Exchange Control Act, 1954

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EXCHANGE CONTROL ACT, 1954.

ARRANGEMENT OF SECTIONS

PART I.

Preliminary and General.

Section

Section 1

Short title.

Section 2

Commencement and duration.

Section 3

Interpretation.

PART II.

Dealings in Gold and Foreign Currency.

Section 4

Dealings in gold and foreign currency.

PART III.

Payments.

Section 5

Restrictions on payments to persons resident outside the scheduled territories.

Section 6

Restrictions on payments to persons resident in the scheduled territories.

Section 7

Payments, etc., by authorised dealers.

PART IV.

Securities.

Section 8

Issue of securities.

Section 9

Transfer of securities, annuities and policies of assurance.

Section 10

Issue of bearer certificates and coupons.

Section 11

Substitution of securities and certificates outside the scheduled territories.

Section 12

Payment of capital moneys outside the scheduled territories.

Section 13

Duties of persons keeping registers.

Section 14

Deposit of securities.

PART V.

Import and Export.

Section 15

Restrictions on import.

Section 16

Restrictions on export.

Section 17

Payment for exports.

PART VI.

Enforcement.

Section 18

Application of the Customs Acts.

Section 19

Search and seizure.

Section 20

Offences, prosecutions and punishments.

Section 21

Continued non-compliance.

Section 22

Summary proceedings.

PART VII.

Miscellaneous.

Section 23

Collection of debts.

Section 24

Restriction on certain loans.

Section 25

Permissions.

Section 26

Directions.

Section 27

Exemptions.

Section 28

Delegation.

Section 29

Service.

Section 30

Regulations.

Section 31

Additional authorised dealers and authorised depositaries.

Section 32

Application to the State.

Section 33

Expenses and disposal of moneys received.

Section 34

Repeal and transitional provisions.

FIRST SCHEDULE.

Authorised Dealers.

SECOND SCHEDULE.

Authorised Depositaries.

THIRD SCHEDULE.

Reserved Securities.

Acts Referred to Finance Act, 1938 No. 25 of 1938 Post Office (Amendment) Act, 1951 No. 17 of 1951 Supplies and Services (Temporary Provisions) Act, 1946 No. 22 of 1946 Number 30 of 1954.

EXCHANGE CONTROL ACT, 1954.

AN ACT TO CONFER POWERS, AND IMPOSE DUTIES AND RESTRICTIONS, IN RELATION TO GOLD, CURRENCY, PAYMENTS, SECURITIES, DEBTS, AND THE IMPORT, EXPORT AND TRANSFER OF PROPERTY, AND FOR PURPOSES CONNECTED WITH THE MATTERS AFORESAID. [9th December, 1954.] BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:—

PART I.

Preliminary and General.

Short title.

1.—This Act may be cited as the Exchange Control Act, 1954.

Commencement and duration.

2.—(1) This Act shall come into operation on such day or days as, by order or orders made by the Minister, may be fixed therefor either generally or with reference to any particular purpose or provision, and different days may be so fixed for different purposes and different provisions.

Interpretation.

3.—In this Act— “authorised dealer” means a person specified in the First Schedule or prescribed under section 31; “authorised depositary” means a person specified in the Second Schedule or prescribed under section 31; “authorised officer” means an immigration officer or a member of the Garda Síochána; “bearer certificate” means a certificate of title to securities by the delivery of which, with or without endorsement, title to the securities is transferable; “certificate of title” means any document (not being a receipt by an authorised depositary for a document deposited) recognising or conferring or containing evidence of title or rights (whether actual or contingent) to securities and, in the case of any such document with coupons (whether attached to the document or on separate coupon sheets), includes any coupons which have not been detached; “country of origin” means, in the case of natural products, the country where the goods were produced and, in the case of manufactured products, the country where they were transformed into the condition in which they were introduced into the State (packing, repacking, sorting or blending being regarded as not constituting transformation); “coupon” means a coupon representing dividends or interest on a security; “foreign currency” means any currency or notes other than currency or notes issued by the Government or under the law of any part of the scheduled territories, and any reference to foreign currency includes, except in so far as the context otherwise requires, a reference to any right to receive foreign currency in respect of any credit or balance at a bank; “gold” means gold coin or gold bullion; “the Minister” means, subject to section 28, the Minister for Finance; “prescribed” means prescribed by the Minister by regulations; “register” means any book, file or index in which securities are registered; “registered” includes inscribed; “reserved securities” means securities specified in the Third Schedule; “the scheduled territories” means— (a) the State, (b) Northern Ireland, Great Britain, the Channel Islands and the Isle of Man, and (c) such other territories as may be prescribed; “securities” means shares, stocks, bonds, debentures, debenture stock, units under a unit trust scheme or shares in an oil royalty; “specified currency” has the meaning assigned to it in section 4; “unit trust scheme” means any arrangement made for the purpose, or having the effect, of providing for persons having funds available for investment, facilities for the participation by them, as beneficiaries under a trust, in profits or income arising from the acquisition, holding, management or disposal of any property whatsoever;

“unit” means, in relation to a unit trust scheme, a right or interest which may be acquired under the scheme.

PART II.

Dealings in Gold and Foreign Currency.

Dealings in gold and foreign currency.

4.—(1) Except with the permission of the Minister, a person, other than an authorised dealer, shall not buy or borrow any gold or foreign currency from, or sell or lend any gold or foreign currency to, any person other than an authorised dealer.

PART III.

Payments.

Restrictions on payments to persons resident outside the scheduled territories.

5.—Except with the permission of the Minister, a person shall not— (a) make, or commit himself to make, any payment to or by the order of or on behalf of any person resident outside the scheduled territories, or (b) place, or promise to place, any sum to the credit of any person so resident.

Restrictions on payments to persons resident in the scheduled territories.

6.—Except with the permission of the Minister, a person shall not— (a) place, or promise to place, any sum to the credit of any person resident in the scheduled territories by the order of or on behalf of any person resident outside those territories, or (b) make, or commit himself to make, any payment to a person resident in the scheduled territories, or place, or promise to place, any sum to the credit of any person so resident as consideration for or in association with— (i) the receipt by any person of a payment made outside the scheduled territories, the acquisition by any person of property which is outside the scheduled territories, the performance outside the scheduled territories of any service, or the importation into the State or any other of the scheduled territories of goods of a country of origin not being in the scheduled territories, or (ii) the transfer to any person, or the creation in favour of any person, of a right (whether present or future, and whether actual or contingent) to receive a payment outside the scheduled territories, to acquire property which is outside the scheduled territories, to have performed outside the scheduled territories any service, or to import into the State or any other of the scheduled territories goods of a country of origin not being in the scheduled territories.

Payments, etc., by authorised dealers.

7.—Notwithstanding any other provision of this Act, an authorised dealer may, in accordance with a direction given by the Minister under section 26— (a) make, or commit himself to make, payments to or by the order of persons resident outside the scheduled territories or place, or promise to place, sums to the credit of such persons, or (b) effect any other transaction in the normal course of banking business.

PART IV.

Securities.

Issue of securities.

8.—Except with the permission of the Minister, a person shall not issue any security to a person who is resident outside the scheduled territories or who is a nominee of a person so resident.

Transfer of securities, annuities and policies of assurance.

9.—(1) Except with the permission of the Minister, a person shall not transfer— (a) any security, annuity or policy of assurance, or any right or interest in a security, annuity or policy of assurance, to a person who is resident outside the scheduled territories or who is a nominee of a person so resident, or (b) any reserved security or coupon, or any right or interest in a reserved security or coupon, to any person.

Issue of bearer certificates and coupons.

10.—Except with the permission of the Minister, a person shall not issue any bearer certificate or coupon or so alter any document that it becomes a bearer certificate or coupon.

Substitution of securities and certificates outside the scheduled territories.

11.—Except with the permission of the Minister, a person shall not do any act with intent to secure— (a) that a security which is— (i) registered in the scheduled territories, or (ii) transferable by means of a bearer certificate in the scheduled territories, becomes or is replaced by a security registered outside the scheduled territories or a security transferable by means of a bearer certificate outside the scheduled territories, or (b) that a certificate of title to any other security is issued outside the scheduled territories in substitution for, or in addition to, a certificate of title thereto which is in, or is or has been lost or destroyed in, the scheduled territories.

Payment of capital moneys outside the scheduled territories.

12.—Except with the permission of the Minister, a person shall not do any act with intent to secure that— (a) capital moneys payable on a security registered in the scheduled territories are paid outside the scheduled territories, or (b) where the certificate of title to a security is in the scheduled territories, capital moneys payable on the security are paid outside the scheduled territories without production of the certificate to the person making the payment.

Duties of persons keeping registers.

13.—Except with the permission of the Minister, a person concerned with the keeping of any register shall not— (a) enter in the register the name of any person unless there is produced to him such evidence as may be prescribed that the entry does not form part of a transaction involving a contravention of any of the provisions of this Act, or (b) enter in the register any address outside the scheduled territories except for the purpose of registering a transaction for which the permission of the Minister has been granted, or (c) do any act in relation to the register which recognises or gives effect to any act appearing to have been done in contravention of any of the provisions of this Act, whether done by a person resident in the State or not.

Deposit of securities.

14.—(1) Except with the permission of the Minister, a person, by whom or to whose order (either directly or indirectly) a certificate of title to a reserved security is held, shall cause the certificate to be kept in the custody of an authorised depositary.

PART V.

Import and Export.

Restrictions on import.

15.—(1) The importation of— (a) any certificate of title to any reserved security, including any such certificate which has been cancelled and any document certifying the destruction, loss or cancellation of any certificate of title to a reserved security, or (b) any coupon, is hereby prohibited except with the permission of the Minister.

Restrictions on export.

16.—(1) The exportation of— (a) any gold, (b) any certificate of title to a reserved security (including any such certificate which has been cancelled) or any document certifying the destruction, loss or cancellation of any such certificate, or (c) any coupon, is hereby prohibited except with the permission of the Minister.

Payment for exports.

17.—(1) The exportation of goods of any class or description to a destination in any territory, other than the scheduled territories, is hereby prohibited, except with the permission of the Minister, unless— (a) (i) there is produced to the Revenue Commissioners the prescribed evidence that payment for the goods in such manner as may be prescribed in relation to goods of that class or description exported to a destination in that territory has been made to a person in the State, and (ii) the Revenue Commissioners are satisfied that the amount of the payment that has been made is such as to represent a return for the goods which is, in all the circumstances, adequate, or (b) the Revenue Commissioners are satisfied that— (i) payment for the goods in such manner as may be prescribed in relation to goods of that class or description exported to a destination in that territory is to be made to a person in the State within six months after the date of the exportation, and (ii) the amount of the payment that is to be made is such as to represent a return for the goods which is, in all the circumstances, adequate.

PART VI.

Enforcement.

Application of the Customs Acts:

18.—(1) The Customs Acts shall, subject to such modifications, if any, as may be prescribed to adapt them to this Act, apply, in relation to any thing prohibited to be imported or exported by any of the provisions of this Act except with the permission of the Minister, as they apply in relation to goods prohibited to be imported or exported by or under any of the said Acts, and any reference in the said Acts to goods shall be construed as including a reference to any thing prohibited to be imported or exported by any of the provisions of this Act except with the permission of the Minister.

Search and seizure.

19.—(1) Without prejudice to any powers conferred by the Customs Acts, a person (in this section referred to as the traveller) who, on any occasion, is about to leave the State or arrives in the State shall, if on that occasion he is required to do so by an officer of customs and excise or an authorised officer— (a) declare whether or not he has with him any thing prohibited to be imported or exported by any of the provisions of this Act except with the permission of the Minister, and (b) produce any such thing as aforesaid which he has with him.

Offences, prosecutions and punishments.

20.—(1) Every person who contravenes (whether by act or omission) or attempts so to contravene any provision of, or any restriction or requirement imposed by or under, this Act shall be guilty of an offence under this section.

Continued non-compliance.

21.—(1) Where— (a) a person is convicted of an offence under section 20 by reason of his failure, neglect or refusal to comply with any provision requiring him to perform a specified act within a specified period or before a specified date, and (b) the act remains, after the date of such conviction, unperformed by him, that person shall be guilty of an offence under this section and shall be liable on summary conviction thereof to a fine not exceeding ten pounds for each day on which the act remains unperformed by him or, at the discretion of the Court, to imprisonment for a term not exceeding six months or to both such fine and such imprisonment.

Summary proceedings.

22.—Proceedings in the District Court in relation to an offence under section 20 or 21 may be brought and prosecuted by the Minister.

PART VII.

Miscellaneous.

Collection of debts.

23.—Except with the permission of the Minister, a person who has a right (whether present or future and whether actual or contingent) to receive any specified currency, or any payment from a person resident outside the scheduled territories, shall not do or refrain from doing, any act with intent to secure— (a) that the receipt by him of the whole or part of the currency or payment is delayed, or (b) that the currency or payment ceases, in whole or in part, to be receivable by him.

Restriction on certain loans.

24.—(1) Except with the permission of the Minister, a person shall not lend any money or securities to any body corporate resident in the scheduled territories which is by any means controlled (whether directly or indirectly) by persons resident outside the scheduled territories.

Permissions.

25.—(1) Any permission granted under this Act may be either general or limited to a particular transaction and either absolute or conditional and may be revoked or amended.

Directions.

26.—(1) The Minister may give directions to persons belonging to the following classes, that is to say:— (a) authorised dealers and authorised depositaries, (b) persons to whom any powers of the Minister under this Act are delegated, being— (i) in the case of any such persons, directions as respects the exercise of any functions exercisable by them by virtue of, or by virtue of anything done under, any provision of this Act, or (ii) in the case of authorised dealers, such directions as aforesaid, or directions as to the terms on which they may buy, borrow or otherwise accept gold or foreign currency, or sell, lend or otherwise dispose of gold or foreign currency and the furnishing to the Minister of returns of transactions in gold or foreign currency and of payments made to or received from persons resident outside the scheduled territories.

Exemptions.

27.—The Minister, if he so thinks proper, may by regulations grant exemption from compliance with any provision of this Act and the exemption may be either absolute or conditional.

Delegation.

28.—The Minister may, to such extent and subject to such restrictions and conditions as he may think proper, delegate or authorise the delegation of any of his powers (other than a power to make any order or regulations) to any person, or any class of persons approved by him, and references in this Act to the Minister shall be construed accordingly.

Service.

29.—(1) Any document under this Act may be served on a person— (a) by delivering the document to such person, (b) by sending the document by post in an envelope addressed to such person at the address at which he ordinarily resides or carries on business, or (c) where such person is absent or abroad or his address is unknown and cannot be ascertained by reasonable inquiries— (i) by delivering the document to an agent of the person, or (ii) by sending the document by post in an envelope addressed to an agent of the person at the address where the agent ordinarily resides.

Regulations.

30.—(1) The Minister may make regulations prescribing any matter referred to in this Act as prescribed or to be prescribed.

Additional authorised dealers and authorised depositaries.

31.—The Minister may by regulations appoint persons (in addition to the person specified in the First and Second Schedules) to be authorised dealers or authorised depositaries.

Application to the State.

32.—This Act shall bind the State and shall apply to transactions by a Minister of State or other authority acting on behalf of the State.

Expenses and disposal of moneys received.

33.—(1) The expenses incurred by the Minister in the administration of this Act shall be defrayed out of moneys provided by the Oireachtas.

Repeal and transitional provisions.

34.—(1) Paragraph (c) of subsection (1) of section 2 of the Supplies and Services (Temporary Provisions) Act, 1946 (No. 22 of 1946), is hereby repealed.

FIRST SCHEDULE.

Authorised Dealers.

Section 3

.

Bank of Ireland.

Guinness & Mahon.

Hibernian Bank, Ltd.

Munster & Leinster Bank, Ltd.

National Bank, Ltd.

National City Bank, Ltd.

Northern Bank, Ltd.

Provincial Bank of Ireland, Ltd.

Royal Bank of Ireland, Ltd.

Ulster Bank, Ltd.

SECOND SCHEDULE.

Authorised Depositaries.

Section 3

.

Bank of Ireland.

Guinness & Mahon.

Hibernian Bank, Ltd.

Munster & Leinster Bank, Ltd.

National Bank, Ltd.

National City Bank, Ltd.

Northern Bank, Ltd.

Provincial Bank of Ireland, Ltd.

Royal Bank of Ireland, Ltd.

Ulster Bank, Ltd.

THIRD SCHEDULE.

Reserved Securities.

Section 3

.

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