Central Bank Act, 1971


2.—In this Act—

“the Act of 1927” means the Currency Act, 1927 ;

“the Act of 1942” means the Central Bank Act, 1942 ;

“the Bank” means the Central Bank of Ireland;

“banker's licence” means a licence issued under section 47 of the Act of 1942, and a reference in any statute or instrument under statute to a banker's licence shall be construed as including a reference to a licence;

“banking business” means business which consists of—

(a) the business of accepting deposits payable on demand or on notice or at a fixed or determinable future date, but excluding deposits with a trader from persons employed by him in his trading business or from his customers in the normal course of his trading business and deposits or instalments in respect of the letting or selling of goods under a hire-purchase agreement or a credit-sale agreement, or

(b) the business aforesaid and any other business normally carried on by a bank,

and “banking” and words cognate thereto shall be construed accordingly;

“company” means a company incorporated in or outside the State and includes the Bank of Ireland;

“the Court” means the High Court;

“general fund”, “gold bullion”, “issue”, “legal tender note” and “legal tender note fund” have the same meanings as in the Act of 1927;

“holder”, in relation to a licence, means the person to whom a licence is granted;

“investment trust company” means a company whose main business consists of the investment of its funds in securities;

“licence” means a licence for the time being in force granted under section 9 of this Act;

“the Minister” means the Minister for Finance;

“securities” means—

(a) shares in the share capital of any body corporate or stock of any body corporate or debentures, debenture stock or bonds of any body corporate, whether constituting a charge on the assets of the body or not, or rights or interests (described whether as units or otherwise) in any such shares, stock, debentures, debenture stock or bonds,

(b) securities of the Government or the government of any country or territory outside the State, or

(c) rights (whether actual or contingent) in respect of money lent to, or deposited with, any industrial and provident society, friendly society or building society,

and includes rights or interests (described whether as units or otherwise) which may be acquired under any unit trust scheme under which all property for the time being subject to any trust or other arrangement created or made in pursuance of the scheme consists of such securities as are mentioned in paragraph (a), (b) or (c) of this definition;

“unit trust scheme” means any arrangements made for the purpose, or having the effect, of providing facilities for the participation by the public, as beneficiaries under a trust or otherwise, in profits or income arising from the acquisition, holding, management or disposal of securities or any other property whatsoever and a reference in this Act to a manager under a unit trust scheme shall be construed as a reference to the person in whom is vested the powers of management relating to property for the time being subject to any trust or other arrangement created or made in pursuance of the scheme.