No. 21/1970:

DECIMAL CURRENCY ACT, 1970

ARRANGEMENT OF SECTIONS

1 Interpretation.

2 Bills of exchange and promissory notes.

3 Special modifications of Bills of Exchange Act, 1882.

4 Conversation of references to shillings and pence in cheques, etc.

5 Conversion of bank balances.

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

7 Payment of certain periodical payments.

8 Payments under friendly society and industrial assurance contracts.

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

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

11 Modification of forms.

12 Registered stock transferable in multiples of one penny.

13 Amounts in old currency payable on or after appointed day.

14 References to amounts of money in old currency.

15 Legal tender.

16 Repeal.

17 Short title and collective citation.

SCHEDULE

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:

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.

(2) The Act of 1969 and this Act shall be construed together as one Act.

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.

(2) Subsection (1) of this section shall have effect notwithstanding anything contained in any other Act.

(3) A bill of exchange or promissory note for an amount wholly or partly in shillings or pence dated the 15th day of February, 1971, or later shall be deemed to have been drawn or made before the 15th day of February, 1971, if it bears a certificate in writing by a banker that it was so drawn or made.

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.

(2) Notwithstanding anything in section 14 of the Bills of Exchange Act, 1882, a bill of exchange or promissory note—

( a ) shall be due and payable on the 10th day of February, 1971, if the last day of grace for it under that section falls on the 11th or 12th day of February, 1971, and

( b ) shall be due and payable on decimal day if that last day of grace falls on the 13th or 14th day of February, 1971.

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.

(2) If a reference to an amount of money in the old currency contained in an instrument to which this section applies is altered so as to make it read as it would otherwise fall to be read in accordance with subsection (1) of this section, the alteration shall not affect the validity of the instrument and, in the case of a bill of exchange or promissory note, shall not be treated as a material alteration for the purposes of section 64 of the Bills of Exchange Act, 1882.

(3) This section applies to instruments of any of the following descriptions drawn, made or issued before decimal day:

( a ) cheques and other instruments to which section 4 of the Cheques Act, 1959 , applies,

( b ) bills of exchange other than cheques,

( c ) promissory notes,

( d ) money orders and postal orders (including postal orders to which stamps have been affixed to increase their face value).

( e ) any warrant issued under the authority of the Minister for Posts and Telegraphs for the payment of a sum of money,

( f ) any document issued under the authority of the Minister for Social Welfare which is intended to enable a person to obtain payment of the sum mentioned in the document but is not a bill of exchange,

( g ) any document not mentioned in the foregoing paragraphs which is intended to enable a person to obtain through a banker payment of any sum mentioned in the document.

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.

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.

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.

(2) Subject to the provisions of this Act, where an amount of money to which this section applies is not a whole number of pounds, so much of it as is in shillings or pence may be paid by paying the corresponding amount in the new currency calculated in accordance with the Schedule to this Act.

(3) This section does not apply to—

( a ) an amount payable to an employee or the holder of any office by way of wages, salary or other remuneration, or

( b ) the amount of any payment to which section 8 of this Act applies.

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.

(2) The Minister for Industry and Commerce may make regulations specifying the methods to be applied for the purpose of determining the amounts in the new currency payable in respect of payments to which this section applies and which fall due on or after decimal day.

(3) Regulations under subsection (2) of this section may—

( a ) make different provision for payments payable at different intervals, for payments payable under different classes of contracts and for other different circumstances,

( b ) contain such transitional, incidental and supplementary provisions as the Minister for Industry and Commerce thinks necessary or expedient for the purpose of the regulations.

( c I provide for the making of alterations in the rules of registered friendly societies.

(4) The Minister for Industry and Commerce may make regulations providing for the insertion in premium receipt books of statements approved of by him, or for the issue to policy holders and members of registered friendly societies of notices containing such statements, for the purpose of explaining the effect of any regulations made under subsection (2) of this section.

(5) In this section—

"assurance company", "industrial assurance business" and "premium receipt book" have the same meanings as in the Insurance Act, 1936 ;

"friendly society contract" means a contract made by a registered friendly society in the course of its business in the State, whether contained in the rules of the society or not;

"industrial assurance company" means an assurance company which carries on industrial assurance business in the State;

"industrial assurance contract" means a contract of assurance made by a person carrying on industrial assurance business in the course of his industrial assurance business in the State;

"registered friendly society" means a society registered in the State under the Friendly Societies Acts, 1896 to 1953.

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.

(2) Subsection (1) of this section—

( a ) does not apply to a reference contained in this Act or any statutory instrument made thereunder or in any other statute or statutory instrument relating to coinage or currency, and

( b ) does not apply to a reference contained in a statute or statutory instrument if a contrary intention appears in a statute or statutory instrument passed or made after the passing of the Act of 1969.

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 half-penny),

( 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.

(2) An order under this section—

( a ) may include such consequential, supplementary and transitional provisions as the Minister making the order thinks fit,

( b ) may be revoked or amended by a subsequent order.

(3) An order under this section shall not come into operation before decimal day.

(4) No order altering the rate of any tax shall be made under this section.

(5) The amendment of any provision by an order under this section shall not prejudice any power to amend or vary that provision conferred otherwise than by this section.

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.

(2) Any form set out in a statute or statutory instrument passed or made before decimal day which is designed to accommodate references to sums of money wholly or partly in shillings or pence may be modified, either by the authority issuing it or the person using it, to enable it to accommodate references to sums of money wholly or partly in new pence.

(3) Subsections (1) and (2) of this section are without prejudice to any other provision authorising the modification of any such form.

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.

(2) In any prospectus or other document issued before decimal day that sets out the terms on which any such registered stock is to be issued or held, any reference to one penny as the amount in multiples of which the stock is to be transferable shall, on and after decimal day, be read as a reference to one new penny.

(3) Where the amount of the balance of any such registered stock standing in the name of any person immediately before decimal day in an account in the register is not a whole number of pounds, so much of that amount as is in shillings or pence shall, on and after decimal day, be treated as the corresponding amount in the new currency calculated in accordance with the provisions of the Schedule to this Act.

(4) In this section "registered stock" includes inscribed stock and "the register", in relation to any registered stock, means any register or book in which that stock is registered or inscribed.

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.

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.

(2) Subsection (1) of this section shall come into operation on the appointed day and shall have effect notwithstanding anything contained in any other Act.

15.—(1) A tender of money if made, on or after decimal day, in coins of the denominations of sixpence, three-pence 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.

(2) A tender of money if made, on or after decimal day, in coins (other than bronze coins) which are issued under the Act of 1969 and each of which has a denomination of more than ten new pence shall be legal tender for the payment of an amount in the old currency not exceeding ten pounds but for no greater amount.

(3) A tender of money if made, on or after decimal day, in coins (other than bronze coins) which are issued under the Act of 1969 and each of which has a denomination of not more than ten new pence shall be legal tender for the payment of an amount in the old currency not exceeding five pounds but for no greater amount.

(4) A tender of money if made, on or after decimal day, in bronze coins issued under the Act of 1969 shall be legal tender for the payment of an amount in the old currency not exceeding four shillings but for no greater amount.

(5) A tender of money if made, on or after decimal day, partly in coins of the denominations of sixpence, threepence or a penny, being coins issued under the Act of 1950 or the repealed enactments, and partly in bronze coins issued under the Act of 1969 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.

(6) For the purposes of the foregoing subsections of this section—

( a ) a coin of the old currency may be treated as being a current coin of the new currency calculated on the basis specified in section 9 (1) of this Act, and

( b ) a coin of the new currency may be treated as being a current coin of the old currency calculated on that basis.

(7) On and after decimal day, silver coins of the denomination of ten shillings issued under the Coinage Acts, 1950 and 1966, shall be deemed to be coins of the denomination of fifty new pence issued under the Act of 1969.

(8) Subsections (1), (2), (3), (4), (5) and (7) of this section shall not apply to coins called in under the Act of 1969.

(9) Subsections (2), (3) and (4) of this section shall have effect notwithstanding section 8 of the Act of 1969.

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

(2) Subsection (1) of this section shall come into operation on decimal day.

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

(2) The Act of 1969 and this Act may be cited together as the Decimal Currency Acts, 1969 and 1970.

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

SCHEDULE

METHOD OF CALCULATING IN CERTAIN CASES THE AMOUNT IN NEW PENCE CORRESPONDING TO AN AMOUNT IN SHILLINGS AND PENCE.

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