savings Certificates (Fourth Issue Extension) Rules, 1962.

(2) The Savings Certificates (Fourth Issue Extension) Rules, 1957 ( S.I. No. 158 of 1957 ), and these Rules may be cited together as. the Savings Certificates (Fourth Issue Extension) Rules, 1957 and 1962.

2. In these Rules—

" the fourth issue " means the issue of savings certificates introduced on the 25th day of July, 1946, and discontinued on the 26th day of April, 1952 ;

" date of maturity " means, in relation to a savings certificate, the sixteenth anniversary of the date marked thereon as the date of issue thereof ;

" unit certificate " means a savings certificate of the fourth issue the purchase price of which was sixteen shillings.

3. A savings certificate of the fourth issue may be held for a period not exceeding six years from the date of maturity thereof.

4. A savings certificate which is held under these Rules shall, during the period for which it is so held, bear interest—

(a) in the case of a unit certificate, at the rate of—

(i) three pence for each complete period of three months until the third anniversary of the date of maturity,

(ii) four pence for each complete period of three months thereafter ;

(b) in any other case, in a proportionate manner.

5. Subject to the provisions of these Rules, the Savings Certificates Rules, 1926, shall apply, with the necessary modifications, in relation to a savings certificate which is held under these Rules.

GIVEN under my Official Seal, this 29th day of May, 1962.

SÉAMAS Ó RIAIN,

Minister for Finance.

EXPLANATORY NOTE.

This instrument prescribes the rules governing the extension of the fourth issue of savings certificates.