Decimal Currency Act, 1970

Decimal Currency Act, 1970 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 1970 Decimal Currency Act, 1970 Decimal Currency Act, 1970 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 21 of 1970 DECIMAL CURRENCY ACT, 1970 ARRANGEMENT OF SECTIONS Section

Section 1

Interpretation.

Section 2

Bills of exchange and promissory notes.

Section 3

Special modifications of Bills of Exchange Act, 1882.

Section 4

Conversion of references to shillings and pence in cheques, etc.

Section 5

Conversion of bank balances.

Section 6

Payments by cheque, bill of exchange or promissory note in certain cases.

Section 7

Payment of certain periodical payments.

Section 8

Payments under friendly society and industrial assurance contracts.

Section 9

Amendment of references to shillings and pence in statutes and statutory instruments.

Section 10

Supplementary power to amend references to shillings and pence in statutes and statutory instruments.

Section 11

Modification of forms.

Section 12

Registered stock transferable in multiples of one penny.

Section 13

Amounts in old currency payable on or after appointed day.

Section 14

References to amounts of money in old currency.

Section 15

Legal tender.

Section 16

Repeal.

Section 17

Short title and collective citation.

SCHEDULE Method of Calculating in Certain Cases the Amount in New Pence Corresponding to an Amount in Shillings and Pence.

Acts Referred to Decimal Currency Act, 1969 1969, No. 23 Bankers' Books Evidence Act, 1879 1879, c. 11 Bankers' Books Evidence (Amendment) Act, 1959 1959, No. 21 National Bank Transfer Act, 1966 1966, No. 8 Interpretation Act, 1937 1937, No. 38 Bills of Exchange Act, 1882 1882, c. 61 Cheques Act, 1959 1959, No. 19 Insurance Act, 1936 1936, No. 45 Number 21 of 1970 DECIMAL CURRENCY ACT, 1970 AN ACT TO MAKE FURTHER PROVISION FOR THE INTRODUCTION OF A DECIMAL CURRENCY AND FOR MATTERS CONNECTED WITH SUCH INTRODUCTION. [23rd December, 1970.] BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

Interpretation.

1.—(1) In this Act— “the Act of 1969” means the Decimal Currency Act, 1969 ; “the appointed day” means the day appointed pursuant to section 2 (2) of the Act of 1969; “bank” and “banker” have the meaning specified in section 9 of the Bankers' Books Evidence Act, 1879 , as amended by section 2 of the Bankers' Books Evidence (Amendment) Act, 1959 , and as adapted by section 8 of the National Bank Transfer Act, 1966 , but, in addition, include the Central Bank of Ireland; “decimal day” means the 15th day of February, 1971; “the new currency” means the decimal currency provided for by the Act of 1969; “the old currency” means the currency in force before decimal day; “statute” has the same meaning as in the Interpretation Act, 1937 ; “statutory instrument” means any order, regulation, rule, scheme, bye-law, warrant or other like instrument which is made under a power or authority conferred by a statute.

Bills of exchange and promissory notes.

2.—(1) A bill of exchange or promissory note drawn or made on or after decimal day shall be invalid if the sum payable is an amount wholly or partly in shillings or pence.

Special modifications of Bills of Exchange Act, 1882.

3.—(1) The 11th, 12th and 13th days of February, 1971, shall be non-business days for the purposes of the Bills of Exchange Act, 1882 , but on those days— (a) a cheque or other instrument to which section 4 of the Cheques Act, 1959 , applies may be presented by a banker (whether or not he is the person on whom it is drawn) to a banker for payment, and (b) a banker to whom such a cheque or other instrument has at any time been so presented for payment may pay it and may debit the account of his customer with the amount thereof, as if those days were business days.

Conversion of references to shillings and pence in cheques, etc.

4.—(1) On and after decimal day any reference to an amount of money in the old currency contained in an instrument to which this section applies shall, in so far as it refers to a sum in shillings or pence, be read as referring to the corresponding sum in the new currency calculated in accordance with the Schedule to this Act.

Conversion of bank balances.

5.—Where the amount of the balance standing to the credit or debit of an account at a bank on or after decimal day is not a whole number of pounds, so much of that amount as is in shillings or pence may be treated as the corresponding amount in the new currency calculated in accordance with the Schedule to this Act.

Payments by cheque, bill of exchange or promissory note in certain cases.

6.—Where an amount of money in the old currency which includes shillings or pence and which— (a) having become due for payment before decimal day, stands not paid on the commencement of that day, or (b) becomes due for payment on or after that day and before the appointed day, is paid by cheque, by bill of exchange other than cheque or by promissory note, the amount payable in respect of so much of it as is in shillings or pence shall be the corresponding amount in the new currency calculated in accordance with the Schedule to this Act.

Payment of certain periodical payments.

7.—(1) This section applies to any amount of money in the old currency payable on or after decimal day as one of a series of payments of the same amount payable periodically, whether pursuant to a written or other agreement or otherwise, not being an amount mentioned in subsection (3) of this section.

Payments under friendly society and industrial assurance contracts.

8.—(1) This section applies to all payments payable to or by a registered friendly society or industrial assurance company under any friendly society or industrial assurance contract made before decimal day.

Amendment of references to shillings and pence in statutes and statutory instruments.

9.—(1) Subject to the provisions of this section and of any order made under section 10 of this Act, where a statute or statutory instrument passed or made before decimal day contains a reference to an amount of money in the old currency which is not a whole number of pounds, that reference shall, in so far as it refers to an amount in shillings or pence, be read on and after decimal day as referring to an amount in the new currency calculated on the basis of one shilling being equal to five new pence and one penny being equal to five twelfths of a new penny.

Supplementary power to amend references to shillings and pence in statutes and statutory instruments.

10.—(1) Where a statute or statutory instrument passed or made before decimal day contains a reference to an amount of money in the old currency which is not a whole number of pounds, the Minister for Finance, or any other Minister of State with the consent of the Minister for Finance, may by order— (a) if the equivalent of that amount in the new currency is not a new penny or a multiple thereof, substitute for that reference a reference to such amount in the new currency as in his opinion is the appropriate multiple of a new halfpenny (or, if the case so requires, a reference to a new halfpenny), (b) make such other amendment in that statute or statutory instrument as in his opinion is appropriate for securing either that any amount payable thereunder by virtue of that reference will be a new halfpenny or a multiple thereof or that any such amount will be a new penny or a multiple thereof, (c) if that reference is part of a rate, percentage, proportion, formula or other basis of calculation, make such amendment in the statute or statutory instrument as in his opinion is appropriate for securing that the basis of calculation is expressed in the new currency and in convenient terms.

Modification of forms.

11.—(1) (a) Where any form which is set out in a statute or statutory instrument passed or made before decimal day and which contains a reference to a sum of money in the old currency other than a whole number of pounds is issued before decimal day, the form may be modified by the authority issuing it so as to show also the appropriate amount in the new currency. (b) In the foregoing paragraph the reference to the appropriate amount in the new currency shall be construed as a reference to such amount in the new currency as, having regard to section 9 of this Act, an order under section 10 of this Act or any other statute or statutory instrument (as the case may require), corresponds to the sum of money in the old currency referred to in the form.

Registered stock transferable in multiples of one penny.

12.—(1) Any registered stock which immediately before decimal day is transferable in multiples of one penny shall, on and after decimal day, be transferable instead in multiples of one new penny except in so far as, in the exercise of any power in that behalf, other provision is or has been made as to the amounts in which that stock is to be transferable as from that or any later day.

Amounts in old currency payable on or after appointed day.

13.—Where an amount of money in the old currency which is not a whole number of pounds— (a) having become due for payment before the appointed day, stands not paid on the commencement of that day, or (b) becomes due for payment on or after the appointed day, the amount payable in respect of so much of it as is in shillings or pence shall be the corresponding amount in the new currency calculated in accordance with the Schedule to this Act.

References to amounts of money in old currency.

14.—(1) (a) Save as provided for by section 2 of this Act, no instrument shall be regarded as being invalid because of its containing a reference to an amount of money in the old currency. (b) In this subsection “instrument” includes wills, documents and all other writings of a formal legal kind.

Legal tender.

15.—(1) A tender of money if made, on or after decimal day, in coins of the denominations of sixpence, threepence or a penny, being coins issued under the Act of 1950 or the repealed enactments, shall be legal tender for the payment of an amount not exceeding, in the old currency, four shillings or, in the new currency, twenty new pence but for no greater amount.

Repeal.

16.—(1) Section 12 of the Act of 1950 is hereby repealed.

Short title and collective citation.

17.—(1) This Act may be cited as the Decimal Currency Act, 1970.

SCHEDULE Method of Calculating in Certain Cases the Amount in New Pence Corresponding to an Amount in Shillings and Pence.

Sections 4 , 5 , 6 , 7 , 12 and 13 .

The amount in the new currency corresponding to an amount in shillings, shillings and pence or pence shall be calculated as follows: (a) for any whole two shillings or multiple thereof the corresponding amount in the new currency shall be taken to be ten new pence or that multiple thereof; (b) for any amount or remaining amount of less than two shillings shown in column (1) of the following Table the corresponding amount in the new currency shall be taken to be the amount (if any) in new pence shown opposite that amount in column (2) of that Table (and accordingly an amount or remaining amount of one penny shall be disregarded).

TABLE

(1)

1p 3d.

1p 4d.

2p 5d.

2p 6d.

3p 7d.

3p 8d.

3p 9d.

4p 10d.

4p 11d.

5p 1s.

0d.

5p 1s.

1d.

5p 1s.

2d.

6p 1s.

3d.

6p 1s.

4d.

7p 1s.

5d.

7p 1s.

6d.

7p 1s.

7d.

8p 1s.

8d.

8p 1s.

9d.

9p 1s.

10d.

9p 1s.

11d.

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