Prohibition of bank notes other than consolidated bank notes.
60.—(1) When and so soon as the Commission is in a position to issue consolidated bank notes the Commission shall by notice in writing sent to every Shareholding Bank and published in the Iris Oifigiúil appoint a day (in this section referred to as the appointed day) on which it will commence the issue of consolidated bank notes in accordance with this Act and the day so appointed shall not be less than fourteen days after the sending and publication of the said notice and shall not be earlier than the day appointed under this Act for the commencement of the issue of legal tender notes.
(2) On and after the appointed day it shall not be lawful for any bank whether it is or is not a Shareholding Bank to issue or pay out, save as authorised by the Commission under this section, any bank notes other than consolidated bank notes and if any bank shall issue or pay out any bank note in contravention of this section such bank shall be liable to pay to the Commission a sum equal to one-tenth of the amount of such note.
(3) The Commission may in its absolute discretion authorise by general regulation or particular direction any bank to issue and pay out or to pay out after the appointed day such bank notes (other than consolidated bank notes) during such period, to such extent, and subject to such conditions as the Commission thinks fit and the Commission shall make regulations under this sub-section for the purpose of enabling reasonable facilities to be given by banks to persons about to travel out of Saorstát Eireann for obtaining bank notes other than consolidated bank notes.
(4) The Commission shall determine, in such manner as it thinks fit, in respect of every Bank which is at the passing of this Act a bank of issue the proportion of the notes of such Bank outstanding (including notes in the tills or vaults of such Bank) immediately before the appointed day which appertains to Saorstát Eireann and such proportion of such notes shall on or as soon as may be after the appointed day be redeemed cancelled and destroyed in such manner as the Commission shall direct and in the case of a first Shareholding Bank so much of such proportion as is for the time being not so redeemed shall for the purpose of payments on consolidated bank notes by such Bank and for the purpose of the issue of consolidated bank notes to such Bank be deemed up to one half of the quota of such Bank to be consolidated bank notes outstanding with such Bank otherwise than on an extraordinary issue.
(5) Every sum payable to the Commission by a bank under this section shall be recoverable by the Commission as a civil debt in any court of competent jurisdiction.