Currency Act, 1927

• Jurisdiction: Ireland
• Citation: IR No. 32/1927
• Year: 1927

Number 32 of 1927.
CURRENCY ACT, 1927.
ARRANGEMENT OF SECTIONS
PART I.
Preliminary and General.
Section 1. Short title. 2. Definitions. 3. Repeals. 4. Standard of value.
PART II.
Gold Coinage.
5. Coining of gold from bullion on request. 6. Denominations and other particulars of gold coins. 7. Calling in of coins issued under this Act. 8. Prohibition of other gold coins or tokens. 9. Legal tender in gold coins. 10. Currency in which contracts, etc., are to be made. 11. Application of certain enactments. 12. Defacing light gold coin. 13. Expenses of issue of coins.
PART III.
The Currency Commission.
14. Constitution of the Currency Commission. 15. The Chairman of the Commission. 16. Removal and disqualification of the Chairman. 17. Prohibition of Chairman holding shares in a bank. 18. The ordinary Commissioners. 19. Term of office of ordinary Commissioners. 20. Disqualification of ordinary Commissioners. 21. Prohibition of nominated Commissioner holding shares in a Bank. 22. Election of first elected Commissioners. 23. Nomination of first nominated Commissioners. 24. Election of the first Chairman. 25. Establishment of the Commission. 26. Election of the Chairman other than the first Chairman. 27. Election of elected commissioners other than the first such Commissioners. 28. Nomination of nominated Commissioners other than the first such Commissioners. 29. The London agency. 30. Appointment of Deputy Chairman. 31. Offices and staff of the Commission. 32. Oath to be taken by Chairman, Commissioners and officers of the Commission. 33. Procedure of the Commission. 34. The seal of the Commission. 35. Accounts and records of the Commission. 36. Reports and returns by the Commission. 37. Giving of information by bankers to the Commission. 38. Issue and redemption by the Commission of coins under the Coinage Act, 1926.
PART IV.
Shareholding Banks.
39. Admission of first Shareholding Banks. 40. Admission of Shareholding Banks after the first such Banks. 41. Removal of a Shareholding Bank from being such Bank. 42. Registers of shareholders of shareholding Banks. 43. Regulations by the Commission in relation to Shareholding Banks. 44. Regulations by the Minister in relation to Shareholding Banks.
PART V.
Legal Tender Notes.
45. Provision of legal tender notes. 46. Application of certain enactments. 47. Issue of legal tender notes. 48. Calling in of legal tender notes. 49. Redemption of legal tender notes. 50. Provision of money to redeem legal tender notes.
PART VI.
Consolidated Bank Notes.
51. Provision of consolidated bank notes. 52. Issue of consolidated bank notes. 53. Limit of amount of consolidated bank notes. 54. Allotment of consolidated bank notes amongst Shareholding Banks. 55. Extraordinary issues of consolidated bank notes. 56. Limit on issue of consolidated bank notes to particular banks. 57. Retirement and cancellation of consolidated bank notes. 58. Responsibility of Shareholding Banks for payment of consolidated bank notes. 59. Consolidated bank notes of Bank which ceases to be a Shareholding Bank. 60. Prohibition of bank notes other than consolidated bank notes.
PART VII.
Financial.
61. Legal tender note fund. 62. The note reserve fund. 63. General Fund. 64. Capital liability of Shareholding Banks. 65. Payments on consolidated bank notes. 66. Payments on certain outstanding bank notes. 67. Exemptions from taxes and duties. 68. Bankers composition duty.
FIRST SCHEDULE.
SECOND SCHEDULE.
THIRD SCHEDULE.
FOURTH SCHEDULE.
Acts Referred to Coinage Act, 1926 No. 14 of 1926 Inland Revenue (Adaptation of Taxing Acts) Order, 1923 No. 4 of 1923
Number 32 of 1927.
CURRENCY ACT, 1927.
AN ACT TO AUTHORISE THE ISSUE OF GOLD COINAGE, TO MAKE PROVISION FOR THE ISSUE OF CURRENCY NOTES HAVING A LEGAL TENDER QUALITY, TO TERMINATE THE ISSUE OF BANK NOTES BY INDIVIDUAL BANKS AND SUBSTITUTE AN ISSUE OF BANK NOTES BY A CENTRAL AUTHORITY, AND TO ESTABLISH A COMMISSION TO MANAGE AND CONTROL THE ISSUE AND REDEMPTION OF THE SAID CURRENCY NOTES AND THE ISSUE OF BANK NOTES AND TO EXERCISE CERTAIN OTHER FUNCTIONS IN RELATION TO THE CURRENCY. [20th August, 1927.]
BE IT ENACTED BY THE OIREACHTAS OF SAORSTÁT EIREANN AS FOLLOWS:—
PART I. Preliminary and General.
	Short title.	1.—This Act may be cited as the Currency Act, 1927.
	Definitions.	2.—In this Act—
	the expression “the Minister” means the Minister for Finance;
	the expression “the Commission” means the Currency Commission to be established under this Act;
	the expression “British Government securities” means and includes any stocks, shares, bonds, bills, notes, or other interestbearing securities heretofore or hereafter issued or made by or on behalf of the British Government and carrying the direct obligation of the British Government in respect of both capital or principal and interest;
	the expression “securities guaranteed by the British Government” means and includes any stocks, shares, bonds or debentures for the time being carrying the guarantee of the British Government in respect of both capital and interest;
	the word “outstanding” when used in relation to legal tender notes means notes which have been issued by the Commission and have not since the last time of issue been redeemed or accepted by the Commission in exchange on the issue of other legal tender notes or called in and paid for and when used in relation to consolidated bank notes means notes which have been issued by the Commission and have not been returned to the Commission for retirement;
	the word “issue” when used in relation to legal tender notes or in relation to consolidated bank notes includes the re-issue of a note which has ceased to be outstanding;
	the word “director” when used in relation to a Shareholding Bank includes a member of the Board of management of such Bank;
	the expression “gold bullion” includes any gold coins other than gold coins which are for the time being legal tender in Saorstát Eireann or in Great Britain;
	the expression “standard fineness” means a fineness of eleven-twelfths fine gold and one-twelfth alloy, or a millesimal fineness of 916.6;
	the word “ounce” means an ounce troy;
	the expression “the expenses of the Commission” includes all expenses incurred by the Commission in the performance of the duties and the exercise of the powers imposed or conferred on it by this Act or incurred in anywise in the performance of its functions under this Act and in particular includes the remuneration and allowances payable under this Act to the Chairman and the ordinary Commissioners;
	the expression “unanimous vote” when used in relation to the Commission means the unanimous vote of all persons who are at the time being members of the Commission other than members who are prohibited by this Act from taking part in the vote;
	the word “year” means a period of twelve months ending on the 31st day of March;
	the expression “half-year” means a period of six months ending on the 31st day of March or the 30th day of September;
	the expression “consolidated bank note” means a consolidated bank note provided and issued under and in accordance with this Act;
	the expression “legal tender note” means a legal tender note provided and issued under and in accordance with this Act, and
	the expressions “legal tender note fund,” “note reserve fund,” and “general fund” respectively mean the several funds required by this Act to be kept by the Commission under those respective names.
	Repeals.	3.—(1) The several enactments specified in the First Schedule to this Act are hereby repealed to the extent mentioned in the third column of the said Schedule and as on and from the respective dates specified in the fourth column of the said Schedule.
	(2) So much of section 4 of the Bankers (Ireland) Act, 1845 as enacts that the Bank of Ireland shall be dissolved upon publication of the notice mentioned in that section and that the Bank of Ireland shall be dissolved upon repayment of the sum mentioned in that section is hereby repealed.
	Standard of value.	4.—(1) The standard unit of value of Saorstát Eireann shall be the Saorstát pound which shall be issued as hereinafter provided either in the form of a gold coin having a standard weight of 123.27447 grains of gold eleven-twelfths fine or in the form of a legal tender note or in both forms.
	(2) Every mention or reference in the Coinage Act, 1926 (No. 14 of 1926) of or to the sovereign shall be construed as a mention of or reference to the Saorstát pound and the said Act shall have effect accordingly.
PART II. Gold Coinage.
	Coining of gold from bullion on request.	5.—(1) Whenever any person after the commencement of this section delivers not less at any one time than one hundred ounces of gold bullion at a place for the time being appointed in that behalf by the Minister under this section, the Minister shall cause such bullion to be assayed and coined into coins authorised by this Act to be issued thereunder and shall issue such coins to such person.
	(2) Whenever the gold bullion delivered for coinage under this section is of the standard fineness the number of...