S.I. No. 158/1957:

SAVINGS CERTIFICATES (FOURTH ISSUE EXTENSION) RULES, 1957.

SAVINGS CERTIFICATES (FOURTH ISSUE EXTENSION) RULES, 1957.

I, SÉAMAS Ó RIAIN, Minister for Finance, in exercise of the powers conferred on me by subsection (2) of section 30 of the Finance Act, 1940 (No. 14 of 1940), hereby make the following rules :

1. These Rules may be cited as the Savings Certificates (Fourth Issue Extension) Rules, 1957.

2. In these Rules " the fourth issue " means the issue of savings certificates introduced on the 25th day of July, 1946, and discontinued on the 26th day of April, 1952 ; " date of maturity " means, in relation to a savings certificate, the eleventh anniversary of the date marked thereon as the date of issue thereof ; " unit certificate " means a savings certificate of the fourth issue the purchase price of which was one pound.

3. A savings certificate of the fourth issue may be held for a period not exceeding five years from the date of maturity thereof.

4. A savings certificate which is held under these Rules shall, during the period for which it is so held, bear interest--

(a) in the case of a unit certificate, at the rate of--

(i) two pence for each complete period of four months until the second anniversary of the date of maturity,

(ii) three pence for each complete period of four months from the second anniversary until the third anniversary of the date of maturity,

(iii) three pence for each complete period of three months thereafter,

(iv) an additional nine pence on the fifth anniversary of the date of maturity,

(b) in any other case, in a proportionate manner.

5. Subject to the provisions of these Rules, the Savings Certificates Rules, 1926, shall apply, with the necessary modifications, in relation to a savings certificate which is held under these Rules.

GIVEN under my Official Seal, this 18th day of July, 1957.

SÉAMAS Ó RIAIN,

Minister for Finance.

Explanatory Note.

This instrument prescribes the rules governing the extension of the fourth issue of savings certificates.