No. 10/1929:

CURRENCY COMMISSION (SURPLUS INCOME) REGULATIONS, 1929.

CURRENCY COMMISSION (SURPLUS INCOME) REGULATIONS, 1929.

WHEREAS it is enacted by sub-section (5) of section 63 of the Currency Act, 1927 (No. 32 of 1927), that the Minister for Finance may, after consultation with the Currency Commission, make Regulations providing for the determination periodically of the surplus income of the Currency Commission and may by such Regulations enable provision to be made for reserves, depreciation, and other like matters before determination of the surplus income.

AND WHEREAS the Minister for Finance has before making these Regulations consulted with the Currency Commission in regard thereto.

NOW, the Minister for Finance, in exercise of the powers conferred on him by sub-section (5) of section 63 of the Currency Act, 1927 (No. 32 of 1927), and of every and any other power him in this behalf enabling thereby makes the following Regulations, that is to say:—

1. These Regulations may be cited as the Currency Commission (Surplus Income) Regulations, 1929.

2. The Interpretation Act, 1923 (No. 46 of 1923), applies to the interpretation of these Regulations in like manner as it applies to the interpretation of an Act of the Oireachtas.

3. In these Regulations the expression " the said balance " means the sum (if any) shown by the audited statement of accounts of the Currency Commission prepared under section 35 of the Currency Act, 1927 , for any financial year to be transferred from the Profit and Loss Account of the General Fund for that year to the credit of the Profit and Loss Appropriation Account of the General Fund for the same year.

4. The surplus income of the Currency Commission in respect of any financial year shall be so much of the said balance in respect of that year as shall remain after making thereout provision where necessary for or towards extinguishing any debit balance brought forward in the Profit and Loss Appropriation Account from any previous financial year and making thereout such, if any, provision as the Currency Commission may think fit to make under these Regulations for reserves, depreciation and other like matters.

5. The Currency Commission may, out of the said balance in respect of any financial year, make such, if any, provision as is hereinafter authorised in respect of reserves, depreciation, and other like matters, that is to say,

(a) the Currency Commission may out of the said balance transfer to a General Reserve such sum as it may think fit not exceeding one-tenth of the said balance, and

(b) the Currency Commission may out of the said balance transfer to a Pension Reserve such sum as it may think fit not exceeding one-eighth of the expenditure incurred by the Currency Commission in the financial year to which the said balance relates for salaries and wages of and allowances to its officers and servants, and

(c) the Currency Commission may out of the said balance transfer to such Depreciation Accounts as it shall think fit to maintain such sums as are, in the opinion of the Currency Commission, required to provide for any decrease in value from any cause of any of its assets other than the capital of the legal tender note fund and the note reserve fund.

Given at Dublin under the official seal of the Minister for Finance this 8th day of March, 1929.

(Signed) J. J. McELLIGOTT,

Secretary,

Department of Finance.