No. 24/1969:

LAND BOND ACT, 1969

ARRANGEMENT OF SECTIONS

1 Amendment of section 6 of Land Bond Act, 1934.

2 Registration of land bonds in unnumbered units of £1.

3 Transfer of land bond registers to Bank Ireland.

4 Short title, construction and citation.

AN ACT TO AMEND THE LAND BOND ACT, 1934 , TO PROVIDE FOR THE ALTERATION OF EXISTING LAND BONDS TO UNNUMBERED UNITS OF ONE POUND, AND TO PROVIDE FOR OTHER MATTERS CONNECTED WITH THE MATTERS AFORESAID.

[30th July, 1969.]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

1.— Section 6 of the Land Bond Act, 1934 , which provides limitations on the creation and issue of land bonds, is hereby amended by the substitution in subsection (1) of "forty million pounds" for "twenty-five million pounds" (inserted by section 2 of the Land Bond Act, 1964 ).

2.—(1) Notwithstanding any provision to the contrary in the Land Purchase Acts or in any order under those Acts relating to land bonds—

( a ) land bonds created, issued and registered before the commencement of this section shall be deemed to have been registered in denominations of one pound and without identifying numbers, and

( b ) land bonds created, issued and registered after the commencement of this section shall be registered in denominations of one pound and without identifying numbers.

(2) This section shall come into operation on such date as the Minister for Finance shall by order appoint for that purpose.

3.—(1) Notwithstanding anything in the Land Purchase Acts or in any order under those Acts, the registers of land bonds kept by Chase and Bank of Ireland (International) Limited (formerly National City Bank Limited) shall be transferred to the Bank of Ireland.

(2) This section shall come into operation on such date as the Minister for Finance shall by order appoint for that purpose.

4.—(1) This Act may be cited as the Land Bond Act, 1969 .

(2) This Act shall be construed as one with the Land Purchase Acts and may be cited with those Acts.