S.I. No. 322/1953 - Savings Certificates (First Issue Extension) Rules, 1953.

S.I. No. 322 of 1953.

SAVINGS CERTIFICATES (FIRST ISSUE EXTENSION) RULES, 1953.

The Minister for Finance, in exercise of the powers conferred on him by subsection (2) of section 30 of the Finance Act, 1940 (No. 14 of 1940), and of every and any other power him in this behalf enabling, hereby makes the following rules :—

1. These Rules may be cited as the Savings Certificates (First Issue Extension) Rules, 1953.

2. In these Rules—

the expression " 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,

the expression " the date of maturity " means, in relation to a savings certificate, the twentieth anniversary of the date marked thereon as the date of issue thereof,

the expression " unit certificate " means a savings certificate of the first issue the purchase price of which was fifteen shillings and sixpence,

the expression " multiple certificate " means a savings certificate of the first issue, other than a unit certificate.

3. (1) A savings certificate of the first issue may, subject to the provisions of paragraph (2) of this Article, be held after the date of maturity thereof.

(2) Where the Minister for Finance, by notice published in " Iris Oifigiúil " specified a date, not earlier than the 20th day of February, 1972, as the date after which no certificate of the first issue shall be held, no certificate of the first issue shall be held after the date so specified.

4. A savings certificate of the first issue which is held under these Rules shall, during the period for which it is so held, bear interest at the rate of—

(a) in the case of a unit certificate—

(i) one penny for each complete period of one month until the thirty-second anniversary of the date of purchase,

(ii) two pence for each complete period of one month thereafter,

(iii) an additional eighteenpence on the forty-first anniversary of the date of purchase

(b) in any other case—in a proportion manner.

5. Subject to the provisions of these Rules, the Savings Certificates Rules, 1926, shall apply and have effect, with the necessary modifications, in relation to a savings certificate of the first issue which is held under these Rules.

GIVEN under the Official Seal of the Minister for Finance this 22nd day of October, 1953.

O. J. REDMOND,

A Person authorised under section 15 of the Ministers and Secretaries Act, 1924 , to authenticate the seal of the said Minister.