Legal tender note fund.
61.—(1) The Commission shall keep a separate capital fund to be called the legal tender note fund and shall maintain and manage such fund in accordance with this Act.
(2) All gold bullion, moneys, securities, and funds (other than legal tender notes and other than moneys paid by way of a charge for refining gold bullion or a charge corresponding to a charge for coining) paid or transferred to the Commission by any person or from any fund for legal tender notes issued by the Commission to such person or fund shall be carried to the legal tender note fund.
(3) The capital of the legal tender note fund shall be held by the Commission or at its disposal in such one or more of the following forms as the Commission in its absolute discretion shall think proper and in no other form, that is to say:—
(a) gold bullion;
(b) gold coins which are for the time being legal tender in Saorstát Eireann for unlimited amounts;
(c) money in any form which is for the time being legal tender in Great Britain for unlimited amounts;
(d) British Government securities maturing within twelve months;
(e) sterling balances on current or deposit account at the London Agency or any Bank in Great Britain or Northern Ireland.
(4) The Commission shall in its absolute discretion determine from time to time as occasion requires the allocation of the capital of the legal tender note fund amongst the several forms mentioned in the foregoing sub-section or any of them.
(5) All dividends and interest received by the Commission in respect of the capital of the legal tender note fund shall be carried as income to the general fund.
(6) The Commission may, if and whenever it thinks fit, borrow temporarily for the purposes of the legal tender note fund, and may pledge the capital or any part of the capital of the legal tender note fund as security for such borrowing and shall charge all interest on such borrowing against the income of the general fund.
(7) At the end of every half-year the Commission shall value in accordance with current market values the capital assets of the legal tender note fund and shall ascertain the extent of the net surplus or deficiency, if any, of such capital assets as so valued (less by the capital amount of any temporary borrowing under the foregoing sub-section then outstanding) above or below the amount of legal tender notes outstanding at the end of such half-year, and shall as soon as may be after such ascertainment transfer (as the case may require) from or to the legal tender note fund to or from the note reserve fund capital assets in any one or more of the forms mentioned in sub-section (3) of this section equal in value to the amount of such surplus or deficiency, if any.