S.I. No. 231/1986 - Savings Certificates (First Issue Extension) Rules, 1986.

S.I. No. 231 of 1986.

SAVINGS CERTIFICATES (FIRST ISSUE EXTENSION) RULES, 1986.

I, JOHN BRUTON, Minister for Finance, in exercise of the powers conferred on me by section 30 (2) 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 (First Issue Extension) Rules, 1986.

(2) The Savings Certificates (First Issue Extension) Rules, 1953 to 1985, and these Rules may be cited together as the Savings Certificates (First Issue Extension) Rules, 1953 to 1986.

2. In these Rules—

"the first issue" means the issue of savings certificates introduced on the 18th day of June, 1923, and discontinued on the 20th day of February, 1931;

"relevant date" means, in relation to a savings certificate, the sixty-third anniversary of the date marked thereon as the date of issue thereof;

"unit certificate" means a savings certificate of the first issue the purchase price of which was seventy-seven and one half pence.

3. A savings certificate of the first issue may be held for a period not exceeding three years from the relevant date.

4. The amount payable at any time in respect of a savings certificate of the first issue which is held under these Rules shall be—

( a ) in the case of a unit certificate—

(i) if it is held for less than six months from the relevant date

12.38

(ii) if it is held for six months or more and less than one year from such date

12.69

(iii) if it is held for one year or more and less than one and one half years from such date

13.06

(iv) if it is held for one and one half years or more and less than two years from such date

13.43

(v) if it is held for two years or more and less than two and one half years from such date

13.87

(vi) if it is held for two and one half years or more and less than three years from such date

14.30

(vii) if it is held for three years from such date

14.79

( 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 30th day of June, 1986.

JOHN BRUTON,

Minister for Finance.

EXPLANATORY NOTE.

This instrument prescribes the rules governing the extension of the First Issue of Savings Certificates.