S.I. No. 153/1958:

SAVINGS CERTIFICATES (FIFTH ISSUE) RULES, 1958.

SAVINGS CERTIFICATES (FIFTH ISSUE) RULES, 1958.

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 (Fifth Issue) Rules, 1958.

2. In these Rules--

" savings certificate of the fifth issue " means a savings certificate of the issue of savings certificates which was introduced as the fifth issue of savings certificates ;

" unit certificate " means a savings certificate of the fifth issue the purchase price of which is one pound.

3. A savings certificate of the fifth issue may be held for a period not exceeding twelve years from the date of the purchase thereof.

4. A savings certificate of the fifth issue shall, during the period for which it is held, bear interest at the rate of

(a) in the case of a unit certificate--

(i) four pence for the first complete year from the date of purchase,

(ii) three pence for each complete period of six months from the first anniversary until the third anniversary of the date of purchase,

(iii) four pence for each complete period of six months from the third anniversary to the fourth anniversary of the date of purchase,

(iv) three pence for each complete period of four months from the fourth anniversary to the seventh anniversary of the date of purchase,

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

(vi) an additional three pence on the eleventh anniversary of the date of purchase,

(vii) an additional six pence on the twelfth anniversary of the date of purchase ;

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

5. (1) No person shall at any time hold or have any interest in savings certificates of the fifth issue (whether unit certificates or certificates other than unit certificates) of a greater nominal amount in the aggregate than £1,000.

(2) In this rule " nominal amount " in relation to a savings certificate of the fifth issue means the amount of the sum payable under such certificate on the twelfth anniversary of the date of the purchase thereof.

6. Subject to the provisions of these Rules, the Savings Certificates Rules, 1926, shall apply, with the necessary modifications, in relation to a savings certificate of the fifth issue.

GIVEN under my Official Seal, this 8th day of July, 1958.

SÉAMAS Ó RIAIN,

Minister for Finance.

EXPLANATORY NOTE.

This instrument has been made by the Minister for Finance under subsection (2) of section 30 of the Finance Act, 1940 , to prescribe the rules governing the Fifth Issue of Savings Certificates.