Central bank act, 1942

• Act Number: 22
• Enactment Date: 04 November 1942

Number 22 of 1942.
CENTRAL BANK ACT, 1942.
ARRANGEMENT OF SECTIONS
PART I.
Preliminary and General.
Section 1. Short title, collective citation, and construction. 2. Definitions. 3. The appointed day. 4. Repeals.
PART II.
Establishment of the Central Bank of Ireland and Dissolution of the Currency Commission.
5. Establishment of the Bank. 6. General function and duty of the Bank. 7. Certain particular powers of the Bank. 8. Certain further powers of the Bank. 9. The capital of the Bank. 10. The seal of the Bank. 11. Interpretation of references to the Commission in the Currency Act, 1927. 12. The Associated Banks. 13. Admission of a bank to be an Associated Bank. 14. Removal of a bank from being an Associated Bank. 15. Dissolution of the Commission. 16. Appointments to the staff of the Bank. 17. Copyright in notes issued by the Bank. 18. General adaptation of references to the Commission.
PART III.
the Board of Directors of the Bank.
19. Appointment, tenure of office, etc., of the Governor. 20. Prohibition of the Governor holding shares in a bank. 21. Removal of the Governor. 22. The Deputy Governor. 23. Appointment, remuneration, etc, of the Directors. 24. Tenure of office of the Directors. 25. Disqualification of Directors. 26. Panel for appointment of the first banking Directors. 27. Panel for the appointment of banking Directors other than the first such Directors. 28. Notices of vacancies and appointments of certain Directors. 29. Prohibition of certain Directors holding shares in a bank. 30. Operation of disqualification of the Governor or a Director. 31. Oath of secrecy to be taken by the Governor, Directors, and officers. 32. Procedure of the Board. 33. Compensation and superannuation of Chairman, Commissioners, Governor, and Directors.
PART IV.
Extinction of Consolidated Bank Notes.
34. Definitions in respect of this Part of this Act. 35. Restrictions on amount of consolidated bank notes outstanding. 36. Payment in respect of consolidated bank notes outstanding after cesser of issue. 37. Payments by Associated Banks on consolidated bank notes. 38. Stamp duty in respect of consolidated bank notes. 39. Notes of former banks of issue. 40. Power of banks of issue to write off certain notes.
PART V.
Deposits by Bankers.
41. Construction of references to holding oneself out as a banker. 42. Obligation to make deposit in the High Court. 43. General provisions in relation to deposits under this Part of this Act. 44. Deposit on behalf of a company before its incorporation. 45. Payment of debts out of deposit.
PART VI.
Bankers' Licences and the Duties of Licensed Bankers.
46. Application of this Part of this Act. 47. Bankers' licences. 48. Publication of financial statements by licensed bankers. 49. Publication of balance sheets by licensed bankers. 50. Power to required deposit by licensed bankers in certain circumstances. 51. Powers in respect of licensed bankers' clearances.
PART VII.
Counterfeit and Unauthorised Currency.
52. Definition of “bank note” in this Part of this Act. 53. Extension of the Forgery Act, 1913. 54. Disposal of bank notes, etc., seized under the Forgery Act, 1913. 55. Making, etc., a document purporting to be or resembling a bank note. 56. Prohibition of unauthorised money. 57. Amendment of the Customs Consolidation Act, 1876.
PART VIII.
Coinage.
58. Amendment of the Coinage Act, 1926. 59. Amendment of the Gold and Silver (Export Control, etc.) Act, 1920. 60. The issue of coins under the Coinage Act, 1926. 61. Copyright in coins.
PART IX.
Miscellaneous.
62. Winding-up of the note reserve fund and establishment of the currency reserve. 63. Amendment of section 61 of the Currency Act. 64. Amendment of section 3 of the Currency (Amendment) Act, 1930. 65. Power of Bank to obtain information as to hire-purchase businesses. 66. Amendment of the Bills of Exchange Act, 1882, in respect of banker's drafts. 67. Legalisation of bank deposit as a trustee investment. 68. Amendment of section 22 of the Bankers (Ireland) Act, 1845.
FIRST SCHEDULE.
Enactments Repealed.
SECOND SCHEDULE.
Rules for the Elections of Panels for the Appointment of Banking Directors.
THIRD SCHEDULE.
Maximum Amounts Of Consolidated Bank Notes Which May Be Outstanding With The Associated Banks Respectively.
Acts Referred to Currency (Amendment) Act, 1930 No. 30 of 1930 Currency Act, 1927 No. 32 of 1927 Ministers and Secretaries Act, 1924 No. 16 of 1924 Industrial and Commercial Property (Protection) (Amendment) Act, 1929 No. 13 of 1929 Finance Act, 1932 No. 20 of 1932 Finance Act, 1937 No. 18 of 1937 Coinage Act, 1926 No. 14 of 1926 Industrial and Commercial Property (Protection) Act, 1927 No. 16 of 1927
Number 22 of 1942.
CENTRAL BANK ACT, 1942.
AN ACT TO ESTABLISH A BANK TO BE THE PRINCIPAL CURRENCY AUTHORITY IN THE STATE, TO DISSOLVE THE CURRENCY COMMISSION AND TRANSFER ITS POWERS AND DUTIES (WITH CERTAIN MODIFICATIONS) TO THE SAID BANK, TO CONFER ON THE SAID BANK DIVERS OTHER POWERS AND DUTIES, AND TO PROVIDE FOR OTHER MATTERS CONNECTED WITH BANKING, CURRENCY, COINAGE, AND THE MATTERS AFORE SAID AND IN PARTICULAR FOR THE GRADUAL EXTINCTION OF CONSOLIDATED BANK NOTES. [4th November, 1942.]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
PART I. Preliminary and General.
	Short title, collective citation, and construction.	1.—(1) This Act may be cited as the Central Bank Act, 1942.
	(2) The Currency Acts, 1927 and 1930, and this Act may be cited together as the Currency and Central Bank Acts, 1927 to 1942.
	(3) This Act shall be construed as one with the Currency Acts, 1927 and 1930.
	(4) The expression “this Act” wherever it occurs in the Currency Act shall be construed and have effect as including the Currency (Amendment) Act, 1930 (No. 30 of 1930), and this present Act.
	Definitions.	2.—In this Act—
	the expression “the Minister” means the Minister for Finance;
	the expression “the Currency Act” means the Currency Act, 1927 (No. 32 of 1927), as adapted in consequence of the enactment of the Constitution;
	the expression “the Commission” means the Currency Commission;
	the expression “the Bank” means the Central Bank of Ireland established by this Act;
	the expression “the Board” means the Board of Directors of the Bank;
	the word “Governor” means the Governor of the Bank;
	the expression “Director of the Bank” does not include the Governor;
	the word “Director” means (save where the context otherwise requires) a Director of the Bank;
	the expression “service Director” means a Director who is in the permanent service of the State;
	the expression “licensed banker” means the holder of a banker's licence issued to him under this Act and for the time being in force;
	the expressions “legal tender note”, “consolidated bank note”, “legal tender note fund”, “note reserve fund”, and “general fund” have the same meanings as they respectively have in the Currency Act.
	The appointed day.	3.—(1) The Minister shall, by order appoint a day to be the appointed day for the purposes of this Act.
	(2) In this Act the expression “the appointed day” means the day appointed under this section to be the appointed day for the purposes of this Act.
	Repeals.	4.—(1) The several sections of the Currency Act mentioned in the first column of Part I of the First Schedule to this Act are hereby repealed to the extent mentioned in the second column, and as on and from the date specified in the third column, of the said Part of the said Schedule opposite the mention of such section in the said first column.
	(2) The several enactments specified in Part II of the First Schedule to this Act are hereby repealed to the extent mentioned in the third column, and as on and from the respective dates mentioned in the fourth column, of the said Part of the said Schedule.
PART II. Establishment of the Central Bank of Ireland and Dissolution of the Currency Commission.
	Establishment of the Bank.	5.—(1) On the appointed day there shall be and is hereby established in accordance with this Act a body to be called and known as Banc Ceannais na hEireann or, in the English language, the Central Bank of Ireland, to fulfil the functions assigned to it by this Act.
	(2) The Bank shall be a body corporate with perpetual succession and an official seal (which shall be judicially noticed) and power to sue and be sued in its corporate name and to hold and dispose of land.
	(3) The Bank shall be conducted and managed in accordance with this Act by a Board of Directors consisting of—
	(a) a Governor, and
	(b) three Directors to be known and in this Act referred to as banking Directors, and
	(c) such number of other Directors (not exceeding five and not including at any one time more than two service Directors) as the Minister shall from time to time determine.
	(4) The functions, powers, and duties of the Bank shall be exercised and performed by the Board of Directors for and in the name of the Bank.
	(5) It shall be lawful for the Board to do, by regulations made by the Board, all or any of the following things...