PART V.

Prize bonds.

21. —In this Part of this Act “the Minister” means the Minister for Finance.

22. —(1) The Minister, for the purpose of any borrowing which he is authorised by or under any Act to effect, may create and issue non-interest-bearing securities which shall be subject to such conditions as to repayment, redemption or otherwise as he thinks fit and in relation to which chance may be used to select particular securities for prizes, and such securities shall be known and are referred to in this Part of this Act as prize bonds.

(2) The principal of prize bonds, the prizes in respect of them and the expenses incurred in connection with their issue shall be charged on the Central Fund or the growing produce thereof.

(3) Any moneys raised by prize bonds shall be placed to the credit of the account of the Exchequer and shall form part of the Central Fund and be available in any manner in which such Fund is available.

(4) Any expenses incurred in connection with the management of prize bonds shall be defrayed out of moneys provided by the Oireachtas.

(5) Nothing contained in the Gaming and Lotteries Act, 1956 (No. 2 of 1956), shall apply in relation to prize bonds.

23. —(1) The Minister may make regulations governing prize bonds and any such regulations may, in particular, make provision with respect to all or any of the following matters:

(a) persons who may purchase prize bonds,

(b) payments in cases in which the holder of prize bonds is a person under any legal disability or is a deceased person,

(c) the receipts which are to be a good discharge for payments,

(d) the settlement of disputes,

(e) the application of any of the provisions of the Bills of Exchange Acts, 1882 to 1917, to warrants or other instruments by which payments are effected.

(2) Section 10 of the Savings Banks Act, 1887, as varied by the Registration of Births, Deaths and Marriages (Alteration of Fees) Regulations, 1953 (S. I. No. 214 of 1953) (which section as so varied relates to the price of certificates of birth, death or marriage) shall apply for the purposes of regulations under this section as it applies for the purposes of the Acts relating to the Post Office Savings Bank, and for the purposes of such regulations that section shall have effect as if the holder of prize bonds or any person having an interest in prize bonds were a depositor in the Post Office Savings Bank.

24. —Stamp duty shall not be chargeable in respect of—

(a) any warrant, cheque or other instrument by which payment is effected, being a warrant, cheque or other instrument for payment of a sum repayable, or any other sum payable by or on behalf of the Minister, in respect of prize bonds,

(b) any receipt for any such sum or for any sum paid in respect of the purchase of prize bonds,

(c) any power of attorney or other document which relates solely to the payment or receipt of any such sum as is mentioned in paragraph (a) of this section, or

(d) any award made where a dispute relating to prize bonds is determined pursuant to regulations under section 23 of this Act.