Central Bank Act, 1971

JurisdictionIreland
CitationIR No. 24/1971


Number 24 of 1971


CENTRAL BANK ACT, 1971


ARRANGEMENT OF SECTIONS

Part I

Preliminary and General

Section

1.

Short title, collective citation, construction and commencement.

2.

Definitions.

3.

Expenses.

4.

Laying of orders and regulations before Houses of the Oireachtas.

5.

Repeals.

6.

Transitional provision.

Part II

Licensing and Supervision of Banks

7.

Restriction on carrying on of banking business.

8.

Exemption of persons from section 7.

9.

Grant of licences.

10.

Conditions of licences.

11.

Revocation of licences.

12.

Publication of names of holders of licences and notices of revocation of licences.

13.

Deposits at Bank for purposes of licences.

14.

Restriction on use of certain words.

15.

Provisions in relation to incorporation or banking companies.

16.

Provisions in relation to registration or change of business name.

17.

Provisions in relation to books and records of holders of licences.

18.

Furnishing of information to Bank.

19.

Publication of business statements by holders of licences.

20.

Displaying of financial statements by holders of licences.

21.

Directions by Bank to holders of licences.

22.

Directions by Bank in relation to advertisements of holders of licences.

23.

Regulation of ratios between assets and liabilities of holders of licences.

24.

Power of Bank to require deposits by holders of licences in certain circumstances.

25.

Power of Bank in respect of clearances of holders of licences.

26.

Collection of cheques, etc., drawn on holders of licences.

27.

Restriction on advertising for deposits.

28.

Provisions in relation to judgements against holders of licences.

29.

Proceedings in relation to deposits under section 7.

30.

Provisions in relation to bankruptcy and winding up.

31.

Duties of holder of licence on termination of banking business.

Part III

Transfers of Banks

32.

Interpretation (Part III).

33.

Approval by Minister of transfer of bank.

34.

Transfer of accounts.

35.

Transfer of securities.

36.

Rights and obligations in relation to transferred securities.

37.

Transfer in the case of property held on bailment.

38.

Transfer of officers, clerks and servants.

39.

Application of certain instruments.

40.

Application of Bankers' Books Evidence Act, 1879.

41.

Continuance of pending legal proceedings.

42.

Exemptions from stamp duty.

Part IV

Currency

43.

Standard of value.

44.

Issue of legal tender notes by Bank.

45.

Amendment of section 49 of Act of 1927.

46.

Amendment of section 50 of Act of 1927 and of section 5 of the Currency (Amendment) Act, 1930.

Part V

Miscellaneous

47.

Additional powers and functions of Bank.

48.

Central Bank Reserve Bonds.

49.

Transfer of Exchequer Account to Bank.

50.

Transfer of land bond registers to Bank.

51.

Provisions relating to Bank of Ireland.

52.

Amendment of Moneylenders Acts, 1900 and 1933.

53.

Directors of Bank.

54.

Superannuation.

55.

Return of deposits under Act of 1942.

56.

Amendment of Bankers' Books Evidence Act, 1879.

57.

Amendment of section 14 of Decimal Currency Act 1970.

58.

Offences and punishments.

59.

Prosecution of offences by Bank.

60.

Offences in relation to certain bodies.

Schedule

Enactments Repealed

Acts Referred to

Currency Act, 1927

1927, No. 32

Central Bank Act, 1942

1942, No. 22

Companies Act, 1963

1963, No. 33

Registration of Business Names Act, 1963

1963, No. 30

Bills of Exchange Act, 1882

1882, c. 61

Registration of Deeds Act, 1707

6 Anne, c. 2 (Ir.)

Registration of Title Act, 1964

1964, No. 16

Bankers'Books Evidence Act, 1879

1879, c. 11

Finance Act, 1895

1895, c. 16

Currency (Amendment) Act, 1930

1930, No. 30

Exchequer and Audit Departments Act, 1866

1866. c. 39

Bank of Ireland Act, 1929

1929, No. 4 (Private)

Moneylenders Act, 1900

1900, c 51

Central Bank Act, 1961

1961, No. 8

Bankers' Books Evidence (Amendment) Act, 1959

1959, No. 21

Decimal Currency Act, 1970

1970, No. 21


Number 24 of 1971


CENTRAL BANK ACT, 1971


AN ACT TO MAKE FURTHER PROVISION IN RELATION TO BANKS AND BANKING, INCLUDING PROVISION FOR THE LICENSING AND SUPERVISION OF BANKS BY THE CENTRAL BANK OF IRELAND, TO AMEND AND EXTEND THE CURRENCY AND CENTRAL BANK ACTS, 1927 TO 1964, AND TO PROVIDE FOR OTHER MATTERS CONNECTED WITH THE MATTERS AFORESAID. [28th July, 1971]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

PART I.

Preliminary and General

Short title, collective citation, construction and commencement.

1.—(1) This Act may be cited as the Central Bank Act, 1971.

(2) The Currency and Central Bank Acts, 1927 to 1964, and this Act shall be construed together as one Act and may be cited together as the Currency and Central Bank Acts, 1927 to 1971.

(3) Save as otherwise specifically provided thereby, this Act shall come into operation on such day as the Minister appoints by order under this section.

Definitions.

2.—In this Act—

“the Act of 1927” means the Currency Act, 1927 ;

“the Act of 1942” means the Central Bank Act, 1942 ;

“the Bank” means the Central Bank of Ireland;

“banker's licence” means a licence issued under section 47 of the Act of 1942, and a reference in any statute or instrument under statute to a banker's licence shall be construed as including a reference to a licence;

“banking business” means business which consists of—

(a) the business of accepting deposits payable on demand or on notice or at a fixed or determinable future date, but excluding deposits with a trader from persons employed by him in his trading business or from his customers in the normal course of his trading business and deposits or instalments in respect of the letting or selling of goods under a hire-purchase agreement or a credit-sale agreement, or

(b) the business aforesaid and any other business normally carried on by a bank,

and “banking” and words cognate thereto shall be construed accordingly;

“company” means a company incorporated in or outside the State and includes the Bank of Ireland;

“the Court” means the High Court;

“general fund”, “gold bullion”, “issue”, “legal tender note” and “legal tender note fund” have the same meanings as in the Act of 1927;

“holder”, in relation to a licence, means the person to whom a licence is granted;

“investment trust company” means a company whose main business consists of the investment of its funds in securities;

“licence” means a licence for the time being in force granted under section 9 of this Act;

“the Minister” means the Minister for Finance;

“securities” means—

(a) shares in the share capital of any body corporate or stock of any body corporate or debentures, debenture stock or bonds of any body corporate, whether constituting a charge on the assets of the body or not, or rights or interests (described whether as units or otherwise) in any such shares, stock, debentures, debenture stock or bonds,

(b) securities of the Government or the government of any country or territory outside the State, or

(c) rights (whether actual or contingent) in respect of money lent to, or deposited with, any industrial and provident society, friendly society or building society,

and includes rights or interests (described whether as units or otherwise) which may be acquired under any unit trust scheme under which all property for the time being subject to any trust or other arrangement created or made in pursuance of the scheme consists of such securities as are mentioned in paragraph (a), (b) or (c) of this definition;

“unit trust scheme” means any arrangements made for the purpose, or having the effect, of providing facilities for the participation by the public, as beneficiaries under a trust or otherwise, in profits or income arising from the acquisition, holding, management or disposal of securities or any other property whatsoever and a reference in this Act to a manager under a unit trust scheme shall be construed as a reference to the person in whom is vested the powers of management relating to property for the time being subject to any trust or other arrangement created or made in pursuance of the scheme.

Expenses.

3.—The expenses incurred by the Minister in the administration of this Act shall be paid out of moneys provided by the Oireachtas.

Laying of orders and regulations before Houses of the Oireachtas.

4.—Every order and regulation made by the Minister or the Bank under this Act shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the order or regulation is passed by either such House within the next twenty-one days on which that House has sat after the order or regulation is laid before it, the order or regulation shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.

Repeals.

5.—The enactments mentioned in the second column of the Schedule to this Act are hereby repealed to the extent specified in the third column of that Schedule.

Transitional provision.

6.—A banker's licence in force immediately before the commencement of this section shall continue in force during the period from such commencement—

(a) to the date of the grant of a licence to the holder of the...

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