Decimal Currency Act, 1970

• Jurisdiction: Ireland
• Citation: IR No. 21/1970
• Year: 1970

Number 21 of 1970
DECIMAL CURRENCY ACT, 1970
ARRANGEMENT OF SECTIONS
Section 1. Interpretation. 2. Bills of exchange and promissory notes. 3. Special modifications of Bills of Exchange Act, 1882. 4. Conversion of references to shillings and pence in cheques, etc. 5. Conversion of bank balances. 6. Payments by cheque, bill of exchange or promissory note in certain cases. 7. Payment of certain periodical payments. 8. Payments under friendly society and industrial assurance contracts. 9. Amendment of references to shillings and pence in statutes and statutory instruments. 10. Supplementary power to amend references to shillings and pence in statutes and statutory instruments. 11. Modification of forms. 12. Registered stock transferable in multiples of one penny. 13. Amounts in old currency payable on or after appointed day. 14. References to amounts of money in old currency. 15. Legal tender. 16. Repeal. 17. Short title and collective citation.
SCHEDULE
Method of Calculating in Certain Cases the Amount in New Pence Corresponding to an Amount in Shillings and Pence.
Acts Referred to Decimal Currency Act, 1969 1969, No. 23 Bankers' Books Evidence Act, 1879 1879, c. 11 Bankers' Books Evidence (Amendment) Act, 1959 1959, No. 21 National Bank Transfer Act, 1966 1966, No. 8 Interpretation Act, 1937 1937, No. 38 Bills of Exchange Act, 1882 1882, c. 61 Cheques Act, 1959 1959, No. 19 Insurance Act, 1936 1936, No. 45
Number 21 of 1970
DECIMAL CURRENCY ACT, 1970
AN ACT TO MAKE FURTHER PROVISION FOR THE INTRODUCTION OF A DECIMAL CURRENCY AND FOR MATTERS CONNECTED WITH SUCH INTRODUCTION. [23rd December, 1970.]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
	Interpretation.	1.—(1) In this Act—
	“the Act of 1969” means the Decimal Currency Act, 1969 ;
	“the appointed day” means the day appointed pursuant to section 2 (2) of the Act of 1969;
	“bank” and “banker” have the meaning specified in section 9 of the Bankers' Books Evidence Act, 1879 , as amended by section 2 of the Bankers' Books Evidence (Amendment) Act, 1959 , and as adapted by section 8 of the National Bank Transfer Act, 1966 , but, in addition, include the Central Bank of Ireland;
	“decimal day” means the 15th day of February, 1971;
	“the new currency” means the decimal currency provided for by the Act of 1969;
	“the old currency” means the currency in force before decimal day;
	“statute” has the same meaning as in the Interpretation Act, 1937 ;
	“statutory instrument” means any order, regulation, rule, scheme, bye-law, warrant or other like instrument which is made under a power or authority conferred by a statute.
	(2) The Act of 1969 and this Act shall be construed together as one Act.
	Bills of exchange and promissory notes.	2.—(1) A bill of exchange or promissory note drawn or made on or after decimal day shall be invalid if the sum payable is an amount wholly or partly in shillings or pence.
	(2) Subsection (1) of this section shall have effect notwithstanding anything contained in any other Act.
	(3) A bill of exchange or promissory note for an amount wholly or partly in shillings or pence dated the 15th day of February, 1971, or later shall be deemed to have been drawn or made before the 15th day of February, 1971, if it bears a certificate in writing by a banker that it was so drawn or made.
	Special modifications of Bills of Exchange Act, 1882.	3.—(1) The 11th, 12th and 13th days of February, 1971, shall be non-business days for the purposes of the Bills of Exchange Act, 1882 , but on those days—
	(a) a cheque or other instrument to which section 4 of the Cheques Act, 1959 , applies may be presented by a banker (whether or not he is the person on whom it is drawn) to a banker for payment, and
	(b) a banker to whom such a cheque or other instrument has at any time been so presented for payment may pay it and may debit the account of his customer with the amount thereof,
	as if those days were business days.
	(2) Notwithstanding anything in section 14 of the Bills of Exchange Act, 1882 , a bill of exchange or promissory note—
	(a) shall be due and payable on the 10th day of February, 1971, if the last day of grace for it under that section falls on the 11th or 12th day of February, 1971, and
	(b) shall be due and payable on decimal day if that last day of grace falls on the 13th or 14th day of February, 1971.
	Conversion of references to shillings and pence in cheques, etc.	4.—(1) On and after decimal day any reference to an amount of money in the old currency contained in an instrument to which this section applies shall, in so far as it refers to a sum in shillings or pence, be read as referring to the corresponding sum in the new currency calculated in accordance with the Schedule to this Act.
	(2) If a reference to an amount of money in the old currency contained in an instrument to which this section applies is altered so as to make it read as it would otherwise fall to be read in accordance with subsection (1) of this section, the alteration shall not affect the validity of the instrument and, in the case of a bill of exchange or promissory note, shall not be treated as a material alteration for the purposes of section 64 of the Bills of Exchange Act, 1882 .
	(3) This section applies to instruments of any of the following descriptions drawn, made or issued before decimal day:
	(a) cheques and other instruments to which section 4 of the Cheques Act, 1959 , applies,
	(b) bills of exchange other than cheques,
	(c) promissory notes,
	(d) money orders and postal orders (including postal orders to which stamps have been affixed to increase their face value),
	(e) any warrant issued under the authority of the Minister for Posts and Telegraphs for the payment of a sum of money,
	(f) any document issued under the authority of the Minister for Social Welfare which is intended to enable a person to obtain payment of the sum mentioned in the document but is not a bill of exchange,
	(g) any document not mentioned in the foregoing paragraphs which is intended to enable a person to obtain through a banker payment of any sum mentioned in the document.
	Conversion of bank balances.	5.—Where the amount of the balance standing to the credit or debit of an account at a bank on or after decimal day is not a whole number of pounds, so much of that amount as is in shillings or pence may be treated as the corresponding amount in the new currency calculated in accordance with the Schedule to this Act.
	Payments by cheque, bill of exchange or promissory note in certain cases.	6.—Where an amount of money in the old currency which includes shillings or pence and which—
	(a) having become due for payment before decimal day, stands not paid on the commencement of that day, or
	(b) becomes due for payment on or after that day and before the appointed day,
	is paid by cheque, by bill of exchange other than cheque or by promissory note, the amount payable in respect of so much of it as is in shillings or pence shall be the corresponding amount in the new currency calculated in accordance with the Schedule to this Act.
	Payment of certain periodical payments.	7.—(1) This section applies to any amount of money in the old currency payable on or after decimal day as one of a series of payments of the same amount payable periodically, whether pursuant to a written or other agreement or otherwise, not being an amount mentioned in subsection (3) of this section.
	(2) Subject to the provisions of this Act, where an amount of money to which this section applies is not a whole number of pounds, so much of it as is in shillings or pence may be paid by paying the corresponding amount in the new currency calculated in accordance with the Schedule to this Act.
	(3) This section does not apply to—
	(a) an amount payable to an employee or the holder of any office by way of wages, salary or other remuneration, or
	(b) the amount of any payment to which section 8 of this Act applies.
	Payments under friendly society and industrial assurance contracts.	8.—(1) This section applies to all payments payable to or by a registered friendly society or industrial assurance company under any friendly society or industrial assurance contract made before decimal day.
	(2) The Minister for Industry and Commerce may make regulations specifying the methods to be applied for the purpose of determining the amounts in the new currency payable in respect of payments to which this section applies and which fall due on or after decimal day.
	(3) Regulations under subsection (2) of this section may—
	(a) make different provision for payments payable at different intervals, for payments payable under different classes of contracts and for other different circumstances,
	(b) contain such transitional, incidental and supplementary provisions as the Minister for Industry and Commerce thinks necessary or expedient for the purpose of the regulations,
	(cI provide for the making of alterations in the rules of registered friendly societies.
	(4) The Minister for Industry and Commerce may make regulations providing for the insertion in premium receipt books of statements approved of by him, or for the issue to policy holders and members of registered friendly societies of notices containing such statements, for the purpose of explaining the effect of any regulations made under subsection (2) of this section.
	(5) In this section—
	“assurance company”, “industrial assurance business” and “premium receipt book” have the same meanings as in the Insurance Act, 1936 ;
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