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32 1927

CURRENCY ACT, 1927

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.