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Provision of money to redeem legal tender notes.
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50.—(1) All moneys required for the redemption of legal tender notes by the Commission (whether at the London Agency or in Dublin) in pursuance of this Act shall be provided by the Commission out of the legal tender note fund, and, if that fund proves insufficient, out of the note reserve fund and, if such last-mentioned fund proves insufficient, out of moneys advanced under this section to the Commission out of the Central Fund.
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(2) Whenever the legal tender note fund and the note reserve fund have proved or are expected by the Commission to prove in the then near future insufficient to provide the moneys necessary for the redemption of legal tender notes by the Commission in pursuance of this Act, the Commission shall certify to the Minister the existence or expectation (as the case may be) of such insufficiency and the sum which is required by the Commission for the redemption in accordance with this Act of all such legal tender notes as in the opinion of the Commission will probably be presented for such the redemption in the then near future, and upon receipt of such certificate the Minister shall forthwith advance to the Commission out of the Central Fund or the growing produce thereof the sum so certified by the Commission.
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