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Uimhir 12 de 1951.
AN tACHT UM IASACHTA RIALTAIS (COMHSHÓ), 1951.
[An tiontó oifigiúil.]
Mínithe.
1.—San Acht seo—
ciallaíonn “an tAire” an tAire Airgeadais;
ciallaíonn “iasacht Rialtais” aon cheann acu seo a leanas:
(a) an Dara hIasacht Náisiúnta 5%, 1950-60,
(b) an Tríú hIasacht Náisiúnta 4½%, 1950-70,
(c) an Iasacht Chomhshó 4%, 1950-70,
(d) na Bannaí Stát-Chiste 4%, 1950-60,
(e) aon urrús eile arna mhuirearú ar an bPríomh-Chiste agus arna chruthnú agus arna eisiúint, pé acu roimh an Acht seo a rith nó dá éis sin é, ag an Aire;
ciallaíonn “iasacht nua,” maidir le hiasacht Rialtais, aon urrús den tsórt sin a muirearófar ar an bPríomh-Chiste agus a chruthnós agus a eiseos an tAire faoin Acht seo chun sealbháin de stoc na hiasachta Rialtais sin a chomhshó (pé acu chuige sin amháin nó chun críocha eile fairis sin é);
ciallaíonn “an dáta fuascailte,” maidir le hiasacht Rialtais, dáta fuascailte na hiasachta sin faoin bhfuascailt iomchuí;
ciallaíonn “stoc-shealbhóir” duine, nó uimhir daoine i gcomhpháirt, a shealbhaíos aon chuid de stoc iasachta Rialtais.
Cearta comhshó a thairiscint do stoc-shealbhóirí.
2.—(1) I gcás an chuid a bheas amuigh de stoc iasachta Rialtais a bheith ar tí a fuascailte, féadfaidh an tAire, más oiriúnach leis é, tairiscint a dhéanamh, tráth nach déanaí ná ceithre lá déag roimh an dáta fuascailte, ina dtairgfidh do gach stoc-shealbhóir an ceart chun a shealbhán, nó aon chuid dá shealbhán, de stoc na hiasachta sin a chomhshó, amhail ar an dáta fuascailte, i stoc iasachta nua ar théarmaí a sonrófar (lena n-áirítear, go sonrach agus más oiriúnach leis an Aire é, bónas a thabhairt, pé acu i stoc de chuid na hiasachta nua nó in airgead é).
(2) Aon tairiscint den tsórt sin a déanfar, déanfar í—
(a) trí fhógra i dtaobh na tairisceana, maraon le pé sonraí ina taobh is cuí leis an Aire, d'fhoilsiú san Iris Oifigiúil, tráth nach déanaí ná ceithre lá déag roimh an dáta fuascailte, agus
(b) tríd an bhfógra sin d'fhoilsiú ar pé modh fairis sin nó ar pé modh eile, agus pé tráth nó trátha, is cuí leis an Aire.
(3) Má rinne an tAire, roimh an Acht seo a rith, tairiscint ba thairiscint do réir an Achta seo agus a bheadh dleathach faoi dá mba rud é go raibh an tAcht seo i bhfeidhm an uair sin, measfar chun gach críche gur faoin alt seo a rinneadh an tairiscint agus beidh feidhm ag an Acht seo ina leith, agus gach iarratas a rinneadh, de bhun na tairisceana, roimh an Acht seo a rith, measfar, chun gach críche, gur faoin Acht seo a rinneadh é.
Iarratas ar chomhshó agus an ceart chun comhshó.
3.—(1) I gcás tairiscint chomhshó a dhéanamh faoin Acht seo i leith stoic aon iasachta Rialtais, ansin, gach stoc-shealbhóir a iarrfas go cuí a shealbhán, nó cuid shonraithe dá shealbhán, den stoc a chomhshó do réir na tairisceana, beidh sé i dteideal a shealbhán nó an chuid sin dá shealbhán (do réir mar bheas) a chomhshó, amhail ar an dáta fuascailte, i stoc de chuid na hiasachta nua do réir pé méide agus ar pé téarmaí is infheidhme do réir na tairisceana.
(2) Aon iarratas a déanfar faoin alt seo, beidh sé do-chúlghairmthe agus beidh sé ina cheangal ar an stoc-shealbhóir a dhéanfas é agus ar a chomharbaí i dteideal.
(3) Aon iarratas a déanfar faoin alt seo, déanfar é chun pé duine agus i pé slí a sonrófar i dtéarmaí foilsithe na tairisceana comhshó nó a hordófar le rialacháin faoin Acht seo.
Urrúis a chruthnú agus d'eisiúint.
4.—(1) Féadfaidh an tAire urrúis a chruthnú agus d'eisiúint chun stoc aon iasachta Rialtais a chomhshó faoin Acht seo (agus chuige sin amháin nó chun críocha eile fairis sin).
(2) Beidh ag gabháil le hurrúis faoin alt seo pé ráta úis, agus pé coinníollacha maidir le haisíoc, fuascailt nó eile, is oiriúnach leis an Aire.
(3) Déanfar príomhshuim agus ús aon urrús faoin alt seo a mhuirearú ar an bPríomh-Chiste nó a thoradh fáis.
Iontaobhaithe a chaomhaint.
5.—I gcás tairiscint chomhshó a dhéanamh faoin Acht seo maidir le stoc aon iasachta Rialtais—
(a) údaraítear leis seo d'iontaobhaithe agus do dhaoine eile a shealbhaíos aon stoc de chuid na hiasachta i gcáil mhuiníneach, agus do dhaoine ag a bhfuil urlámhas nó bainistí aon stoic de chuid na hiasachta, iarratas a dhéanamh faoin Acht seo á iarraidh an t-iomlán, nó aon chuid, den stoc sin a chomhshó, nó gan aon iarratas den tsórt sin a dhéanamh, pé acu sin is rogha leo, agus ní bheidh aon duine den tsórt sin faoi dhliteanas i leith aon chailliúna a tharlós toisc é do dhéanamh nó toisc gan é do dhéanamh (do réir mar bheas) aon iarratais den tsórt sin,
(b) má bhíonn aon stoc de chuid na hiasachta ar seilbh ag iontaobhaithe nó ag daoine eile i gcáil mhuiníneach, ansin, pé acu déanfar iarratas faoin Acht seo chun an stoc sin nó aon chuid den stoc sin a chomhshó nó nach ndéanfar iarratas den tsórt sin, ní bheidh aon athrú ar infheistiú na gcistí iontaobhais do réir bhrí aon fhorála in ionstraim chruthnuithe nó rialuithe an iontaobhais trínar gá toiliú duine ar bith le haon athrú den tsórt sin nó trína sriantar nó a rialaítear an t-athrú sin ar shlí eile.
Cumhachta láithreacha infheistíochta, etc., a chaomhaint.
6.—(1) Aon chumhacht nó ordachán (pé acu roimh an Acht seo a rith nó dá éis sin a cruthnaíodh nó a tugadh é) chun airgead d'infheistiú in iasacht Rialtais a ndearnadh tairiscint chomhshó maidir léi faoin Acht seo, forléireofar é agus beidh éifeacht aige amhail is go bhfolódh sé cumhacht nó ordachán (pé acu é) chun airgead d'infheistiú san iasacht nua, agus ní déanfar aon chumhacht ná ordachán den tsórt sin d'fhorceannadh toisc an iasacht Rialtais a chomhshó agus d'fhuascailt agus dá thoisc sin amháin.
(2) Aon chumhacht aturnae a údaraíos don aturnae aistriú a dhéanamh ar stoc sonraithe de chuid iasachta Rialtais a ndearnadh tairiscint chomhshó maidir léi faoin Acht seo, forléireofar í agus beidh éifeacht aici mar chumhacht a údaraíos don aturnae iarratas a dhéanamh, más rogha leis, faoin Acht seo á iarraidh an t-iomlán, nó aon chuid, den stoc sin a chomhshó i stoc de chuid na hiasachta nua agus, má déantar an comhshó sin, an stoc de chuid na hiasachta nua, agus aon bhónas a ghabhas leis an gcomhshó, d'aistriú do réir na cumhachta sin.
(3) I gcás stoc a chomhshó faoin Acht seo, beidh an stoc de chuid na hiasachta nua, agus na díbhinní ar an stoc sin, faoi réir na n-iontaobhas, na muirear, na gceart, na distringas agus na srian céanna a ghabhas leis an stoc a comhshódh agus leis na díbhinní ar an stoc sin, agus aon chumhachta nó ordacháin nó iarratais maidir le díbhinní, agus aon doiciméid eile a bhaineas leis an stoc a comhshódh, nó leis na díbhinní ar an stoc sin, bainfid leis an stoc de chuid na hiasachta nua agus leis na díbhinní air.
Banc na hÉireann a chosaint.
7.—Bhéarfaidh an tAcht seo, agus na rialacháin a déanfar faoi, slánaíocht agus urscaoileadh iomlán leordhóthanach do Bhanc na hÉireann agus dá oifigigh in aghaidh gach ní a dhéanfas an Banc sin de bhun an Achta seo nó de bhun aon rialachán a déanfar faoin Acht seo.
Forála ag a bhfuil feidhm i gcás bónas airgid a thabhairt.
8.—(1) Má déantar iarratas faoin Acht seo ag iarraidh comhshó agus, do réir téarmaí an chomhshó, go mbeidh bónas airgid le tabhairt, ansin—
(a) féadfar an bónas d'íoc do réir treoracha an iarratasóra,
(b) maidir le daoine ag a mbeidh aon leas tairbhiúil sa tsealbhán, is ag na daoine a bheas i dteideal ioncam an tsealbháin, an lá a bheas an bónas iníoctha, a bheas an ceart chun an bhónais,
(c) ní bheidh dleacht stampa iníoctha ar aon bharántas ná seic chun an bónas d'íoc.
(2) Aon bhónas airgid a tabharfar, muirearófar ar an bPríomh-Chiste nó a thoradh fáis é.
Rialacháin.
9.—Féadfaidh an tAire rialacháin a dhéanamh chun gach críche nó aon chríche acu seo a leanas:
(a) chun a ordú cad é an modh ar a ndéanfar, agus cé hiad na daoine chun a ndéanfar, iarratais faoin Acht seo á iarraidh stoc iasachta Rialtais a chomhshó, agus chun a ordú cad é an fhianaise is inghlactha ag na daoine sin maidir le nithe a mb'fhéidir bailíocht na n-iarratas sin a bheith ag brath orthu;
(b) chun a shonrú cé hiad na daoine a fhéadfas aon iarratas den tsórt sin a dhéanamh i gcás stoc-shealbhóir a bheith tar éis bháis, nó a bheith lasmuigh den Stát, nó a bheith mí-mheabhrach, nó a bheith ina naíon, nó a bheith faoi mhíchumas ar shlí eile, nó i gcás fógra in ionad distringas a bheith i bhfeidhm maidir leis an ngabháltas;
(c) chun go bhféadfaidh tromlach de na stoc-shealbhóirí aon iarratas den tsórt sin a dhéanamh i gcás stoc de chuid na hiasachta a bheith ar seilbh i gcomhpháirt ag beirt daoine nó níos mó, pé acu go tairbhiúil nó i gcáil mhuiníneach é;
(d) chun a ordú cad é an modh ar a ndeighleálfar le deimhnithe agus doiciméid eile i dtaobh stoic, a ndearnadh tairiscint chomhshó ina leith faoin Acht seo, agus chun a chinneadh cá mhéid a bheas na deimhnithe agus na doiciméid eile sin bailí i ndiaidh an dáta fuascailte;
(e) chun go bhféadfar aon leabhair nó aon chlár aistrithe trí ghníomhas, a bhaineas le hiasacht Rialtais, a ndearnadh tairiscint chomhshó ina leith faoin Acht seo, a dhúnadh ar feadh tréimhse díreach roimh an dáta fuascailte.
Iarmhéid sa chiste fiachmhúchta agus gan é ag teastáil le haghaidh fuascailte.
10.—Má bhíonn aon iarmhéid i gciste fiachmhúchta iasachta Rialtais, a ndearnadh tairiscint chomhshó ina leith faoin Acht seo, gan bheith ag teastáil chun an iasacht d'fhuascailt, íocfar an t-iarmhéid isteach sa Stát-Chiste agus tabharfar chun cuntais é mar airgead a cruinníodh trí chruthnú féich.
Caiteachais.
11.—Muirearófar ar an bPríomh-Chiste nó a thoradh fáis na caiteachais uile faoina raghaidh an tAire ag cur an Achta seo in éifeacht.
Gearrtheideal.
12.—Féadfar an tAcht um Iasachta Rialtais (Comhshó), 1951, a ghairm den Acht seo.
Number 12 of 1951.
GOVERNMENT LOANS (CONVERSION) ACT, 1951.
ARRANGEMENT OF SECTIONS
Section | |
Number 12 of 1951.
GOVERNMENT LOANS (CONVERSION) ACT, 1951.
Definitions.
1.—In this Act—
“the Minister” means the Minister for Finance;
“Government loan” means any of the following:
(a) the 5% Second National Loan, 1950-60,
(b) the 4½% Third National Loan, 1950-70,
(c) the 4% Conversion Loan, 1950-70,
(d) the 4% Exchequer Bonds, 1950-60,
(e) any other security charged on the Central Fund and created and issued, whether before or after the passing of this Act, by the Minister;
“new loan” means, in relation to a Government loan, any such security charged on the Central Fund as the Minister creates and issues under this Act for the purpose (whether alone or with other purposes) of the conversion of holdings of the stock of such Government loan;
“the redemption date” means, in relation to a Government loan, the date of the redemption thereof under the relevant redemption;
“stockholder” means a person, or a number of persons jointly, holding any of the stock of a Government loan.
Offer of conversion rights to stockholders.
2.—(1) Where the outstanding stock of a Government loan is about to be redeemed, the Minister may, if he so thinks fit, offer, not later than fourteen days before the redemption date, to every stockholder the right to convert as on the redemption date his holding, or any part of his holding, of the stock of such loan into stock of a new loan on specified terms (including, in particular and if the Minister so thinks fit, the giving of a bonus, whether in stock of the new loan or cash).
(2) Any such offer shall be made—
(a) by publication in the Iris Oifigiúil, not later than fourteen days before the redemption date, of notice of the offer with such particulars thereof as the Minister thinks proper, and
(b) by publication of such notice in such further or other manner and at such time or times as the Minister thinks proper.
(3) If the Minister has made, before the passing of this Act, an offer which would have been an offer in accordance with this Act and valid thereunder if this Act had then been in force, the offer shall be deemed for all purposes to have been made under this section and this Act shall apply in respect thereof, and every application made in pursuance of the offer before the passing of this Act shall be deemed for all purposes to have been made under this Act.
Application for and right to conversion.
3.—(1) Where an offer of conversion is made under this Act in respect of stock of a Government loan, every stockholder who duly applies for conversion of his holding or a specified part of his holding of the stock in accordance with the offer shall be entitled to have his holding or the said part of his holding (as the case may be) converted as on the redemption date into stock of the new loan of such amount and upon such terms as are applicable in accordance with the offer.
(2) An application under this section shall be irrevocable and shall bind the stockholder by whom it is made and his successors in title.
(3) An application under this section shall be made to such person and in such manner as are specified in the published terms of the offer of conversion or are prescribed by regulations under this Act.
Creation and issue of securities.
4.—(1) The Minister may create and issue securities for the purpose (whether alone or with other purposes) of the conversion under this Act of the stock of a Government.
(2) Securities under this section shall bear such rate of interest and be subject to such conditions as to repayment, redemption or otherwise as the Minister thinks fit.
(3) The principal and interest of securities under this section shall be charged on the Central Fund or the growing produce thereof.
Protection of trustees.
5.—Where an offer of conversion is made under this Act in respect of stock of a Government loan—
(a) trustees and other persons holding any stock of the loan in a fiduciary capacity and persons having the control or management of any stock of the loan are hereby authorised at their discretion to apply under this Act for the conversion of the whole or any part of such stock or to refrain from the making of any such application, and no such person shall be liable for any loss resulting from his making or refraining from making (as the case may be) any such application,
(b) if any stock of the loan is held by trustees or other persons in a fiduciary capacity, neither an application under this Act for the conversion of such stock or of any part thereof nor the refraining from making any such application shall be a variation of the investment of the trust funds within the meaning of any provision in the instrument creating or regulating the trust whereby the consent of any person to any such variation is required or such variation is otherwise restricted or controlled.
Preservation of existing powers of investment, etc.
6.—(1) A power or direction (whether created or given before or after the passing of this Act) to invest money in a Government loan in relation to which an offer of conversion has been made under this Act shall be construed and have effect as including a power or direction (as the case may be) to invest in the new loan, and no such power or direction shall be terminated by reason only of the conversion and redemption of the Government loan.
(2) A power of attorney authorising the attorney to transfer specified stock of a Government loan in relation to which an offer of conversion has been made under this Act shall be construed and have effect as authorising the attorney to apply at his discretion under this Act for the conversion of the whole or part of such stock into stock of the new loan, and, where such conversion takes place, to transfer in accordance with the said power the stock of the new loan and any bonus on conversion.
(3) Where stock is converted under this Act, the stock of the new loan and the dividends thereon shall be subject to the same trusts, charges, rights, distringas and restraints as affect the converted stock and the dividends thereon and any powers, directions, requests as to dividends and other documents relating to the converted stock or the dividends thereon shall apply to the stock of the new loan and the dividends thereon.
Protection of Bank of Ireland.
7.—This Act and the regulations made thereunder shall be a full and sufficient indemnity and discharge to the Bank of Ireland and the officers thereof for all things done by the said Bank in pursuance of this Act or of any regulations made under this Act.
Provisions applying where bonus in cash is given.
8.—(1) Where an application for conversion is made under this Act and the terms of the conversion include the giving of a bonus in cash—
(a) payment of the bonus may be made in accordance with the instructions of the applicant,
(b) the bonus shall, as between persons having any beneficial interest in the holding, belong to the persons entitled to the income of the holding on the day when the bonus is payable,
(c) any warrant or cheque for payment of the bonus shall not be liable to stamp duty.
(2) Any bonus in cash shall be charged on the Central Fund or the growing produce thereof.
Regulations.
9.—The Minister may make regulations for all or any of the following purposes:
(a) prescribing the manner in which and the persons to whom applications under this Act for the conversion of stock of a Government loan are to be made and prescribing the evidence which may be accepted by those persons as to matters on which the validity of such applications may depend;
(b) specifying the persons by whom any such application may be made where a stockholder has died, or is outside the State, or is of unsound mind, or is an infant, or is otherwise under a disability, or where a notice in lieu of distringas is in force with respect to the holding;
(c) enabling any such application to be made by a majority of the stockholders where stock of the loan is held jointly by more than two persons, whether beneficially or in a fiduciary capacity;
(d) prescribing the manner in which certificates and other documents relating to stock in respect of which an offer of conversion has been made under this Act are to be dealt with and determining how far such certificates and other documents are to be valid after the redemption date;
(e) enabling any books or transfer by deed register of a Government loan in relation to which an offer of conversion has been made under this Act to be closed for a period immediately preceding the redemption date.
Sinking fund balance not required for redemption.
10.—Where any balance in the sinking fund of a Government loan in relation to which an offer of conversion has been made under this Act is not required to meet redemptions of the loan, the balance shall be paid into the Exchequer and brought to account as money raised by the creation of debt.
Expenses.
11.—All expenses incurred by the Minister in carrying this Act into effect shall be charged on the Central Fund or the growing produce thereof.
Short title.
12.—This Act may be cited as the Government Loans (Conversion) Act, 1951.