Finance Act, 1942
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Amendment of section 31 of the Finance Act, 1940. |
23.—(1) Sub-section (3) of section 31 of the Finance Act, 1940 (No. 14 of 1940), is hereby amended and modified as follows, that is to say:— | |
(a) the cesser of section 3 of the Savings Banks Act, 1880, effected by paragraph (c) of the said sub-section (3) shall apply and be deemed always to have applied to that section in so far as it relates to the investment of deposits and no further; | ||
(b) the powers conferred on the Minister for Finance by paragraphs (e), (f), and (g) of the said sub-section (3) are hereby transferred to and shall henceforth be exercisable (subject to the next following paragraph of this sub-section) by the Minister for Posts and. Telegraphs, and the expression “the Minister” wherever it occurs in any of those paragraphs shall be construed and have effect accordingly; | ||
(c) no regulations shall be made by the Minister for Posts and Telegraphs under the said paragraph (f) of the said sub-section (3) without the consent of the Minister for Finance. | ||
(2) In order to remove doubts, it is hereby declared and enacted that the several statutes and statutory orders, rules, and regulations in relation to trustee savings banks which were in force immediately before the establishment of Saorstát Eireann continued to be in force on and after the day appointed under section 31 of the Finance Act, 1940 (No. 14 of 1940), to be the appointed day for the purposes of that section, but subject to the provisions of the said section 31 as amended by this section. | ||
(3) The Minister for Posts and Telegraphs may from time to time, by order made with the consent of the Minister for Finance, make such adaptations and modifications (whether by way of addition, omission, or variation) of the several statutes and statutory orders, rules, and regulations referred to in the next preceding sub-section of this section as shall appear to him to be necessary or expedient for the convenient and efficient administration of those statutes, orders, rules, and regulations or for giving to them full force and effect having regard to the provisions of the Constitution and of section 31 (as amended by this section) of the Finance Act, 1940 (No. 14 of 1940), but not so as to prejudice or affect any tax or duty payable to or for the benefit of the Central Fund. | ||
(4) The exemption from tax given by paragraph (a) of sub-section (3) of section 39 of the Income Tax Act, 1918, to savings banks certified under the Savings Bank Act, 1863, shall extend and apply to interest and dividends arising from investments of moneys to the credit of the special account opened in pursuance of sub-section (3) of section 31 of the Finance Act, 1940 (No. 14 of 1940), and shall be deemed to have so extended and applied as on and from the day appointed under the said section 31 to be the appointed day for the purposes of that section. |