Exchange Control Order, 1947

• Jurisdiction: Ireland

STATUTORY RULES AND ORDERS. 1947. No. 394.

EXCHANGE CONTROL ORDER, 1947.

The Government, in exercise of the powers conferred on them by the Supplies and Services (Temporary Provisions) Act, 1946 (No. 22 of 1946), hereby order as follows:— 1.—(1) This Order may be cited as the Exchange Control Order, 1947.

(2) This Order shall come into operation as follows:—

(a) the following provisions shall come into operation on the days prescribed respectively in that behalf:

(i) paragraph (f) of Article 3,

(ii) paragraph (k) of Article 3,

(iii) paragraph (p) of Article 3, so far as that paragraph relates to exports to a destination not in the United States of America or Canada.

(iv) Article 5,

(b) the other provisions of this Order shall come into operation on the day on which this Order is made. 2. In this Order

the expression "authorised depositary" means a person authorised by the Minister by order to act as an authorised depositary for the purposes of this Order;

the expression "authorised officer" means a person authorised by the Minister by order to act as an authorised officer for the purposes of this Order;

the expression "bearer certificate" means a certificate of title to securities by the delivery of which, with or without endorsement, title to the securities is transferable;

the expression "certificate of title" means any document (not being a receipt by an authorised depositary for a document deposited pursuant to Article 5 of this Order) recognising or conferring, or containing evidence of, title or rights (whether actual or contingent) to securities and, in the case of any such document with coupons (whether attached or on separate coupon sheets), includes any coupons which have not been detached;

the word "coupon" means a coupon representing dividends or interest on a security;

the expression "foreign currency" means any currency or notes other than currency or notes issued by the Government or under the law of any part of the scheduled territories, and any reference to foreign currency includes, except in so far as the context otherwise requires, a reference to any right to receive foreign currency in respect of any credit or balance at a bank;

the word "gold" means gold coin or gold bullion;

the expression "Irish currency notes" means—

(a) legal tender notes, or

(b) consolidated bank notes, within the meaning of the Currency Act, 1927 (No. 32 of 1927), as amended by the Central Bank Act, 1942 (No. 22 of 1942);

the expression "the Minister" means the Minister for Finance:

the word "prescribed" means prescribed by the Minister by order;

the word "register" means any book, file or index in which securities are registered;

the word "registered" includes inscribed;

the expression "reserved securities" means securities declared by the Minister by order to be reserved securities for the purposes of this Order;

the expression "the scheduled territories" means—

(a) the State, and

(b) such other territories as the Minister may by order declare to be included for the purposes of this Order in the expression "the scheduled territories";

the word "securities" means shares, stocks, bonds, debentures, debenture stock, units under a unit trust scheme or shares in an oil royalty;

the expression "the United Kingdom" means the United Kingdom of Great Britain and Northern Ireland and the Channel Islands and the Isle of Man. 3. A person shall not do any of the following:

(a) buy, sell, lend or borrow gold or foreign currency;

(b) make, or commit himself to make, any payment to or by the order of or on behalf of any person resident outside the scheduled territories, or place, or promise to place, any sum to the credit of any person resident outside the scheduled territories, or place, or promise to place, any sum to the credit of any person resident within the scheduled territories by the order of or on behalf of any person resident outside the scheduled territories:

(c) make, or commit himself to make, any payment to a person resident in the scheduled territories, or place, or promise to place, any sum to the credit of any person so resident as consideration for or in association with—

(i) the receipt by any person of a payment made outside the scheduled territories, the acquisition by any person of property which is outside the scheduled territories, the performance outside the scheduled territories of any service, or the importation into the State or any other of the scheduled territories of goods of a place or country of origin not being in the scheduled territories,

(ii) the transfer to any person, or the creation in favour of any person, of a right (whether present or future and whether actual or contingent) to receive a payment outside the scheduled territories, to acquire property which is outside the scheduled territories, to have performed outside the scheduled territories any service, or to import into the State or any other of the scheduled territories goods from a country of origin not being in the scheduled territories;

(d) lend any money or securities to any body corporate resident in the scheduled territories which is by any means controlled (whether directly or indirectly) by persons resident outside the scheduled territories;

(e) issue any security to a person resident outside the scheduled territories or who is a nominee of a person so resident;

(f) issue any bearer certificate or coupon or so alter any document that it becomes a bearer certificate or coupon;

(g) detach otherwise than in the normal course for collection any coupon from a certificate of title to securities with coupons (whether attached or on separate coupon sheets);

(h) transfer—

(i) any security, annuity or policy of assurance, or any rights to, interest in or power over any security, annuity or policy of assurance, to any person who is resident outside the scheduled territories or who is nominee for a person so resident,

(ii) any reserved security or any coupon, or any rights to, interest in or power over any reserved security or any coupon, to any person;

(i) accept a transfer of—

(i) any security, or any rights to, interest in or power over any security, from...