No. 69/1941:

LAND BOND (DRAWING) REGULATIONS, 1941.

LAND BOND (DRAWING) REGULATIONS, 1941.

WHEREAS it is enacted by sub-section (2) of Section 7 of the Land Bond Act, 1934 (No. 11 of 1934), that land bonds created and issued under the said Act shall be redeemable at par together with payment of all arrears of interest, and that the Minister for Finance shall, either by the order creating the land bonds or by regulations made by him under the said Act, make arrangements for such redemption by means of periodical drawings:

AND WHEREAS it is enacted by sub-section (1) of Section 4 of the Land Act, 1936 (No. 41 of 1936), that regulations made by the Minister for Finance under the said Land Bond Act, 1934 , for the purposes of sub-section (2) of Section 7 of that Act may provide for both or either of the following things, that is to say:—

(a) that no drawings for the redemption of land bonds to which such regulations relate shall take place before the expiration of two years from the date of the first issue of such land bonds, or until, on some 1st day of May or 1st day of November, not less than eighty per cent. of the nominal amount of such of the said land bonds as shall have been issued before such day are registered in the books of the National City Bank,

(b) that, for the purposes of any drawing for the redemption of such land bonds, land bonds of the denomination of ten pounds may be grouped in units of one hundred pounds and land bonds of the denomination of one pound may be grouped in similar units of one hundred pounds:

AND WHEREAS on the 1st day of November, 1940, more than two years had elapsed from the date of the first issue of land bonds under the said Land Bond Act, 1934 , and on that date not less than eighty per cent. of the nominal amount of such of the said land bonds as had been issued before the said date were registered in the books of the National City Bank:

NOW, the Minister for Finance, in exercise of the powers conferred on him by Section 7 of the Land Bond Act, 1934 (No. 11 of 1934), and Section 4 of the Land Act, 1936 (No. 41 of 1936), and of every and any other power him in this behalf enabling, hereby makes the following Regulations:—

1. These Regulations may be cited as the Land Bond (Drawing) Regulations, 1941.

2. The Interpretation Act, 1937 (No. 38 of 1937), applies to these Regulations.

3. In these Regulations—

the word "bonds" means four per cent. land bonds created and issued under the Land Bond Act, 1934 (No. 11 of 1934);

the word "draw" means a drawing of bonds held under and in accordance with these Regulations;

the expression "the Minister" means the Minister for Finance;

the expression "the Bank" means the National City Bank, Limited;

the expression "working day" means a day which is neither a Sunday nor a bank holiday.

4. In the year 1941, and in each succeeding year until all bonds shall have been redeemed, a draw shall be held commencing on the 15th day of April, or, if that day is a Saturday or is not a working day, on the next day thereafter which is a working day and, if the draw is not completed on one day, continuing for so many consecutive working days as may be necessary for the completion of the draw.

5. Every draw shall be held at the registered office of the bank, and there shall be present at every draw a person (in these Regulations referred to as the Bank's representative) who shall be either a Director of the Bank or an officer of the Bank nominated by the Directors of the Bank for that purpose, and another person (in these Regulations referred to as the Minister's representative) who shall be either the Secretary of the Department of Finance or an officer of the Minister nominated for that purpose by the Minister.

6.—(1) The amount available for the redemption of bonds at any draw shall be the total amount of all sums (including moneys paid into the Land Bond Fund under sub-section (2) of Section 4 of the Land Act, 1936 (No. 41 of 1936), which, on the 1st day of November in the year preceding that in which such draw is held, stand set aside (after the making of all deductions required by law) in the Land Bond Fund under the provisions of the relevant order or orders creating such bonds, together with all interest which has accrued on moneys, or on any investments representing such moneys, set aside under the said provisions on or at any time before the said 1st day of November and has not theretofore been utilised for the redemption of bonds.

(2) If the amount available for the redemption of bonds at any draw when ascertained in accordance with the preceding paragraph of this regulation is not a multiple of one hundred pounds, such amount shall be adjusted—

(a) if such amount exceeds a multiple of one hundred pounds by not more than fifty pounds, by reducing the said amount to the said multiple of one hundred pounds, or

(b) if such amount exceeds a multiple of one hundred pounds by more than fifty pounds and less than one hundred pounds, by increasing the said amount to the next greater multiple of one hundred pounds.

(3) The Minister shall, not less than fourteen days before each draw to be held in accordance with these Regulations, publish in the Iris Oifigiúil a statement of the amount available under this regulation for the redemption of bonds to be drawn at such draw.

7.—(1) Before each draw the Bank shall group into groups of ten bonds each all bonds of the denomination of ten pounds which were registered in the books of the Bank not less than seven days before such draw and were not previously so grouped, the bonds being selected for such grouping in the order of their respective numbers, beginning with the bond having the lowest number.

(2) A group of bonds formed under the next preceding paragraph of this regulation for a particular draw and not drawn at such draw shall be retained as a group for every subsequent draw until it is drawn.

(3) Save as is otherwise provided by the next following paragraph of this regulation, all bonds of the denomination of ten pounds which by reason of the number of such bonds to be grouped under the first paragraph of this regulation for any particular draw not being a multiple of ten, cannot be so grouped shall be excluded from such draw, the bonds being selected for such exclusion in the order of their respective numbers, beginning with the bond having the highest number.

(4) If, when the issue of bonds has finally ceased and all the bonds of the denomination of ten pounds have been registered in the books of the Bank and such bonds have (so far as is possible) been grouped under the preceding paragraphs of this regulation, there shall remain a balance of less than ten such bonds not so grouped, such balance of less than ten bonds shall, notwithstanding anything contained in the said preceding paragraphs, be formed into a group for the purposes of these Regulations.

(5) The Bank shall allot to each group of bonds formed under this regulation a number, the number so allotted to any such group being the quotient resulting from the division by ten of the number of the bond having the highest number in such group or, where such quotient is not a whole number, the next whole number higher than such quotient.

8.—(1) Before each draw the Bank shall group into groups of one hundred bonds each all bonds of the denomination of one pound which were registered in the books of the Bank not less than seven days before such draw and were not previously so grouped, the bonds being selected for such grouping in the order of their respective numbers, beginning with the bond having the lowest number.

(2) A group of bonds formed under the next preceding paragraph of this regulation for a particular draw and not drawn at such draw shall be retained as a group for every subsequent draw until it is drawn.

(3) Save as is otherwise provided by the next following paragraph of this regulation, all bonds of the denomination of one pound which, by reason of the number of such bonds to be grouped under the first paragraph of this regulation for any particular draw not being a multiple of one hundred, cannot be so grouped shall be excluded from such draw, the bonds being selected for such exclusion in the order of their respective numbers, beginning with the bond having the highest number.

(4) If, when the issue of bonds has finally ceased and all the bonds of the denomination of one pound have been registered in the books of the Bank and such bonds have (so far as is possible) been grouped under the preceding paragraphs of this regulation, there shall remain a balance of less than one hundred such bonds not so grouped, such balance of less than one hundred bonds shall, notwithstanding anything contained in the said preceding paragraphs, be formed into a group for the purposes of these Regulations.

(5) The Bank shall allot to each group of bonds formed under this regulation a number, the number so allotted to any such group being the quotient resulting from the division by one hundred of the number of the bond having the highest number in such group or, where such quotient is not a whole number, the next whole number higher than such quotient.

9.—(1) At a convenient time before each draw the Bank shall provide:—

(a) to represent each outstanding bond of the denomination of one hundred pounds which was registered in the books of the Bank not less than seven days before such draw and for which a disc shall not have been previously provided in pursuance of this regulation, a card disc having printed thereon the appropriate distinguishing letter and the number of the bond it represents, and

(b) to represent each group of bonds formed under these Regulations for which a disc shall not have been previously provided in pursuance of this regulation, a card disc having printed thereon the appropriate distinguishing letter and the number allotted, in pursuance of these Regulations, to such group.

(2) In these Regulations, the expression "the appropriate distinguishing letter" means—

(a) in relation to a disc representing a group of bonds of the denomination of one pound, the letter "A";

(b) in relation to a disc representing a group of bonds of the denomination af ten pounds, the letter "B";

(c) in relation to a disc representing a bond of the denomination af one hundred pounds, the letter "C".

10.—(1) The following provision shall apply and have effect in relation to the custody of the discs provided by the Bank in pursuance of these Regulations, that is to say:—

(a) the discs shall, before the draw in relation to which they are provided, be deposited in a suitable receptacle or suitable receptacles in accordance with the subsequent provisions of this regulation;

(b) discs representing bonds of the denomination of one hundred pounds may either (as shall be convenient) be all deposited in a single receptacle or be deposited in two or more receptacles and for that purpose distributed amongst such receptacles in such manner as may be convenient;

(c) discs representing groups of bonds and bearing the same appropriate distinguishing letter may either (as shall be convenient) be all deposited in a single receptacle or be deposited in two or more receptacles and for that purpose distributed amongst such receptacles in such manner as may be convenient;

(d) discs representing bonds of the denomination of one hundred pounds shall not be deposited in the same receptacle with discs representing groups of bonds;

(e) discs representing groups of bonds of a particular denomination shall not be deposited in the same receptacle with discs representing groups of bonds of another denomination;

(f) where discs are deposited in a single receptacle they shall be retained therein until drawn therefrom in accordance with these Regulations;

(g) where discs are deposited in two or more receptacles, all such discs for the time being not drawn shall, on the occasion of every draw, be removed from those receptacles and be placed in one receptacle (in this regulation referred to as a temporary receptacle), and the provisions of sub-paragraphs (d) and (e) of this paragraph shall apply and have effect in relation to the placing of such disc in such temporary receptacle;

(h) where discs are, on the occasion of a draw, placed in a temporary receptacle, so many of such discs as remain in such receptacle after the draw shall, as soon as such draw is completed, be removed therefrom and shall be re-deposited in so many of the receptacles in which they were originally deposited as can conveniently contain them, and shall be retained therein until whichever of the following events is appropriate, that is to say:—

(i) in case such discs are re-deposited in one receptacle, until they are drawn therefrom at a subsequent draw, or

(ii) in case such discs are re-deposited in more than one receptacle, until they are removed therefrom and placed in a temporary receptacle at the next following draw under sub-paragraph (g) of this paragraph;

(i) where discs are deposited in two or more receptacles, the operations of removing such discs from such receptacles and placing them in a temporary receptacle for the purposes of a draw and of removing such discs (so far as not drawn) from such temporary receptacle after such draw and re-depositing them in all or some of the receptacles in which they were originally deposited shall be carried out by the person who is the Bank's representative at such draw in the presence of the person who is the Minister's representative at such draw.

(2) Every receptacle (other than a temporary receptacle) used for the deposit of discs in pursuance of this regulation shall be fitted with a cover secured by two locks, which cannot be opened by the same key, and the key of one of the said locks shall be retained by the Bank and the key of the other of those locks shall be retained by the Secretary of the Department of Finance.

(3) Every receptacle (other than a temporary receptacle) used for the deposit of discs under this regulation shall be locked by the Bank's representative and the Minister's representative in the presence of each other, and every such receptacle shall, except when opened for the deposit of discs under this regulation or the drawing of discs therefrom at a draw, be kept so locked.

(4) Every receptacle (other than a temporary receptacle) used for the deposit of discs under this regulation shall be deposited and kept at the registered office of the Bank.

11.—(1) At every draw, discs representing bonds equal in total nominal value to the amount available for the redemption of bonds at that draw shall, in the presence of the Minister's representative, be drawn without selection by the Bank's representative from the receptacles in which discs are required by these Regulations to be deposited or placed for the purposes of such draw.

(2) At every draw, the number of discs drawn from each receptacle shall, as nearly as is reasonably practicable, be such that the ratio between the total nominal value of the bonds represented by the discs drawn from any receptacle and the total nominal value of the bonds represented by the discs contained in that receptacle at the beginning of the draw is the same for each receptacle.

(3) For the purpose of complying with the foregoing provisions of this regulation in relation to the number of discs to be drawn at a draw at which the disc representing the group (if any) consisting of less than ten bonds of the denomination of ten pounds or the disc representing the group (if any) consisting of less than one hundred bonds of the denomination of one pound or both those discs is or are drawn, each of those discs shall be taken to represent bonds of the total nominal value of one hundred pounds and the number of discs to be drawn at any such draw in pursuance of the said foregoing provisions shall be calculated accordingly.

12. (1) Immediately on the conclusion of each draw, a separate list shall be prepared in respect of each denomination of bonds represented by discs drawn at such draw, showing the appropriate distinguishing letter and number of the discs drawn representing bonds or groups of bonds of that denomination.

(2) As soon as the said lists have been prepared they shall be signed by the Bank's representative and the Minister's representative present at the draw to which such lists relate, and thereupon every bond or group of bonds represented by a disc of which the appropriate distinguishing letter and number is included in any of the said lists shall be deemed to have been drawn at such draw.

13. The payment of all bonds drawn at any draw shall be made by the Bank on or after the 1st day of July next following such draw.

14. As soon as may be after each draw, the Minister shall publish in the Iris Oifigiúil suitable particulars of the bonds or groups of bonds drawn at such draw and an intimation that the corresponding bonds will be paid off at par on or after the 1st day of July next following the date of such draw at the registered office of the Bank and that as from such 1st day of July all interest thereon will cease, and the Bank shall send a notification to every person registered as the owner or the first of two or more joint owners of each bond drawn at such draw that such bond has been drawn for redemption on or after such 1st day of July.

15. All certificates of registration of bonds drawn at any draw shall, on being returned for the purpose of obtaining payment of the bonds to which they relate, be cancelled, but when any such certificate relates also to bonds which have not been drawn for redemption, a new certificate shall be issued in respect of the bonds which have not been so drawn.

Given under the Official Seal of the Minister for Finance, this 12th day of March, 1941.

J. J. McELLIGOTT,

Secretary.

Department of Finance,

Dublin.