NEW LAND BOND (DRAWING) REGULATIONS, 1938.

WHEREAS it is enacted by sub-section (1) of section 4 of the Land Bond Act, 1933 (No. 33 of 1933), that in order to provide for the making of advances and the payment of purchase moneys which are required by that Act to be made or paid by means of an issue under that Act of new land bonds, the Minister for Finance shall (subject to the limitation imposed by that section) have power to create and issue, as and when required, bonds to be called four and one half per cent. new land bonds of such denominations (not in any case less than one pound) as the said Minister may determine :

AND WHEREAS it is enacted by sub-section (4) of the said section 4 that new land bonds shall be redeemable at par together with payment of all arrears of interest, and the Minister for Finance shall by regulations made by him under the said Act make arrangements for such redemption by means of periodical drawings :

AND WHEREAS it is enacted by sub-section (1) of section 4 of the Land Act, 1936 (No. 41 of 1936), that regulations made by the Minister for Finance under the Land Bond Act, 1933 (No. 33 of 1933), for the purposes of sub-section (4) of section 4 of that Act, may provide for both or either of the following things, that is to say :—

(a) that no drawings for the redemption of land bonds to which such regulations relate shall take place before the expiration of two years from the date of the first issue of such land bonds, or until, on some 1st day of May or 1st day of November, not less than eighty per cent. of the nominal amount of such of the said land bonds as shall have been issued before such day are registered in the books of the National City Bank

(b) that, for the purposes of any drawing for the redemption of such land bonds, land bonds of the denomination of ten pounds may be grouped in units of one hundred pounds and land bonds of the denomination of one pound may be grouped in similar units of one hundred pounds :

AND WHEREAS on the 1st day of November, 1937, more than two years had elapsed from the date of the first issue of land bonds under the said Land Bond Act, 1933 , and on that date not less than eighty per cent. of the nominal amount of such of the said land bonds as had been issued before the said date were registered in the books of the National City Bank :

NOW, the Minister for Finance, in exercise of the powers conferred on him by sub-section (4) of section 4 of the Land Bond Act, 1933 (No. 33 of 1933), and by sub-section (1) of section 4 of the Land Act, 1936 (No. 41 of 1936), and of every and any other power him in this behalf enabling, hereby makes the following regulations, that is to say :—

1. These Regulations may be cited as the New Land Bond (Drawing) Regulations, 1938.

2. The Interpretation Act, 1937 (No. 38 of 1937), applies to these Regulations.

3. In these Regulations—

the word " bonds " means new land bonds created and issued under the Land Bond Act, 1933 (No. 35 of 1933) ;

the word " draw " means a drawing of bonds held under and in accordance with these Regulations ;

the expression " the Minister " means the Minister for Finance ;

the expression " the Bank " means the National City Bank, Limited ;

the expression " working day " means a day which is neither a Sunday nor a bank holiday.

4. In the year 1938 and in every year thereafter until all bonds shall have been redeemed, a draw shall be held commencing on the 15th day of April or if that day is a Saturday or is not a working day, on the next day thereafter which is a working day and, if such draw is not completed on one day, continuing for so many consecutive working days as may be necessary for the completion of such draw.

5. Every draw shall be held at the registered office of the Bank and there shall be present at every draw a director of the Bank or an officer of the Bank appointed by the directors of the Bank for that purpose and the Secretary of the Department of Finance or some other person appointed by him for that purpose.

6. (1) The amount available for the redemption of bonds at any draw shall be the total amount of all sums (including moneys paid into the Land Bond Fund under sub-section (2) of section 4 of the Land Act, 1936 (No. 41 of 1936)) which, on the 1st day of November in the year preceding that in which such draw is held, stand set aside (after the making of all deductions required by law) in the Land Bond Fund under sub-section (1) of section 5 of the Land Bond Act, 1933 (No. 33 of 1933), together with all interest which has accrued on moneys set aside under the said sub-section (1) on or at any time before the said 1st day of November and has not theretofore been utilised for the redemption of bonds.

(2) If the amount available for the redemption of bonds at any draw when ascertained in accordance with the preceding paragraph of this regulation is not a multiple of one hundred pounds, such amount shall be adjusted—

(a) if such amount exceeds a multiple of one hundred pounds by not more than fifty pounds, by reducing the said amount to the said multiple of one hundred pounds, or

(b) if such amount exceeds a multiple of one hundred pounds by more than fifty pounds and less than one hundred pounds, by increasing the said amount to the next greater multiple of one hundred pounds.

(3) The Minister shall, as early as conveniently may be before every draw, ascertain the amount available in accordance with these Regulations for the redemption of bonds to be drawn at such draw and shall, not less than fourteen days before such draw, publish in the Iris Oifigiúil a statement of the amount so ascertained.

7. (1) Before each draw the Bank shall group into groups of ten bonds each all bonds of the denomination of ten pounds which were registered in the books of the Bank not less than seven days before such draw and were not previously so grouped, the bonds being selected for such grouping in the order of their respective numbers, beginning with the bond having the lowest number.

(2) A group of bonds formed under the next preceding paragraph of this regulation for a particular draw and not drawn at such draw shall be retained as a group for every subsequent draw until it is drawn.

(3) Save as is otherwise provided by the next following paragraph of this regulation, all bonds of the denomination of ten pounds which by reason of the number of such bonds to be grouped under the first paragraph of this regulation for any particular draw not being a multiple of ten, cannot be so grouped shall be excluded from such draw, the bonds being selected for such exclusion in the order of their respective numbers, beginning with the bond having the highest number.

(4) If, when the issue of bonds under the Land Bond Act, 1933 (No. 33 of 1933), has finally ceased and all the bonds of the denomination of ten pounds have been registered in the books of the Bank and such bonds have (so far as is possible) been grouped under the preceding paragraphs of this regulation, there shall remain a balance of less than ten such bonds not so grouped, such balance of less than ten bonds shall, notwithstanding anything contained in the said preceding paragraphs, be formed into a group for the purposes of these Regulations.

(5) The Bank shall allot to each group of bonds formed under this regulation a distinguishing letter and number, the number so allotted to any such group (other than the group (if any) consisting of less than ten bonds) being the quotient resulting from the division by ten of the number of the bond having the highest number in such group, and the number so allotted to the said group (if any) consisting of less than ten bonds being one more than the highest number allotted under this paragraph to any other group.

8. (1) Before each draw the Bank shall group into groups of one hundred bonds each all bonds of the denomination of one pound which were registered in the books of the Bank not less than seven days before such draw and were not previously so grouped, the bonds being selected for such grouping in the order of their respective numbers, beginning with the bond having the lowest number.

(2) A group of bonds formed under the next preceding paragraph of this regulation for a particular draw and not drawn at such draw shall be retained as a group for every subsequent draw until it is drawn.

(3) Save as is otherwise provided by the next following paragraph of this regulation, all bonds of the denomination of one pound which, by reason of the number of such bonds to be grouped under the first paragraph of this regulation for any particular draw not being a multiple of one hundred, cannot be so grouped shall be excluded from such draw, the bonds being selected for such exclusion in the order of their respective numbers, beginning with the bond having the highest number.

(4) If, when the issue of bonds under the Land Bond Act, 1933 (No. 33 of 1933), has finally ceased and all the bonds of the denomination of one pound have been registered in the books of the Bank and such bonds have (so far as is possible) been grouped under the preceding paragraphs of this regulation, there shall remain a balance of less than one hundred such bonds not so grouped, such balance of less than one hundred bonds shall, notwithstanding anything contained in the said preceding paragraphs, be formed into a group for the purposes of these Regulations.

(5) The Bank shall allot to each group of bonds formed under this regulation a distinguishing letter and number, the number so allotted to any such group (other than the group (if any) consisting of less than one hundred bonds) being the quotient resulting from the division by one hundred of the number of the bond having the highest number in such group, and the number so allotted to the said group (if any) consisting of less than one hundred bonds being one more than the highest number allotted under this paragraph to any other group.

9. At a convenient time before each draw the Bank shall provide—

(a) to represent each bond of the denomination of one hundred pounds which was registered in the books of the Bank not less than seven days before such draw and for which a disc shall not have been previously provided in pursuance of this regulation, a card disc having printed thereon the number of the bond it represents and such serial letter as may be necessary for distinguishing such bond, and

(b) to represent each group of bonds formed under these Regulations for which a disc shall not have been previously provided in pursuance of this regulation, a card disc having printed thereon the distinguishing letter and number allotted in pursuance of these Regulations to such group.

10. The following provisions shall apply to all discs provided by the Bank in pursuance of these Regulations, that is to say :—

(a) every such disc shall, before the draw in relation to which it is provided, be deposited in a suitable receptacle in accordance with the subsequent provisions of this regulation and shall be retained in such receptacle until it is drawn therefrom at the said draw or a subsequent draw ;

(b) each receptacle used for the deposit of discs in pursuance of this regulation shall be fitted with a cover secured by two locks not being locks which can be opened by means of the same key ;

(c) the key of one only of the locks of each such receptacle shall be retained by the Bank and the key of the other only of the locks of such receptacle shall be retained by the Secretary of the Department of Finance ;

(d) discs representing bonds of the denomination of one hundred pounds shall be deposited in a receptacle containing no discs representing groups of bonds ;

(e) discs representing groups of bonds of a particular denomination shall be deposited in a receptacle containing no discs representing groups of bonds of another denomination or representing bonds of the denomination of one hundred pounds ;

(f) every such receptacle shall be locked by a director of the Bank or an officer of the Bank appointed by the directors of the Bank for that purpose and by the Secretary of the Department of Finance or some person appointed by him for that purpose, in the presence of each other and (except when opened for the deposit of discs therein under this regulation or the drawing of discs therefrom at a draw) shall be kept so locked ;

(g) every such receptacle shall be deposited and kept at the registered office of the Bank.

11. (1) At each draw, discs representing bonds equal in total nominal value to the aggregate amount available for the redemption of bonds at that draw shall, in the presence of the Secretary of the Department of Finance or such other person as may be appointed by him under these Regulations to be present at such draw, be drawn without selection by the director of the Bank present at such draw or, if an officer of the Bank has been appointed under these Regulations to be present at such draw, by such officer from the receptacles in which discs are required by the next preceding regulation to be deposited.

(2) At each draw, the number of discs drawn from each receptacle shall, as nearly as is reasonably practicable, be such that the ratio between the number of discs drawn from a receptacle and the number of discs in such receptacle at the beginning of the draw is the same for each receptacle.

(3) For the purpose of complying with the first paragraph of this regulation in relation to the number of discs to be drawn at a draw at which the disc representing the group (if any) consisting of less than ten bonds of the denomination of ten pounds or the disc representing the group (if any) consisting of less than one hundred bonds of the denomination of one pound or both those discs is or are drawn, each of those discs shall be taken to represent bonds of the total nominal value of one hundred pounds and the number of discs to be drawn at any such draw in pursuance of the said first paragraph shall be calculated accordingly.

12. (1) Immediately on the conclusion of each draw separate lists shall be prepared of—

(a) the distinguishing letters and numbers of the several bonds of the denomination of one hundred pounds represented by discs drawn at such draw, and

(b) the distinguishing letters and numbers of the several bonds of the denomination of ten pounds included in any of the groups of bonds of that denomination represented by discs drawn at such draw, and

(c) the distinguishing letters and numbers of the several bonds of the denomination of one pound included in any of the groups of bonds of that denomination represented by discs drawn at such draw.

(2) As soon as the said lists have been prepared they shall be signed by the persons required by these Regulations to be present at the draw to which such lists relate, and thereupon every bond of which the distinguishing letter and number is included in any of the said lists shall be deemed to have been drawn at such draw.

13. The payment of all bonds drawn at any draw shall be made by the Bank on or after the 1st day of July next following such draw.

14. As soon as may be after each draw the Minister shall publish in the Iris Oifigiúil the distinguishing letters and numbers of all bonds drawn at such draw and an intimation that such bonds will be paid off at par on or after the 1st day of July next following the date of such draw at the registered office of the Bank, and that as from such 1st day of July all interest thereon will cease, and the Bank shall send a notification to each person registered as the owner or the first of two or more joint owners of each bond drawn at such draw that such bond has been drawn for redemption on or after such 1st day of July.

15. All certificates of registration of bonds drawn at any draw and presented for payment shall be cancelled but when any such certificate relates also to bonds which have not been drawn for redemption, a new certificate shall be issued in respect of the said bonds which have not been so drawn.

Given under the Official Seal of the Minister

for Finance this 18th day of March, 1938.

(Signed) J. J. McElligott,

Secretary.

Department of Finance,

Dublin.