S.I. No. 676/1935 - National Loan (Conversion) Regulations, 1935.

SAORSTÁT EIREANN. STATUTORY RULES AND ORDERS. 1935. No. 676.

NATIONAL LOAN (CONVERSION) REGULATIONS, 1935.

WHEREAS it is enacted by sub-section (1) of Section 7 of the National Loan (Conversion) Act, 1935 (No. 39 of 1935), that the Minister for Finance may make regulations for all or any of the following purposes, that is to say :—

(a) prescribing the manner in which and the persons to whom applications under the said Act for the conversion or for the redemption of stock of the Irish Free State 5% National Loan, 1935-45, are to be made and prescribing the evidence which may be accepted by those persons as to matters on which the validity of such applications may depend ;

(b) specifying the persons by whom any such application may be made where a stockholder has died, or is outside Saorstát Éireann, or is of unsound mind, or is an infant, or is otherwise under disability, or where a notice in lieu of distringas is in force with respect to the holding ;

(c) enabling any such application to be made by a majority of the stockholders where stock of the said loan is held jointly by more than two persons, whether beneficially or in a fiduciary capacity ;

(d) prescribing the manner in which certificates and other documents relating to stock of the said loan are to be dealt with and determining how far such certificates and other documents are to be valid after the 1st day of December, 1935 ;

(e) enabling the books and the transfer by deed register of the said loan kept by the Bank of Ireland to be closed for a period immediately preceding the 1st day of December, 1935 :

NOW, the Minister for Finance, in exercise of the powers conferred on him by Section 7 of the National Loan (Conversion) Act, 1935 (No. 39 of 1935), and of every and any other power him in this behalf enabling hereby makes the following regulations, that is to say :—

1. These Regulations may be cited as the National Loan (Conversion) Regulations, 1935;

2. The Interpretation Act, 1923 (No. 46 of 1923), applies to the interpretation of these Regulations in like manner as it applies to the interpretation of an Act of the Oireachtas.

3. In these Regulations—

the expression "the Minister" means the Minister for Finance;

the expression "the Act" means the National Loan (Conversion) Act, 1935 (No. 39 of 1935);

the expression "the loan" means the Irish Free State 5% National Loan, 1935-45;

the expression "the Bank" means the Bank of Ireland;

the expression "conversion application" means an application under paragraph (a) of sub-section (1) of Section 3 of the Act;

the expression "redemption application" means an application under paragraph (b) of sub-section (1) of Section 3 of the Act;

the word "application " when used without qualification includes both a conversion application and a redemption application.

4. Every application—

(a) shall be made on an appropriate form supplied by the Bank or on a form to the like effect, and

(b) shall state the amount of the stock of the loan to which the application relates, and

(c) shall state the name, address, and description of the person in whose name or of each of the persons in whose names the stock of the loan to which the application relates is standing in the books of the Bank, and also such further particulars of such stock as may be required by the Bank for the purpose of identifying such stock, and

(d) shall, in the case of a redemption application, state whether such stock is registered as transferable in the books of the Bank or as transferable by deed, and

(e) shall, where such stock is registered as transferable by deed, be accompanied by the relevant register certificate or certificates, and

(f) shall be delivered or sent by post to the Bank.

5.— (1) Where an application is made by a corporate body (whether alone or jointly with another person or other persons), such application shall be sealed with the common seal of such corporate body affixed thereto in accordance with the regulations of such corporate body governing the use of such seal.

(2) Where a redemption application is made by an individual or by two or more individuals or is made jointly by one or more individuals and a corporate body, such application shall be signed by such individual or every of such individuals (as the case may be), and such signature or every of such signature shall be attested by one witness.

6. —(1) An application in respect of stock of the loan which is standing in the books of the Bank in the names of two or more persons may be made—

(a) if all such persons are alive, by all or, if such application is a conversion application, by a majority of such persons, or

(b) if one or more but not all of such persons is or are dead, by all the survivors or the sole survivor of such persons or, if such application is a conversion application, by a majority of such survivors, or

(c) where all such persons are dead, by the personal representative, or all the personal representatives or, if such application is a conversion application, by a majority of the personal representatives of the last survivor of such persons.

(2) An application in respect of stock of the loan which is standing in the books of the Bank in the name of one person only may, if such person is dead, be made by the personal representative or all the personal representatives or, if such application is a conversion application, by a majority of the personal representatives of such person.

(3) An application in respect of stock of the loan in relation to which a notice in lieu of distringas is in force may be made by the person who would be entitled to make such application if no such notice had been served, but nothing in this Regulation shall relieve the Bank from the obligations (if any) in relation to such application imposed on the Bank by virtue of such notice.

7. Where the person in whose name or one of the persons in whose names any stock of the loan is standing is under any of the disabilities mentioned in the first column of the Schedule to these Regulations an application in respect of such stock may be made on behalf of such person (either alone or jointly with others, as the case may require) by the person or persons described in the second column of the said Schedule opposite the mention of such disability in the said first column.

8. Where the Bank requires, for the purpose of proving any matter relating to an application, that a fact should be proved by the evidence of witnesses, the Bank may accept as proof of such fact statutory declarations or a joint statutory declaration made by not less than two persons approved of by the Bank deposing to such fact.

9. The books (including the transfer by deed register) kept by the Bank in connection with the loan—

(a) may, if the Bank so thinks proper, be closed during the period beginning on the date of these Regulations and ending on the 22nd day of November, 1935, for dealings in stock of the loan in respect of which redemption applications are made, and

(b) shall be closed from the 23rd day of November, 1935, to the 1st day of December, 1935, (both dates inclusive) for all dealings in stock of the loan.

10. Nothing contained in or done in pursuance of these Regulations shall operate to affect the Bank with notice of any trust.

SCHEDULE.

Given under the Official Seal of the Minister for Finance this 20th day of November, 1935.

J. J. McELLIGOTT.

Secretary,

Department of Finance.