No. 237/1937:

GOVERNMENT STOCK (MANAGEMENT) REGULATIONS, 1937.

GOVERNMENT STOCK (MANAGEMENT) REGULATIONS, 1937.

WHEREAS it is enacted by Section 19 of the Finance Act, 1937 (No. 18 of 1937), that, until the Oireachtas otherwise provides, the several statutes and statutory orders and regulations relating to the management by the Bank of Ireland of the public stocks, funds, and securities of the late United Kingdom of Great Britain and Ireland which were in force immediately before the establishment of Saorstát Eireann shall apply and be deemed always to have applied, with the necessary modifications, to the management by the Bank of Ireland and the National City Bank, Limited, respectively of public stocks, funds, and securities (other than Land Bonds) of the Government of Saorstát Eireann:

NOW, the Minister for Finance, in exercise of the several powers conferred on him by Section 37 of the Finance Act, 1917, as applied by Section 19 of the Finance Act, 1937 (No. 18 of 1937), and the Third Schedule to the Finance Act, 1921, as similarly applied and of every other power him in this behalf enabling and in conjunction (so far as may be requisite in law) with the Bank of Ireland and the National City Bank, Limited, hereby makes the following Regulations:—

PART I. PRELIMINARY.

1. These Regulations may be cited as the Government Stock (Management) Regulations, 1937.

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.

PART II. REDEMPTION OF GOVERNMENT STOCK.

3. In this Part of these Regulations,

the expression "government stock" means the public stocks, funds, and securities (other than Land Bonds) of the Government of Saorstát Eireann.

the expression "person of unsound mind" includes a person who, through mental infirmity arising from disease or age, is incapable of managing his affairs;

the expression "the Bank" means whichever of the Bank of Ireland and the National City Bank, Limited, is for the time being entrusted with the management of the government stock in relation to which the expression is used.

4.—(1) Where any principal moneys become payable on the redemption of any government stock standing in the name of a stockholder who is a person of unsound mind, or an infant, or a person otherwise under disability, the committee, or the guardian, or the person having power in law to administer the property of the stockholder may by notice in writing give to the Bank on behalf of the stockholder directions for the reinvestment of those moneys in such government stock as may be specified in such directions.

(2) Where any directions for reinvestment are given under this regulation, the Bank shall cause any government stock purchased in pursuance of such directions to be transferred into the name or names in which the redeemed stock was standing in the books of the Bank at the date of the redemption.

5. An order or decree of a court of justice in Saorstát Eireann whereby the right to receive any principal moneys which become payable on the redemption of government stock standing in the name of a stockholder (whether as sole stockholder or jointly with another person or other persons) who is a person of unsound mind, or an infant, or a person otherwise under disability, is vested in any person as committee or guardian of the stockholder or otherwise, shall be sufficient authority to the Bank to pay the principal moneys to that person in accordance with such order or decree.

6. Nothing in these Regulations shall be taken to prejudice the right of the Bank to require evidence to be given to the satisfaction of the Bank to prove that a person purporting to give directions under this Part of these Regulations is a person having power thereunder to give such directions, or that a person claiming to be paid any moneys under this Part of these Regulations is a person to whom such moneys may properly be paid thereunder.

PART III. AMENDMENT OF GOVERNMENT STOCK REGULATIONS, 1918.

7. Paragraph (1) of Regulation 4 of the Government Stock Regulations, 1918, is hereby amended by the insertion therein of the words "or for the payment of any money payable on the redemption of" after the words "accumulation of dividends on".

8. Form C in the First Schedule to the Government Stock Regulations, 1918, is hereby amended as follows, that is to say:—

(a) by the addition to the title or heading of the Form of the words "or the payment of redemption moneys" after the words "accumulation of dividends",

(b) by the insertion after paragraph (b) (in the request and authority) of the following word and paragraph,

"and

(c) instructions for the payment of any money payable on the redemption of the above-mentioned sum(s) of Stock or of any amount for the time being so standing;".

Given under the Official Seal of the Minister for

Finance this ninth day of August, 1937.

ARTHUR D. CODLING, An Assistant Secretary, Department of Finance.

A. D. STEWART, Bank of Ireland,

 Dublin, Secretary.

C. T. S. LOGAN, Bank of Ireland, Dublin,

 pro Secretary.

On behalf of the Bank of Ireland.

H. B. POLLOCK, Director.

T. CAFFREY, Secretary.

On behalf of the National City

Bank, Limited.