S.I. No. 277/1987 - Land Bonds (Drawings) Regulations, 1987.

S.I. No. 277 of 1987.

LAND BONDS (DRAWINGS) REGULATIONS, 1987.

I, RAY MACSHARRY, Minister for Finance, in exercise of the powers conferred on me by section 1 of the Land Act, 1923 (No. 42 of 1923) (as amended by section 3 of the Land Bond Act, 1925 (No. 25 of 1925), section 3 of the Land Act, 1931 (No. 11 of 1931), section 6 of the Land Act, 1936 (No. 41 of 1936), and section 9 of the Land Act, 1939 (No. 26 of 1939)), section 4 of the Land Bond Act, 1933 (No. 33 of 1933), section 7 of the Land Bond Act, 1934 (No. 11 of 1934) (as amended by section 26 of the Finance Act, 1957 (No. of 1957)) and section 4 of the said Land Act, 1936 , hereby make the following Regulations:

1 Citation.

1. These Regulations may be cited as the Land Bond (Drawings) Regulations, 1987.

2 Interpretation.

2. The Interpretation Act, 1937 (No. 38 of 1937), applies to these Regulations.

3 Definitions.

3. In these Regulations—

"approved" means approved by the Minister;

"the Bank" means the Central Bank;

"bonds" when used without qualification and in relation to a draw, means the land bonds for which the draw is held;

"bond number" has the meaning specified in Regulation 7 (1) of these Regulations;

"draw" has the meaning specified in Regulation 4 of these Regulations;

"draw number" has the meaning specified in Regulation 7 (2) of these Regulations;

"the Minister" means the Minister for Finance;

"working day" means a day other than a Saturday, Sunday or bank holiday or public holiday.

4 Dates of draws

4. (1) ( a ) Drawings for redemption of land bonds (in these Regulations referred to as draws) shall be held in the month of May in the year 1988 as follows:

(i) draw for 4 per cent land bonds created and issued under the Land Bond Act, 1934 (No. 11 of 1934),

(ii) draw for 3½ per cent land bonds so created and and issued,

(iii) draw for 3 per cent land bonds so created and issued,

(iv) draw for 4¾ per cent land bonds so created and issued,

(v) draw for 5 per cent land bonds so created and issued,

(vi) draw for 5¾ per cent land bonds so created and issued,

(vii) draw for 5½ per cent land bonds so created and issued,

(viii) draw for 6 per cent land bonds so created and issued,

(ix) draw for 7 per cent land bonds so created and issued,

(x) draw for 7½ per cent land bonds so created and issued,

(xi) draw for 8 per cent land bonds so created and issued,

(xii) draw for 9¾ per cent land bonds so created and issued,

(xiii) draw for 9¾ per cent land bonds so created and issued,

(xiv) draw for 12½ per cent land bonds so created and issued,

(xv) draw for 16 per cent land bonds so created and issued,

(xvi) draw for 15 per cent land bonds so created and issued,

(xvii) draw for 14¾ per cent land bonds so created and issued,

(xviii) draw for 13¾ per cent land bonds so created and issued,

(xix) draw for 16½ per cent land bonds so created and issued,

(xx) draw for 16¼ per cent land bonds so created and issued,

(xxi) draw for 18¼ per cent land bonds so created and issued,

(xxii) draw for 14¼ per cent land bonds so created and issued,

(xxiii) draw for 13 per cent land bonds so created and issued,

(xxiv) draw for 4½ per cent new land bonds so created and issued under the Land Bond Act, 1933 (No. 33 of 1933).

( b ) The draws aforesaid shall also be held in the month of May in the years succeeding the year 1988 until all the land bonds concerned have been redeemed.

( c ) The fifth day of the said month, if the day is a working day, or, if it is not a working day, the next day thereafter which is a working day, shall be the day for holding these draws, and, if they are not completed on one day, they shall continue for so many consecutive working days as may be necessary for their completion.

(2) ( a ) A drawing for redemption of 4½ per cent land bonds created and issued under section 1 of the Land Act, 1923 (No. 42 of 1923), as amended by subsequent enactments (in these Regulations also referred to as a draw) shall be held in the month of November in the year 1987.

( b ) This draw shall also be held in the month of November in the years succeeding the year 1987 until all the land bonds concerned have been redeemed.

( c ) The fifth day of the said month, if that day is a working day, or, if it is not a working day, the next day thereafter which is a working day, shall be the day for holding this draw, and, if it is not completed on one day, it shall be continued for so many consecutive days as may be necessary for its completion.

5 Drawing of bonds.

5. (1) A draw shall be held at an approved office of the Bank.

(2) There shall be present at a draw—

( a ) a person (in these Regulations referred to as the Bank's representative) who is either a Director of the Bank or an officer of the Bank nominated by the Bank for that purpose, and

( b ) a person (in these Regulations referred to as the Minister's representative) who is an officer of the Minister nominated by the Minister for that purpose.

6 Amounts available for redemption.

6. (1) Subject to paragraphs (2) and (3) of this Regulation—

( a ) where a draw is in respect of bonds referred to in Regulation 4 (1) of these Regulations, the amount available for redemption shall be the total amount of all sums (including moneys paid into the Land Bond Fund under section 4 (2) of the Land Act, 1936 (No. 41 of 1936)), which, on the first day of November in the year preceding that in which the draw is held, stand set aside (after the making of all deductions required by law) in the Land Bond Fund under the provisions of (in the case of bonds referred to in sub-paragraph (a) (i) to (xxiii) of the said Regulation 4 (1)) the relevant order or orders creating the bonds, or (in the case of bonds referred to in sub-paragraph (a) (xxiv) of the said Regulation 4 (1)) of section 5 (1) of the Land Bond Act, 1933 , together with all interest which has accrued on moneys, or on any investments representing such moneys, set aside under those provisions on or at any time before that first day of November and has not theretofore been utilised for the redemption of bonds,

( b ) where a draw is in respect of bonds referred to in Regulation 4 (2) of these Regulations, the amount available for redemption shall be the total amount of all sums which, on the first day of May in the year in which the draw is held, stand set aside (after making all deductions required by law) in the Land Bond Fund under the provisions of section 1 (5) of the Land Act, 1923 , as amended by subsequent enactments, together with all interest which has accrued on moneys, or any investments representing such moneys, set aside under those provisions on or at any time before that first day of May and has not therefore been utilised for the redemption of bonds.

(2) Any such amount available for redemption shall be reduced by the amount of any estimated loss on the sale of securities in which on (in the case of bonds referred to in Regulation 4 (1) of these Regulations) the first day on November in the year preceding that in which the draw is held, or (in the case of bonds referred to in Regulation 4 (2) of these Regulations) on the first day of May in the year in which the draw is held, moneys set aside in the Land Bond Fund for redemption of the bonds stood invested.

(3) If any such amount available for redemption when ascertained in accordance with the preceding paragraphs of this Regulation is not a multiple of £100, it shall be adjusted—

( a ) if it consists of a multiple of £100 together with an amount not more than £50 by reducing it to that multiple, or

( b ) if it consists of a multiple of £100 together with an amount exceeding £50, by increasing it to the next greater multiple of £100.

(4) The Minister shall, not less than fourteen days before each draw, publish in the Iris Oifigiúil a statement of the amount available under this Regulation for the redemption of bonds to be drawn at the draw.

7 Bond numbers and grouping of bonds.

7. (1) Numbers (in these Regulations referred to as bond numbers) shall, for the purposes of a draw, be assigned before the draw to the bonds standing in each account on the last working day of the month immediately preceding that in which the draw is held. Bond numbers shall be in numerical order and an account shall be assigned bond numbers to correspond to the number of £1 units held therein.

(2) Bonds shall, for the purposes of a draw, be grouped in groups of one hundred £1 units. Each such group shall be represented by a number (in these Regulations referred to as a draw number) and the draw numbers shall be numbered in numerical order, draw number 1 representing bond numbers 1 to 100, draw number 2 representing bond numbers 101 to 200, and so on. If the total amount of bonds outstanding in a series of bonds is not a multiple of £100, the odd amount over a multiple of £100 shall be represented by a draw number.

(3) Before a draw, a holder of bonds or his agent shall be entitled to be informed of the bond numbers and draw numbers assigned to his account.

8 Conduct of draws.

8. At a draw, drawings shall be carried out by the use of an electronic digital computer, using a random number generator of the linear congruential type. Such numbers as are generated by this method for each series of Land Bonds in the draw shall be the draw numbers for the purposes of the redemption of Land Bonds in that series.

9 Amount to be drawn.

9. At a draw, draw numbers equal, as nearly as is reasonably practicable, in total nominal value to, but not exceeding, the amount available for the draw for the redemption of bonds shall, in the presence of the Minister's representative and the Bank's representative, be drawn without selection.

10 Lists of bonds drawn.

10. (1) Immediately on the conclusion of a draw, a list shall be prepared showing the draw numbers drawn at the draw.

(2) As soon as the list has been prepared, it shall be signed by the Minister's representative and the Bank's representative present at the draw to which it relates, and thereupon every bond represented by the numbers set out in the list shall be deemed to have been drawn at the draw.

11 Payment of bonds drawn.

11. On or after the first day of the second month next following that in which a draw is held, the payment of the bonds drawn shall be made by the Bank.

12 Publication of bonds drawn.

12. As soon as may be after a draw, the Minister shall publish in the Iris Oifigiúil a notice specifying that a draw was held and stating the nominal amount of bonds drawn, together with a list of the draw numbers of those bonds, and an intimation that that amount of bonds will be paid off at par on or after the first day of the second month next following that in which the draw was held at an approved office of the Bank and that, as from that day, all interest on the bonds drawn will cease, and the Bank shall send a notification to the person registered as the owner (or to the first of two or more joint owners) of each bond drawn that it has been drawn for redemption on or after that day.

13 Cancellation of certificates.

13. After a draw, all certificates of registration of bonds drawn shall, on being returned for the purpose of obtaining payment of the bonds to which they relate, be cancelled, but where any such certificate relates also to bonds which have not been drawn, a new certificate shall be issued in respect of the bonds which have not been drawn.

14 Persons to whom payments of redemption money are to be paid.

14. Redemption money payable after a draw in respect of a bond drawn shall be paid to, or in accordance with the instruction of, the person or persons in whose name or names the bond is registered on the last day of the month next preceding that in which the draw was held and no transfer of the bond can be effected after that day.

15 Closing of register of bonds.

15. During the period of fourteen consecutive days including the day of a draw and beginning on the first day of May or first day of November (as may be appropriate), the register of the bonds shall be kept closed and a direction by the Land Commission under the Land (Finance) Rules, 1925, for the transfer and registration of bonds shall not be acted on during that period.

16 Revocations.

16. The following Regulations are hereby revoked:

( a ) Land Bond (Drawings) Regulations, 1970 ( S.I. No. 72 of 1970 ),

( b ) Land Bond (Drawings) Regulations, 1972 ( S.I. No. 103 of 1972 ),

( c ) Land Bond (Drawings of 9¼ per cent Land Bonds) Regulations, 1974 ( S.I. No. 108 of 1974 ),

( d ) Land Bond (Drawings of 12½ per cent Land Bonds) Regulations, 1976( S.I. No. 85 of 1976 ),

( e ) Land Bond (Drawings of 16 per cent Land Bonds) Regulations, 1977 ( S.I. No. 128 of 1977 ),

( f ) Land Bond (Drawings of 15 per cent Land Bonds) Regulations, 1978 ( S.I. No. 118 of 1978 ),

( g ) Land Bond (Drawings of 14¾ per cent Land Bonds) Regulations, 1979 ( S.I. No. 159 of 1979 ),

( h ) Land Bond (Drawings of 13½ per cent Land Bonds) Regulations, 1981 ( S.I. No. 157 of 1981 ),

( i ) Land Bond (Drawings of 16½ per cent Land Bonds) Regulations, 1983 ( S.I. No. 132 of 1983 ),

( j ) Land Bond (Drawings of 16¼ per cent Land Bonds) Regulations, 1983 ( S.I. No. 115 of 1983 ),

( k ) Land Bond (Drawings of 18¼ per cent Land Bonds) Regulations, 1984 ( S.I. No. 110 of 1984 ).

GIVEN under my Official Seal, this 28th day of October, 1987.

RAY MACSHARRY,

Minister for Finance.

Legislation under which Land Bonds Draws are held

EXPLANATORY NOTE.

These Regulations provide for a new system of drawings of Land Bonds for redemption.