Currency Act, 1927

Currency Act, 1927 Skip to content Disclaimer Feedback Helpdesk Gaeilge Léim go dtí an t-ábhar Séanadh Aiseolas Deasc chabhrach English Gaeilge English Produced by the Office of the Attorney General Táirgthe ag Oifig an Ard-Aighne Home Legislation Acts of the Oireachtas Statutory Instruments Pre-1922 Legislation Constitution External Resources Bills (Houses of the Oireachtas) Iris Oifigiúil / Official Gazette Revised Acts (LRC) Classified List of Legislation (LRC) Translations (acts.ie) Translations (Houses of the Oireachtas) Government Publications for Sale EU Law (EUR-Lex) FAQ Disclaimer Feedback Helpdesk Search Baile Reachtaíocht Achtanna an Oireachtais Ionstraimí Reachtúla Reachtaíocht Réamh-1922 Bunreacht Acmhainní Seachtracha Billí (Tithe an Oireachtais) Iris Oifigiúil Achtanna Athbhreithnithe (CAD) (An Coimisiún um Athchóiriú an Dlí) Liosta Rangaithe Reachtaíochta Aistriúcháin (achtanna.ie) Aistriúcháin (Tithe an Oireachtais) Foilseacháin Rialtais ar Díol Dlí AE (EUR-Lex) CCanna (Ceisteanna Coitianta) Séanadh Aiseolas Deasc chabhrach Cuardach TitleTeideal Year(s) or rangeBliain nó blianta nó raon TypeCineál All Legislation Acts Statutory Instruments Advanced SearchCuardach Casta HomeBaile ActsAchtanna 1927 Currency Act, 1927 Currency Act, 1927 Permanent Page URL View by SectionAmharc de réir Ailt View Full ActAmharc ar an Acht Iomlán Bill History Stair Bille Commencement, Amendments, SIs made under the Act Tosach Feidhme, Leasuithe, IRí arna ndéanamh faoin Acht Print Full ActPriontáil an tAcht Iomlán Number 32 of 1927. CURRENCY ACT, 1927. ARRANGEMENT OF SECTIONS PART I. Preliminary and General. Section 1. Short title. 2. Definitions. 3. Repeals. 4. Standard of value. PART II. Gold Coinage. 5. Coining of gold from bullion on request. 6. Denominations and other particulars of gold coins. 7. Calling in of coins issued under this Act. 8. Prohibition of other gold coins or tokens. 9. Legal tender in gold coins. 10. Currency in which contracts, etc., are to be made. 11. Application of certain enactments. 12. Defacing light gold coin. 13. Expenses of issue of coins. PART III. The Currency Commission. 14. Constitution of the Currency Commission. 15. The Chairman of the Commission. 16. Removal and disqualification of the Chairman. 17. Prohibition of Chairman holding shares in a bank. 18. The ordinary Commissioners. 19. Term of office of ordinary Commissioners. 20. Disqualification of ordinary Commissioners. 21. Prohibition of nominated Commissioner holding shares in a Bank. 22. Election of first elected Commissioners. 23. Nomination of first nominated Commissioners. 24. Election of the first Chairman. 25. Establishment of the Commission. 26. Election of the Chairman other than the first Chairman. 27. Election of elected commissioners other than the first such Commissioners. 28. Nomination of nominated Commissioners other than the first such Commissioners. 29. The London agency. 30. Appointment of Deputy Chairman. 31. Offices and staff of the Commission. 32. Oath to be taken by Chairman, Commissioners and officers of the Commission. 33. Procedure of the Commission. 34. The seal of the Commission. 35. Accounts and records of the Commission. 36. Reports and returns by the Commission. 37. Giving of information by bankers to the Commission. 38. Issue and redemption by the Commission of coins under the Coinage Act, 1926. PART IV. Shareholding Banks. 39. Admission of first Shareholding Banks. 40. Admission of Shareholding Banks after the first such Banks. 41. Removal of a Shareholding Bank from being such Bank. 42. Registers of shareholders of shareholding Banks. 43. Regulations by the Commission in relation to Shareholding Banks. 44. Regulations by the Minister in relation to Shareholding Banks. PART V. Legal Tender Notes. 45. Provision of legal tender notes. 46. Application of certain enactments. 47. Issue of legal tender notes. 48. Calling in of legal tender notes. 49. Redemption of legal tender notes. 50. Provision of money to redeem legal tender notes. PART VI. Consolidated Bank Notes. 51. Provision of consolidated bank notes. 52. Issue of consolidated bank notes. 53. Limit of amount of consolidated bank notes. 54. Allotment of consolidated bank notes amongst Shareholding Banks. 55. Extraordinary issues of consolidated bank notes. 56. Limit on issue of consolidated bank notes to particular banks. 57. Retirement and cancellation of consolidated bank notes. 58. Responsibility of Shareholding Banks for payment of consolidated bank notes. 59. Consolidated bank notes of Bank which ceases to be a Shareholding Bank. 60. Prohibition of bank notes other than consolidated bank notes. PART VII. Financial. 61. Legal tender note fund. 62. The note reserve fund. 63. General Fund. 64. Capital liability of Shareholding Banks. 65. Payments on consolidated bank notes. 66. Payments on certain outstanding bank notes. 67. Exemptions from taxes and duties. 68. Bankers composition duty. FIRST SCHEDULE. SECOND SCHEDULE. THIRD SCHEDULE. FOURTH SCHEDULE. Acts Referred to Coinage Act, 1926 No. 14 of 1926 Inland Revenue (Adaptation of Taxing Acts) Order, 1923 No. 4 of 1923 Number 32 of 1927. CURRENCY ACT, 1927. AN ACT TO AUTHORISE THE ISSUE OF GOLD COINAGE, TO MAKE PROVISION FOR THE ISSUE OF CURRENCY NOTES HAVING A LEGAL TENDER QUALITY, TO TERMINATE THE ISSUE OF BANK NOTES BY INDIVIDUAL BANKS AND SUBSTITUTE AN ISSUE OF BANK NOTES BY A CENTRAL AUTHORITY, AND TO ESTABLISH A COMMISSION TO MANAGE AND CONTROL THE ISSUE AND REDEMPTION OF THE SAID CURRENCY NOTES AND THE ISSUE OF BANK NOTES AND TO EXERCISE CERTAIN OTHER FUNCTIONS IN RELATION TO THE CURRENCY. [20th August, 1927.] BE IT ENACTED BY THE OIREACHTAS OF SAORSTÁT EIREANN AS FOLLOWS:— PART I. Preliminary and General. Short title. 1.—This Act may be cited as the Currency Act, 1927. Definitions. 2.—In this Act— the expression “the Minister” means the Minister for Finance; the expression “the Commission” means the Currency Commission to be established under this Act; the expression “British Government securities” means and includes any stocks, shares, bonds, bills, notes, or other interestbearing securities heretofore or hereafter issued or made by or on behalf of the British Government and carrying the direct obligation of the British Government in respect of both capital or principal and interest; the expression “securities guaranteed by the British Government” means and includes any stocks, shares, bonds or debentures for the time being carrying the guarantee of the British Government in respect of both capital and interest; the word “outstanding” when used in relation to legal tender notes means notes which have been issued by the Commission and have not since the last time of issue been redeemed or accepted by the Commission in exchange on the issue of other legal tender notes or called in and paid for and when used in relation to consolidated bank notes means notes which have been issued by the Commission and have not been returned to the Commission for retirement; the word “issue” when used in relation to legal tender notes or in relation to consolidated bank notes includes the re-issue of a note which has ceased to be outstanding; the word “director” when used in relation to a Shareholding Bank includes a member of the Board of management of such Bank; the expression “gold bullion” includes any gold coins other than gold coins which are for the time being legal tender in Saorstát Eireann or in Great Britain; the expression “standard fineness” means a fineness of eleven-twelfths fine gold and one-twelfth alloy, or a millesimal fineness of 916.6; the word “ounce” means an ounce troy; the expression “the expenses of the Commission” includes all expenses incurred by the Commission in the performance of the duties and the exercise of the powers imposed or conferred on it by this Act or incurred in anywise in the performance of its functions under this Act and in particular includes the remuneration and allowances payable under this Act to the Chairman and the ordinary Commissioners; the expression “unanimous vote” when used in relation to the Commission means the unanimous vote of all persons who are at the time being members of the Commission other than members who are prohibited by this Act from taking part in the vote; the word “year” means a period of twelve months ending on the 31st day of March; the expression “half-year” means a period of six months ending on the 31st day of March or the 30th day of September; the expression “consolidated bank note” means a consolidated bank note provided and issued under and in accordance with this Act; the expression “legal tender note” means a legal tender note provided and issued under and in accordance with this Act, and the expressions “legal tender note fund,” “note reserve fund,” and “general fund” respectively mean the several funds required by this Act to be kept by the Commission under those respective names. Repeals. 3.—(1) The several enactments specified in the First Schedule to this Act are hereby repealed to the extent mentioned in the third column of the said Schedule and as on and from the respective dates specified in the fourth column of the said Schedule. (2) So much of section 4 of the Bankers (Ireland) Act, 1845 as enacts that the Bank of Ireland shall be dissolved upon publication of the notice mentioned in that section and that the Bank of Ireland shall be dissolved upon repayment of the sum mentioned in that section is hereby repealed. Standard of value. 4.—(1) The standard unit of value of Saorstát Eireann shall be the Saorstát pound which shall be issued as hereinafter provided either in the form of a gold coin having a standard weight of 123.27447 grains of gold eleven-twelfths fine or in the form of a legal tender note or in both forms. (2) Every mention or reference in the Coinage Act, 1926 (No. 14 of 1926) of or to the sovereign shall be construed as a mention of or reference to the Saorstát pound and the said Act shall have effect accordingly. PART II. Gold Coinage. Coining of gold from bullion on request. 5.—(1) Whenever any person after the commencement of this section delivers not less at any one time than one hundred ounces of gold bullion at a place for the time being appointed in that behalf by the Minister under this section, the Minister shall cause such bullion to be assayed and coined into coins authorised by this Act to be issued thereunder and shall issue such coins to such person. (2) Whenever the gold bullion delivered for coinage under this section is of the standard fineness the number of coins to be issued under this section in exchange for such bullion shall be calculated at the rate of one Saorstát pound for every 123.27447 grains of such bullion or one ten-shilling coin for every 61.63723 grains of such bullion and whenever such bullion is of a fineness superior or inferior to the standard fineness the said number of coins shall be calculated at such higher or lower (as the case may be) rate as is proportionate to such superiority or inferiority of fineness. (3) The Minister may refuse to accept for coining under this section any gold bullion which is of such fineness that in the opinion of the Minister it cannot be brought to the standard fineness without refining some portion of it, and if he so accepts any such bullion he may impose such charge as he thinks proper for refining it. (4) It shall be lawful for the Minister to impose such charge for the coinage of gold bullion under this section as he thinks proper not exceeding three half-pence for every ounce of such bullion of the standard fineness and so in proportion for bullion of a superior or an inferior fineness. (5) No undue preference shall be shown to any person under this section and every person delivering in accordance with this section gold bullion for coining shall have the bullion so delivered by him coined in such priority as corresponds to the time of such delivery. (6) The Minister may by order appoint such places as he thinks fit for the delivery under this section of gold bullion for coining and in the event of his so appointing an office of the Commission as a place for such delivery he may by the same or any subsequent order with the consent of the Commission authorise and require the Commission to exercise and perform in respect of all gold bullion delivered at such office such of the powers and duties conferred on the Minister by the foregoing provisions of this section as he thinks proper. Every order made by the Minister under this sub-section shall be published in the Iris Oifigiúil as soon as may be after it is made. (7) This section shall come into operation on such day as shall be appointed in that behalf by the Minister with the concurrence of the Commission by notice published in the Iris Oifigiúil. (8) The notice under the foregoing sub-section appointing the day for the coming into operation of this section, shall, if the Commission so requires, declare that no person other than the Commission shall be entitled to deliver gold bullion for coining under this section, and if such notice so declares then no person other than the Commission shall be entitled to deliver gold bullion for coining under this section until such time as the Commission shall by notice published in the Iris Oifigiúil declare that every person shall be so entitled. Denominations and other particulars of gold coins. 6.—(1) Every coin issued under this Act shall be of one or other of the denominations specified in the first column of the Second Schedule to this Act, and every such coin shall be of the standard weight and the standard fineness specified in respect thereof in the second and fourth columns respectively of the said Second Schedule, but there shall be allowed in respect of all such coins the remedy (or variation from the standard weight or the standard fineness) stated in respect thereof respectively in the fifth column of the said Second Schedule. (2) The Minister may by order prescribe the dimensions and design of the several denominations of coins issued under this Act and every coin so issued shall be of the dimensions and design so prescribed in respect thereof. (3) The Minister may by order prescribe the manner in which coins coined under this Act are to be tested for the purpose of ascertaining whether they do or do not comply with the provisions of this Act. Calling in of coins issued under this Act. 7.—The Minister may by order call in coins of any particular date or denomination issued under this Act. Prohibition of other gold coins or tokens. 8.—(1) Save and except coins issued under and in accordance with this Act, no piece of gold or of any mined metal (whereof gold forms a part) of any value whatsoever shall be made or issued in Saorstát Eireann as a coin or token for money or as purporting that the holder thereof is entitled to demand any value denoted thereon. (2) Every person who shall make or issue any piece of gold or of mined metal (whereof gold forms a part) in contravention of this section shall be guilty of a misdemeanour and shall be liable on conviction thereof to a fine not exceeding one hundred pounds. Legal tender in gold coins. 9.—A tender of payment of money if made in gold coins issued under this Act which have not been called in under this Act and have not become diminished in weight by wear or otherwise, so as to be of less weight than the weight specified in respect thereof in the third column of the Second Schedule to this Act, shall be legal tender for a payment of any amount. Currency in which contracts, etc., are to be made. 10.—Every contract, sale, payment, bill, note, instrument, and security for money, and every transaction, dealing, matter, and thing whatever relating to money or involving the payment or the liability to pay any money which is made, executed, entered into, done, or had on or after the day appointed under this Act for the commencement of the issue of legal tender notes shall be made, executed, entered into, done and had according to coins or notes which are for the time being legal tender under the Coinage Act, 1926 (No. 14 of 1926) or this Act and not otherwise, unless the same be made, executed, entered into, done or had according to the currency of some state or country other than Saorstát Eireann. Application of certain enactments. 11.—(1) The Coinage Offences Act, 1861 shall apply to coins issued under this Act, and for the purpose of such application the references in section 1 of that Act to gold coin coined in any of Her Majesty's Mints or lawfully current by virtue of any proclamation or otherwise in any part of Her Majesty's Dominions shall be construed as including references to coins lawfully current in Saorstát Eireann by virtue of this Act. (2) Section 42 of the Customs Consolidation Act, 1876 shall be construed and have effect as if the following articles were added to the Table of Prohibitions and Restrictions Inwards in that section, that is to say, counterfeits of coins issued under this Act. (3) Section 2 of the Revenue Act, 1889 shall apply to imitations of coins issued under this Act, and for the purpose of such application the references in sub-section (4) of that section to coins lawfully current by virtue of any proclamation or otherwise in any part of Her Majesty's Dominions shall be construed as including a reference to coins lawfully current in Saorstát Eireann by virtue of this Act. Defacing light gold coin. 12.—(1) Where any coin issued under this Act is below the least current weight specified in respect thereof in the third column of the Second Schedule to this Act, or where any coin issued under this Act is called in under this Act, every person shall by himself or another cut, break, or deface any such coin tendered to him in payment and the person tendering the same shall bear the loss. (2) If any coin cut, broken or defaced in pursuance of this section is not below the least current weight specified in respect thereof in the third column of the Second Schedule to this Act or has not been called in under this Act, the person cutting, breaking, or defacing the same shall receive the same in payment according to its denomination. (3) Any dispute arising under this section may be determined by a Justice of the District Court in accordance with Rules of Court. Expenses of issue of coins. 13.—All expenses incurred by the Minister in carrying this Part of this Act into effect shall be paid out of the Central Fund or the growing produce thereof. PART III. The Currency Commission. Constitution of the Currency Commission. 14.—(1) There shall be established in accordance with this Act a body to be called the Currency Commission to fulfil the functions assigned to it by this Act. (2) The Commission shall be a body corporate with perpetual succession and an official seal (which shall be judicially noticed) and power to sue and be sued in its corporate name and to hold and dispose of land. (3) The Commission shall consist of seven members to be called the Currency Commissioners (in this Act referred to as the Commissioners) namely a Chairman (in this Act referred to as the Chairman) and six ordinary Commissioners (in this Act referred to as the ordinary Commissioners) elected or nominated in the manner hereinafter mentioned. (4) There shall be associated with the Commission in accordance with this Act such and so many Shareholding Banks as is provided by this Act and such Shareholding Banks shall have such rights, privileges, and obligations as are conferred or imposed on them by this Act but references in this Act to the Commission or to members of the Commission shall not be construed as including Shareholding Banks. The Chairman of the Commission. 15.—(1) The Chairman shall receive such remuneration and allowances and be subject to such conditions of service as the ordinary Commissioners shall prescribe. (2) The term of office of the Chairman (not including a person appointed to be the Chairman temporarily) shall, unless he sooner dies, resigns, is removed, or becomes disqualified, be a period of five years commencing, in the case of the first Chairman, on the establishment of the Commission and, in the case of every subsequent Chairman, on the date of his election or nomination or, in the case of a Chairman elected or nominated or re-elected or re-nominated during the continuance of a term of office, on the expiration of such term of office. (3) A Chairman retiring on the expiration by effluxion of time of his term of office shall be eligible for re-election or re-nomination. (4) The Chairman shall during his term of office be disqualified from being nominated or elected and from sitting or receiving payment as a member of Dáil Eireann or of Seanad Eireann and be ineligible for election as a director of any Bank whatsoever. (5) The Chairman shall, if at the time of his election or nomination he is a director of any Bank whatsoever, divest himself of such directorship within ten days after his election or nomination, and if he fails so to do he shall at the expiration of such ten days be disqualified from holding the office of Chairman. Removal and disqualification of the Chairman. 16.—(1) If the Chairman becomes by ill-health permanently incapacitated for performing his duties as Chairman, the ordinary Commissioners may by unanimous vote remove him from office. (2) The ordinary Commissioners may at any time by unanimous vote remove the Chairman from office for cause stated and after giving him a reasonable opportunity of being heard. (3) If and whenever the Chairman is adjudged bankrupt or makes a composition or arrangement with his creditors or is sentenced by a court of competent jurisdiction to suffer imprisonment or penal servitude, he shall be disqualified from holding the office of Chairman. (4) The powers conferred by this section on the ordinary Commissioners shall not be exercisable while there is a vacancy in their number. Prohibition of Chairman holding shares in a bank. 17.—(1) Every person elected or nominated to be the Chairman shall within three months after his election or nomination absolutely sell or otherwise dispose of all shares in any Bank which he shall at the time of his election or nomination own or be interested in for his own benefit. (2) If and whenever any shares in a Bank shall come to or vest in the Chairman by will or succession for his own benefit, he shall within three months after the same shall have so come to or vested in him, absolutely sell and dispose of the same or his interest therein. (3) The Chairman shall not purchase, take, or become interested in for his own benefit any shares in any Bank. (4) If the Chairman shall retain, purchase, take, or become or remain interested in any shares in any Bank in contravention of this section he shall be disqualified from holding the office of Chairman. (5) In this section the word “bank” means a bank carrying on business in Saorstát Eireann or holding to the knowledge of the Chairman a controlling interest in a bank carrying on business in Saorstát Eireann, and references to shares in a bank shall be construed as including stock, shares, debentures, debenture stock, bonds, or other securities of such bank. (6) This section shall not apply to a person appointed to be the Chairman temporarily pending the election or nomination of a person to be the Chairman. The ordinary Commissioners. 18.—(1) Of the ordinary Commissioners, three (in this Act referred to as elected Commissioners) shall be elected in accordance with this Act by representatives of the Shareholding Banks and three (in this Act referred to as nominated Commissioners) shall be nominated in accordance with this Act by the Minister. (2) Two of the nominated Commissioners shall be persons who are representative of or experienced in business, industry, or trade and are not in the permanent service of the State, and the other nominated Commissioner may, at the discretion of the Minister be a person who is in or a person who is not in the permanent service of the State and shall, if but only if the Minister when nominating him so directs, hold office at the pleasure of the Minister. (3) Every ordinary Commissioner shall receive such remuneration and allowances and be subject to such conditions of service as the Minister shall from time to time determine having regard to the prevailing standards of the Shareholding Banks in fixing the remuneration, allowances, and conditions of service of their directors. (4) Every ordinary Commissioner shall be ordinarily resident in Saorstát Eireann and a person who is not so resident shall not be eligible for nomination or appointment as an ordinary Commissioner. (5) An ordinary Commissioner shall while he holds that office be disqualified from being nominated or elected and from sitting or receiving payment as a member of Dáil Eireann or Seanad Eireann. (6) A nominated Commissioner shall while he holds that office be ineligible for election as a director of any Bank whatsoever and shall, if at the time of his nomination he is a director of any Bank whatsoever, divest himself of such directorship within ten days after his nomination, and if he fails so to do he shall at the expiration of such ten days be disqualified from holding the office of nominated Commissioner. Term of office of ordinary Commissioners. 19.—(1) Of the first elected Commissioners, one to be selected by lot as soon as may be after election shall, unless he sooner dies, resigns, or becomes disqualified, hold office for one year from the establishment of the Commission, and one other to be similarly selected shall, unless he sooner dies, resigns, or becomes disqualified, hold office for two years from the establishment of the Commission, and one other to be similarly selected shall, unless he sooner dies, resigns, or becomes disqualified, hold office for three years from the establishment of the Commission. (2) Of the first nominated Commissioners, one to be selected by lot as soon as may be after nomination shall, unless he sooner dies, resigns, or becomes disqualified, hold office for one year from the establishment of the Commission, and one other to be similarly selected shall, unless he sooner dies, resigns, or becomes disqualified, hold office for two years from the establishment of the Commission, and one other to be similarly selected shall, unless he sooner dies, resigns, or becomes disqualified, hold office for three years from the establishment of the Commission. (3) Subject to the provisions of this section in relation to the first elected Commissioners, the first nominated Commissioners, a Commissioner holding office at the pleasure of the Minister, and persons elected or nominated to fill casual vacancies in the office of ordinary Commissioner, every ordinary Commissioner shall, unless he sooner dies, resigns, or becomes disqualified, hold office for three years from the expiration of the term of office the expiration of which occasions his election or nomination. (4) A person elected or nominated to fill a casual vacancy in the office of ordinary Commissioner shall hold office for the residue of the term for which the Commissioner whose death, resignation, or disqualification created the vacancy would have held office if he had not died, resigned, or become disqualified. (5) An ordinary Commissioner retiring on the expiration by effluxion of time of his term of office shall be eligible for re-election or re-nomination (as the case may be). (6) The following provisions shall apply to or in relation to a nominated Commissioner holding office at the pleasure of the Minister, that is to say:— (a) such Commissioner may be removed from office at any time by the Minister and, unless he sooner dies, resigns, or becomes disqualified, shall hold office until he is so removed, (b) the provisions of this section in relation to the term of office of an ordinary Commissioner or of a nominated Commissioner shall not apply to a nominated Commissioner holding office at the pleasure of the Minister, (c) if one of the first nominated Commissioners is nominated to hold office at the pleasure of the Minister, the terms of office of the other first nominated Commissioners shall be ascertained by lot in accordance with this section with the modification that the terms of office of such other Commissioners shall be two and three years respectively, (d) whenever a nominated Commissioner who holds office at the pleasure of the Minister vacates his office by any means and his successor is not nominated to hold office at the pleasure of the Minister such successor shall unless he sooner dies, resigns, or becomes disqualified hold office until the next anniversary of the establishment of the Commission on which the term of neither of the other nominated Commissioners expires. Disqualification of ordinary Commissioners. 20.—(1) If an ordinary Commissioner other than a nominated Commissioner holding office at the pleasure of the Minister becomes by ill-health permanently incapacitated for performing his duties as such Commissioner, the other members of the Commission may, if or when there is no vacancy in their number, declare such Commissioner to be disqualified from holding the office of ordinary Commissioner. (2) If and whenever an ordinary Commissioner is adjudged bankrupt, or makes a composition or arrangement with his creditors or is sentenced by a court of competent jurisdiction to suffer imprisonment or penal servitude or ceases to be ordinarily resident in Saorstát Eireann or absents himself from all meetings of the Commission for a period of six months without the permission of the Commission he shall be disqualified from holding the office of ordinary Commissioner. Prohibition of nominated Commissioner holding shares in a Bank. 21.—(1) A nominated Commissioner shall within three months after his nomination absolutely sell or otherwise dispose of all shares in any Bank which he shall at the time of his nomination own or be interested in for his own benefit. (2) If and whenever any shares in a Bank shall come to or vest in a nominated Commissioner by will or succession for his own benefit, he shall within three months after the same shall have so come to or vested in him, absolutely sell and dispose of the same or his interest therein. (3) A nominated Commissioner shall not purchase, take, or become interested in for his own benefit any shares in any Bank. (4) If a nominated Commissioner shall retain, purchase, take, or become or remain interested in any shares in any Bank in contravention of this section he shall be disqualified from holding the office of nominated Commissioner. (5) In this section the word “Bank” means a bank carrying on business in Saorstát Eireann or holding to the knowledge of the nominated Commissioner a controlling interest in a bank carrying on business in Saorstát Eireann, and references to shares in a bank shall be construed as including stock, shares, debentures, debenture stock, bonds, or other securities of such bank. Election of first elected Commissioners. 22.—(1) When the Minister has received from every Bank mentioned in the Third Schedule to this Act an application and payment in accordance with this Act for admission to be one of the first Shareholding Banks or the period limited by this Act for making such applications has expired (whichever shall first happen), the Minister shall appoint a time and place (in this section referred to as the appointed time and place) for the meeting of representatives of the first Shareholding Banks for the election of the first elected Commissioners and shall notify in writing every such Bank of the time and place so appointed. (2) Any of the first Shareholding Banks may cause one and only one representative nominated in that behalf by it to attend at the appointed time and place, and the several such representatives who attend at such time and place shall then or within three days thereafter elect in accordance with the Rules contained in the Fourth Schedule to this Act three eligible persons willing to act to be the first elected Commissioners and shall forthwith communicate to the Minister in accordance with the said Rules the names of the persons so elected. (3) If the said representatives of the first Shareholding Banks who attend at the appointed time and place fail to elect in accordance with the foregoing sub-section any eligible persons willing to act to be the first elected Commissioners or so elect less than three such persons or if no representatives of the first Shareholding Banks attend at the appointed time and place, the Minister shall within ten days after the appointed time nominate three or such lesser number as the circumstances require eligible persons willing to act to be the first elected Commissioners and the persons so nominated shall for all purposes be deemed to have been duly elected by representatives of the first Shareholding Banks and references in this Act to the election of the first elected Commissioners shall be construed as including such nomination. (4) If and so far as eligible and suitable persons willing to act can be found amongst the directors of the several first Shareholding Banks, no person who is not a director of one of the first Shareholding Banks shall be nominated by the Minister under the foregoing sub-section and in any event no person who is in the permanent service of the State shall be so nominated. (5) If no Bank applies in accordance with this Act to be admitted to be one of the first Shareholding Banks the Minister shall within ten days after the expiration of the period limited by this Act for making such applications nominate three eligible persons willing to act and not in the permanent service of the State to be the first elected Commissioners and the persons so nominated shall for all purposes be deemed to have been duly elected to be the first elected Commissioners and references in this Act to the election of the first elected Commissioners shall be construed as including such nomination. Nomination of first nominated Commissioners. 23.—Not more than ten days after the time appointed by the Minister for the meeting of the representatives of the first Shareholding Banks for the election of the first elected Commissioners or, if by reason of no Bank duly applying to be admitted to be one of the first Shareholding Banks no such time is so appointed, within ten days after the expiration of the period limited by this Act for making such applications, the Minister shall nominate three eligible persons willing to act to be the first nominated Commissioners. Election of the first Chairman. 24.—(1) When and so soon as all the first ordinary Commissioners have been duly elected or nominated the Minister shall appoint a time and place (in this section referred to as the appointed time and place) for the meeting of such Commissioners for the election of the first Chairman and shall notify in writing every such Commissioner of the time and place so appointed. (2) It shall be the duty of the first ordinary Commissioners to attend at the appointed time and place and such Commissioners or such of them as are present shall then or within ten days or such longer time not exceeding thirty days thereafter as the Minister shall sanction elect in accordance with the Rules contained in the Fourth Schedule to this Act an eligible person willing to act to be the first Chairman and shall forthwith communicate to the Minister in accordance with the said Rules the name of the person so elected. (3) If the ordinary Commissioners shall fail to elect within the time hereinbefore limited in that behalf an eligible person willing to act to be the first Chairman, the Minister shall as soon as conveniently may be after the expiration of the said time nominate after consultation with each of the Shareholding Banks and with each of the ordinary Commissioners an eligible person willing to act to be the first Chairman. Establishment of the Commission. 25.—(1) Within one month after the election or nomination (as the case may be) of the first Chairman, the Minister shall publish in the Iris Oifigiúil a notice declaring that the Commission has been established as from a date (subsequent to the election or nomination of the first Chairman and prior to the publication of the said notice) to be specified in the said notice and thereupon the Commission shall for all purposes be deemed to have been duly established on the date so specified. (2) In this Act all references in point of time to the establish- ment of the Commission shall be construed as referring to the date on which the Commission is by virtue of this section deemed to have been established. Election of the Chairman other than the first Chairman. 26.—(1) Not more than thirty nor less than ten days before the expiration by effluxion of time of the term of office of the first or any subsequent Chairman, the ordinary Commissioners shall elect an eligible person willing to act to become and be the Chairman upon such expiration, and shall immediately after such election communicate to the Minister the name of the person so elected. (2) If and whenever the ordinary Commissioners on any occasion on which they are required by the foregoing sub-section to elect a person to become and be the Chairman fail to elect within the time therein limited an eligible person willing to act in that behalf they shall within the said time and from time to time thereafter appoint an ordinary Commissioner who is not in the permanent service of the State to be the Chairman temporarily after the expiration of the then expiring term of office of the Chairman and pending the election or nomination under this section of a Chairman and shall within three months after such expiration elect an eligible person willing to act to be the Chairman and shall immediately after such election communicate to the Minister the name of the person so elected. (3) If and whenever the Commissioners on any such occasion as aforesaid fail to elect within the time limited in sub-section (1) of this section either an eligible person willing to act to be the Chairman or a person willing to act to be the Chairman temporarily or, having elected a person willing to act to be the Chairman temporarily, fail within the said period of three months to elect an eligible person willing to act to be the Chairman or within such time or such period inform the Minister in writing that they are unable to elect any such person to be the Chairman, the Minister shall as soon as may be after the expiration of the time limited in sub-section (1) of this section or the expiration of the said period of three months or the receipt by him of such information in writing (as the case may be) nominate an eligible person willing to act to be the Chairman and shall immediately after such nomination communicate to the Commission the name of the person so nominated. (4) If and whenever the office of Chairman becomes vacant by reason of the death, resignation, disqualification, or removal of the Chairman during his term of office, the ordinary Commissioners shall as soon as conveniently may be elect an eligible person willing to act to be the Chairman and if the ordinary Commissioners do not so elect any such person within three months after the office of Chairman so becomes vacant or if the ordinary Commissioners within such three months inform the Minister in writing that they are unable so to elect any such person the Minister shall as soon as conveniently may be after the expiration of such three months or the receipt by him of such information (as the case may be) nominate an eligible person willing to act to be the Chairman for the residue of the said term of office. (5) Whenever the office of Chairman becomes vacant in such circumstances as are mentioned in the foregoing sub-section, the ordinary Commissioners may if they so think fit appoint from time to time an ordinary Commissioner or any other person to be the Chairman temporarily pending the election or nomination under this section of a person to be the Chairman. (6) Save as is otherwise provided in this Act, every person appointed under this section to be the Chairman temporarily shall while he is such Chairman have all the rights, powers and duties conferred or imposed by this Act on the Chairman, and an ordinary Commissioner who is so appointed to be the Chairman temporarily shall notwithstanding such appointment continue to hold his office as ordinary Commissioner. Election of elected Commissioners other than the first such Commissioners. 27.—(1) Not more than thirty nor less than ten days before the expiration by effluxion of time of the term of office of an elected Commissioner and as soon as conveniently may be after the office of an elected Commissioner becomes vacant otherwise than by effluxion of time, the Commission shall notify every Shareholding Bank in wrwiting of such prospective or actual vacancy in the office of such elected Commissioner and shall in such notification request such Bank to cause one and only one representative to attend at a time and place (in this section referred to as the appointed time and place) appointed by the Commission and stated in such notification to elect an elected Commissioner to fill such vacancy. (2) The several representatives of the Shareholding Banks (not being more than one representative from each such Bank) who attend at the appointed time and place shall then or within three days thereafter elect in accordance with the Rules contained in the Fourth Schedule to this Act an eligible person willing to act to fill the said vacancy in the office of elected Commissioner and shall forthwith communicate to the Commission in accordance with the said Rules the name of the person so elected. (3) If the said representatives of the Shareholding Banks who so attend at the appointed time and place fail to elect in accordance with the foregoing sub-section an eligible person willing to act to fill such vacancy in the office of elected Commissioner or if no representatives of Shareholding Banks attend at the appointed time and place, the Commission shall inform the Minister in writing of such failure or non-attendance and the Minister shall within ten days after being so informed nominate an eligible person willing to act to fill such vacancy and the person so nominated shall for all purposes be deemed to have been duly elected by representatives of Shareholding Banks and references in this Act to the election of an elected Commissioner shall be construed as including such nomination. (4) If an eligible and suitable person willing to act can be found amongst the directors of the several Shareholding Banks, no person who is not a director of a Shareholding Bank shall be nominated by the Minister under the foregoing sub-section and in any event no person who is in the permanent service of the State shall be so nominated. Nomination of nominated Commissioners other than the first such Commissioners. 28.—Not more than thirty nor less than ten days before the expiration by effluxion of time of the term of office of a nominated Commissioner and as soon as conveniently may be after the office of a nominated Commissioner becomes vacant otherwise than by effluxion of time, the Commission shall notify the Minister in writing of such prospective or actual vacancy in the office of such nominated Commissioner and within ten days after receiving such notification the Minister shall nominate an eligible person willing to act to fill such vacancy and communicate to the Commission the name of the person so nominated. The London agency. 29.—(1) The Commission shall establish and maintain in such manner and form as it thinks proper such office or branch in London as it considers to be necessary or expedient for the performance of such of the functions of the Commission as are required by this Act to be performed or can in the opinion of the Commission be most conveniently performed in London. (2) The Commission may, at any time and for such time as it thinks fit, in lieu of establishing or of maintaining (as the case may be) such office or branch as is mentioned in the foregoing sub-section employ a Bank having an office in London to be the agent in London of the Commission and to perform as such agent for the Commission such of the functions of the Commission as are required by this Act to be performed or can in the opinion of the Commission be most conveniently performed in London. (3) The office or branch or the agency (as the case may be) for the time being maintained in London by the Commission under this section is in this Act referred to as the London Agency. Appointment of Deputy Chairman. 30.—(1) The Chairman may from time to time appoint any one of the ordinary Commissioners to act as Deputy Chairman during any temporary absence or any temporary incapacity through ill-health of the Chairman, and during such absence or inability the Deputy Chairman so appointed shall have, exercise, and perform such of the rights, powers, and duties of the Chairman under this Act as shall be delegated to him by the Chairman. (2) An ordinary Commissioner acting as Deputy Chairman under this section shall while so acting be paid such remuneration and allowances as the Chairman and the ordinary Commissioners (other than the Deputy Chairman) shall determine. (3) An ordinary Commissioner acting as Deputy Chairman under this section shall, notwithstanding his so acting, continue to hold his office as ordinary Commissioner. Offices and staff of the Commission. 31.—(1) The Commission may purchase, take on lease, build or otherwise acquire and may equip and maintain such offices and other premises in such places as it considers necessary for the due performance of its functions under this Act and may sell or let any such premises which it considers to be no longer necessary for that purpose. (2) The Commission shall appoint a secretary and such other officers and servants as the Commission shall from time to time consider necessary for the due performance of its functions under this Act and every secretary, officer, and servant so appointed shall hold office upon such terms and subject to such conditions as the Commission shall determine. (3) There shall be paid to the secretary and the other officers and servants of the Commission such salaries and remuneration as the Commission may determine. (4) The Commission may, with the approval of the Minister, make a scheme providing for the grant of superannuation and other allowances or gratuities to or for the benefit of such of its officers and servants as it thinks proper and may, out of the funds available under this Act for the defrayal of the expenses of the Commission, pay to such persons on retirement or to their legal personal representatives on death superannuation and other allowances or gratuities in accordance with such scheme, and the Minister may determine the said funds to be public funds for the purposes of the Superannuation Act, 1892 . (5) Every scheme made by the Commission under the foregoing sub-section shall be laid before each House of the Oireachtas as soon as may be after it is made and if either such House within the next subsequent twenty-one days on which it has sat after such scheme is laid before it, passes a resolution annulling such scheme, such scheme shall be annulled accordingly, but without prejudice to the validity of anything previously done there under. Oath to be taken by Chairman, Commissioners and officers of the Commission. 32.—(1) The Chairman and every other member and every officer of the Commission shall, immediately after his election, nomination, or appointment and before he begins to act as such Chairman, member or officer, take and subscribe an oath in the following form:— “I               do solemnly swear that I will not disclose any information in relation to the business, records or books of any bank which may come to my knowledge by virtue of my position as the Chairman or a member or an officer of the Currency Commission except to such persons only as shall act in the execution of the Currency Act, 1927 and where it shall be necessary to disclose the same to then for the purposes of the said Act.” (2) The oath prescribed by the foregoing sub-section shall be made before a Peace Commissioner. (3) Every person who acts as Chairman or other member of the Commission or as an officer of the Commission before he has made the oath prescribed by sub-section (1) of this section shall be guilty of an offence under this section and shall be liable on summary conviction thereof to a penalty not exceeding one hundred pounds. Procedure of the Commission. 33.—(1) The Commission may, by rules or otherwise as it thinks fit, regulate its own procedure. (2) Three Commissioners personally present shall form a quorum at a meeting of the Commission. (3) Save as is otherwise provided in this Act, the Commission may act notwithstanding one or more vacancies in its membership. (4) At any meeting of the Commission the Chairman may, in the event of an equality of votes, exercise a casting vote except in regard to any of the following matters, that is to say:— (a) declaring an ordinary Commissioner to be disqualified from holding office as such Commissioner, or (b) admitting a bank to be a Shareholding Bank, or (c) removing a bank from being a Shareholding Bank, or (d) fixing the maximum amount of consolidated bank notes which may under this Act be outstanding otherwise than on an extraordinary issue, or (e) fixing the quota or proportion of consolidated bank notes which may under this Act be outstanding with a Shareholding Bank. The seal of the Commission. 34.—(1) The Commission shall immediately upon its establishment provide itself with a seal. (2) The seal of the Commission shall be authenticated by the signature of the Chairman or some other member of the Commission authorised by the Commission to act in that behalf and the counter-signature of the secretary or some other person authorised by the Commission to act in that behalf. (3) Every document purporting to be an order or other instrument issued by the Commission and to be sealed with the seal of the Commission authenticated in the manner provided by this section shall be received in evidence and shall until the contrary is shown be deemed to be such order or instrument without proof of the authority or signatures of the persons signing or countersigning the same. Accounts and records of the Commission. 35.—(1) The Commission shall keep all proper books of account and other books and records, and shall within six months after the end of every year prepare and transmit to the Comptroller and Auditor-General a statement of accounts in respect of such year in such form as shall be prescribed by regulations made under this section. (2) The Comptroller and Auditor-General shall audit, certify, and report upon every statement of accounts transmitted to him by the Commission under this section and every such report of the Comptroller and Auditor-General together with the statement of accounts to which it relates shall be transmitted by him to the Minister who shall cause the same to be laid before Dáil Eireann as soon as conveniently may be. (3) The Minister may, after consultation with the Commission, make regulations prescribing the form of statements of accounts to be prepared by the Commission under this section. (4) Every regulation made by the Minister under this section shall be laid before Dáil Eireann as soon as may be after it is made and if Dáil Eireann shall, within the next subsequent twenty-one days on which it sits after such regulation is laid before it, pass a resolution annulling such regulation, such regulation shall be annulled accordingly without prejudice to the validity of anything previously done thereunder. Reports and returns by the Commission. 36.—(1) The Commission shall within six months after the expiration of every year prepare and send to the Minister a report of its proceedings during such year and the Minister shall present every such report to each House of the Oireachtas immediately upon receiving the same. (2) The Commission shall furnish to the Minister for publication in the Iris Oifigiúil such periodical returns in respect of the transactions of the Commission as the Minister shall from time to time direct. Giving of information by bankers to the Commission. 37.—(1) The Commission may require any person carrying on in Saorstát Eireann the business of a banker (whether solely or in conjunction with other business) to furnish to the Commission such information in regard to his said banking business as the Commission may consider necessary or desirable for the due discharge of its functions under this Act. (2) The Commission may require any bank which is mentioned in the Third Schedule to this Act or which though not so mentioned is for the time being a Shareholding Bank or any bank which holds a controlling interest in or in which a controlling interest is held by any such bank to afford the Chairman or a permanent officer of the Commission specially authorised in that behalf in writing by the Chairman such access to the books and records of the bank to which such requisition is made as the Commission may consider necessary or desirable for the due discharge of its functions under this Act. (3) Every person who fails within the time limited in that behalf by the Commission to furnish to the Commission any information lawfully required of him by the Commission under this section and every bank which fails within the time limited in that behalf by the Commission to afford the Chairman or such officer as aforesaid any access to books or records lawfully required of it by the Commission under this section shall be guilty of an offence under this section and shall be liable on summary conviction thereof to a fine not exceeding fifty pounds for every day during which such failure is continued (4) Information in regard to the business of a bank acquired by the Chairman or an officer of the Commission by the exercise of the powers of access to or inspection of books or records conferred by this Act shall not be communicated by the Chairman or such officer to any ordinary Commissioner in any form which would enable such information to be identified as relating to the dealings of such bank with any particular customer or other person. Issue and redemption by the Commission of coins under the Coinage Act, 1926 . 38.—(1) The Minister, if he thinks fit so to do, may make such arrangements as he thinks proper to enable the Commission to issue on his behalf to any bank such amount of such coins provided by the Minister under the Coinage Act, 1926 (No. 14 of 1926) as such bank may require and to enable the Commission to redeem coins issued under the said Act by the Minister or under this section by the Commission on his behalf. (2) All moneys received by the Commission for coins issued by it on behalf of the Minister under this section shall be carried to the general fund as deposits in the name either of the Minister or of the Commission on behalf of the Minister. (3) The Minister may advance out of the Central Fund or the growing produce thereof all sums required or estimated to be required by the Commission for the redemption of coins under this section. PART IV. Shareholding Banks. Admission of first Shareholding Banks. 39.—As soon as may be after the passing of this Act the Minister shall send to every of the Banks mentioned in the Third Schedule to this Act a form of application for admission to be one of the first Shareholding Banks, and any such Bank may within one month after such form is so sent send to the Minister an application on such form for admission to be one of the first Shareholding Banks and every such Bank which so sends such application and at the same time pays to the Minister in trust for the Commission the sum of one thousand pounds on account of its capital liability shall forthwith be deemed to have been admitted to be and shall be one of the first Shareholding Banks and shall also be a Shareholding Bank for the purposes of this Act. Admission of Shareholding Banks after the first such Banks. 40.—(1) Any Bank may apply to the Commission at any time after the establishment of the Commission to be admitted to be a Shareholding Bank and the Commission may in its absolute discretion grant or refuse such application but no such application shall be granted within five years after the establishment of the Commission otherwise than by unanimous vote of the Commission. (2) Whenever the Commission grants an application by a Bank to be admitted to be a Shareholding Bank, such Bank shall as on and from the date on which such application is granted become and be a Shareholding Bank for the purposes of this Act. (3) The Commission may require a Bank applying under this section to be admitted to be a Shareholding Bank to furnish to the Commission such information in relation to its business and to permit the Chairman or a permanent officer of the Commission specially authorised in that behalf in writing by the Chairman to make such inspection of its books as appears to the Commission to be necessary for the due consideration of such application by the Commission. Removal of a Shareholding Bank from being such Bank. 41.—(1) The Commission may in its absolute discretion on any of the grounds expressly authorised by this Act or by unanimous vote on any other ground which appears to the Commission to be sufficient remove any Shareholding Bank from being a Shareholding Bank. (2) Any Shareholding Bank may at any time apply to the Commission to be removed from being a Shareholding Bank and whenever such application is so made by a Shareholding Bank the Commission shall forthwith remove such Bank from being a Shareholding Bank. (3) Whenever the Commission removes under this section a Shareholding Bank from being a Shareholding Bank, such Bank shall forthwith cease to be a Shareholding Bank for the purposes of this Act, but such removal shall not prevent the subsequent admission under this Act of such Bank to be a Shareholding Bank nor relieve such bank from liability to pay on due presentation the amount of every consolidated bank note outstanding with it at the time of such removal or from liability for payments on consolidated bank notes in respect of consolidated bank notes outstanding with it whether before or after such removal. (4) Except when a Shareholding Bank is removed on its own application, the Commission shall not remove under this section a Shareholding Bank from being a Shareholding Bank without giving such Bank a reasonable opportunity of being heard. (5) No ordinary Commissioner shall vote on or otherwise take part in the removal under this section of a Shareholding Bank of which he is a director or by which he is employed. Registers of shareholders of Shareholding Banks. 42.—(1) In this section the expression “local register” means a register of such of the shareholders of the Bank in respect of which the expression is used as are resident in Saorstát Eireann with such particulars of those shareholders as are mentioned in section 25 of the Companies (Consolidation) Act, 1908 . (2) Every Bank which is incorporated in a place outside Saorstát Eireann and is admitted to be one of the first Shareholding Banks and does not at the time of the establishment of the Commission maintain in Saorstát Eireann a local register shall within three months after such establishment or such longer period as may be sanctioned b …