Central Bank Act, 1989.

Amendment of section 3 of Act of 1969.

125.—(1) Section 3 of the Act of 1969 is hereby amended—

(a) by the insertion of the following subsection after subsection (3):

“(3A) The Minister may, in respect of any cupronickel or bronze coins of a particular denomination provided under this section, by order amend the said First Schedule by substituting, for the standard weight and remedy allowance relating to that weight which are specified therein in respect of those coins, such other standard weight and remedy allowance relating to that weight as he thinks fit and specifies in the order and the said First Schedule shall have effect accordingly.”;

(b) in subsection (5), by the substitution of the following paragraph for paragraph (c):

“(c) Whenever an order is proposed to be made under this subsection, other than only for the purpose of amending—

(i) the standard weight and standard composition of any coins and the remedy (or variation from the standard weight and standard composition) to be allowed in respect thereof, or

(ii) any such weight or composition or remedy (or variation from either such weight or composition),

a draft of the order shall be laid before each House of the Oireachtas and the order shall not be made until a resolution approving the draft has been passed by each such House.”.

(2) Any order made in whole or in part under section 3 (5) of the Act of 1969 and in force immediately before the commencement of this section shall continue in force as if it had been made to the like extent under and in accordance with the said section 3(5) as amended by subsection (1) (b).