Government Loans (Conversion) Act, 1951

Offer of conversion rights to stockholders.

2.—(1) Where the outstanding stock of a Government loan is about to be redeemed, the Minister may, if he so thinks fit, offer, not later than fourteen days before the redemption date, to every stockholder the right to convert as on the redemption date his holding, or any part of his holding, of the stock of such loan into stock of a new loan on specified terms (including, in particular and if the Minister so thinks fit, the giving of a bonus, whether in stock of the new loan or cash).

(2) Any such offer shall be made—

(a) by publication in the Iris Oifigiúil, not later than fourteen days before the redemption date, of notice of the offer with such particulars thereof as the Minister thinks proper, and

(b) by publication of such notice in such further or other manner and at such time or times as the Minister thinks proper.

(3) If the Minister has made, before the passing of this Act, an offer which would have been an offer in accordance with this Act and valid thereunder if this Act had then been in force, the offer shall be deemed for all purposes to have been made under this section and this Act shall apply in respect thereof, and every application made in pursuance of the offer before the passing of this Act shall be deemed for all purposes to have been made under this Act.