Exchange Control Order, 1947 (Supplemental Provisions) (No. 1) Order, 1947.

• Jurisdiction: Ireland
• Citation: IR SI 395/1947
• Year: 1947

STATUTORY RULES AND ORDERS. 1947. No. 395.

EXCHANGE CONTROL ORDER, 1947 (SUPPLEMENTAL PROVISIONS) (No. 1) ORDER, 1947.

I, PROINSIAS MAC AOGÁIN, Minister for Finance, in exercise of the powers conferred on me by the Exchange Control Order, 1947, hereby order as follows : 1. This Order may be cited as the Exchange Control Order, 1947 (Supplemental Provisions) (No. 1) Order, 1947. 2.—(1) In this Order, the expression " the Principal Order " means the Exchange Control Order, 1947.

(2) This Order shall be construed as one with the Principal Order. 3.—(1) Paragraph (f), paragraph (k) and paragraph (p), so far as the said paragraph (p) relates to exports to a destination not in the United States of America or Canada, of Article 3 of the Principal Order shall come into operation on the 15th day of January, 1948.

(2) Article 5 of the Principal Order shall come into operation on the 15th day of January, 1948. 4. Immigration officers and members of the Gárda Síochána are hereby authorised to act as authorised officers for the purposes of the Principal Order. 5. The banks specified in the First Schedule to this Order are hereby authorised to act at any of their offices in the State as authorised depositaries for the purposes of the Principal Order. 6.—(1) The securities specified in the Second Schedule to this Order are hereby declared to be reserved securities for the purposes of the Principal Order.

(2) The following certificates of title are hereby exempted from the provisions of Article 5 of the Principal Order :

(a) certificates of title to securities on which interest or dividend has not been paid for thirty years or more,

(b) letters of allotment,

(c) letters of rights. 7. The territories specified in the Third Schedule to this Order are hereby declared to be included for the purposes of the Principal Order in the expression " the scheduled territories." 8.—(1) The foreign currencies specified in the Fourth Schedule to this Order are hereby declared to be subject to the provisions of paragraph (1) and paragraph (2) of Article 4 of the Principal Order.

(2) The foreign currencies specified in the Fourth Schedule to this Order shall be offered for sale to the Minister through one of the banks specified in the First Schedule to this Order at such price as may for the time being be determined by the Minister. 9. The evidence to be produced pursuant to paragraph (k) of Article 3 of the Principal Order shall be—

(a) a declaration signed by a bank or stockbroker on behalf of each party to the transaction to which the relevant entry in a register relates that from the facts known to the signer of the declaration, or from inquiries he has made, he is satisfied that such party is not resident outside the scheduled territories or is not acting as nominee of any person so resident, or

(b) where such declaration cannot be made, a certificate signed on behalf of the Minister that the transaction has his permission. 10. For the purposes of paragraph (p) of Article 3 of the Principal Order, the method of payment for all classes and descriptions of goods exported to any territory outside the scheduled territories shall be either—

(a) in the case of exports to a territory the currency of which is specified in the Fourth Schedule to this Order, in either—

(i) Irish currency from the bank account of a person resident in that territory or sterling from such an account, or

(ii) freely transferable currency of that territory, or

(b) in the case of exports to a territory the currency of which is not mentioned in the Fourth Schedule to this Order, in Irish currency from the bank account of a person resident in that territory or sterling from such an account. 11.—(1) A bank specified in the First Schedule to this Order may, in accordance with a direction given by the Minister, do any of the following things :

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

(b) make, or commit itself to make, payments to or by order of persons resident outside the scheduled territories orplace, or promise to place, sums to the credit of such persons,

(c) effect any other transaction in the normal course of banking business.

(2) A direction under this Article may be given to the banks specified in the First Schedule to this Order generally or specifically to any such bank and may be in respect of a series of transactions or a particular transaction. 12.—(1) Application for permission to buy, sell, lend, borrow or export gold shall be made to the Central Bank of Ireland in such form as it may direct and the Central Bank of Ireland is hereby authorised to grant such permission, subject to such conditions as it sees fit to impose, or to refuse such permission.

(2) Where an amount of gold not exceeding £20 in value is being sold to a person permitted by the Central Bank of Ireland to buy gold, the sale shall be exempted from the provisions of paragraph (a) of Article 3 of the Principal Order. 13.—(1) The following currency notes are hereby declared to be subject to the provisions of...