Central Bank Act, 1942
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Dissolution of the Commission. |
15.—(1) On the appointed day, the Commission shall become and be dissolved and the members thereof shall cease to hold office but shall not thereby be rendered ineligible for appointment as the Governor or a Director of the Bank. | |
(2) On the appointed day the following provisions shall have effect, that is to say:— | ||
(a) the legal tender note fund, the note reserve fund (if then subsisting), and the general fund as they respectively subsist immediately before the appointed day and all investments, moneys, and assets then comprised in those funds respectively and also all other property, whether real or personal (including choses-in-action), which immediately before the appointed day is vested in or held by the Commission shall, on the appointed day and without any conveyance or assignment but subject, where necessary, to transfer in the books of any bank, corporation, or company, become and be vested in the Bank for all the estate, term, and interest for which the same were vested in the Commission immediately before the appointed day; | ||
(b) any property transferred by the foregoing paragraph of this sub-section to the Bank which, immediately before the appointed day, is standing in the books of any bank within the jurisdiction of the Oireachtas in the name of the Commission or is registered in the books of any bank, corporation, or company within the said jurisdiction in the name of the Commission shall, upon the request of the Board made on or at any time after the appointed day, be transferred in such books by such bank, corporation, or company into the name of the Bank; | ||
(c) where any property transferred or expressed to be transferred to the Bank by paragraph (a) of this sub-section is, immediately before the appointed day, situate outside the jurisdiction of the Oireachtas or is standing or registered in the books of any bank, corporation, or company outside the said jurisdiction, it shall be the duty of the Board to take all such steps as may be requisite to secure the transfer to the Bank of the legal and effective ownership of such property; | ||
(d) every chose-in-action transferred to the Bank by paragraph (a) of this sub-section may be sued upon, recovered, or enforced by the Bank in its own name, and it shall not be necessary for the Bank to give notice to the person bound by such chose-in-action of the transfer effected by the said paragraph; | ||
(e) every debt and other liability (including unliquidated liabilities arising from torts or breaches of contract) which, immediately before the appointed day, is owing and unpaid or has been incurred and is undischarged by the Commission shall, on the appointed day, become and be the debt or liability of the Bank and shall be paid or discharged by and may be recovered from or enforced against the Bank accordingly; | ||
(f) every contract made between the Commission and any other person which is in force or is enforceable immediately before the appointed day and is not fully performed or executed shall, on the appointed day, become and be a contract between the Bank and the said other person and shall be enforceable by or against the Bank accordingly. | ||
(3) The amount of all stamp duties paid (whether in pursuance of the laws of the State or of the laws of another country) by the Bank in respect of any transfer or conveyance of property which is executed in order to supplement or give full effect to the transfer of such property effected by the next preceding sub-section of this section shall be refunded to the Bank by the Minister out of moneys provided by the Oireachtas. | ||
(4) Every person who, immediately before the appointed day, is in the employment of the Commission in any capacity shall, on the appointed day, become and be transferred to the employment of the Bank in the same capacity and with the same tenure, remuneration, and conditions of service as he had in the employment of the Commission immediately before the appointed day, and in order to secure to every such person on and after the appointed day the like rights and benefits (if any) in relation to superannuation and compensation for loss of employment as he had immediately before the appointed day, the following provisions shall have effect, that is to say:— | ||
(a) every scheme made by the Commission under sub-section (4) of section 31 of the Currency Act which is in force immediately before the appointed day shall continue in force on and after the appointed day and shall be observed and performed by the Bank accordingly; | ||
(b) for the purposes of every scheme continued in force by the foregoing paragraph of this sub-section and of every scheme which may be made by the Bank under the said sub-section (4) of section 31 on or after the appointed day, service in the employment of the Commission (including service in any other employment which is deemed by such scheme to be service in the employment of the Commission) shall be deemed to be service in the employment of the Bank and the period of service (including service deemed as aforesaid) of any person in the employment of the Commission ending immediately before the appointed day and the period of service of such person in the employment of the Bank beginning on and continuing after the appointed day shall be deemed to be one continuous period of service in the employment of the Bank. |