S.I. No. 101/1956:

SAVINGS CERTIFICATES (SIXTH ISSUE) RULES, 1956.

SAVINGS CERTIFICATES (SIXTH ISSUE) RULES, 1956.

I, GERARD SWEETMAN, Minister for Finance, in exercise of the powers conferred on me by subsection (2) of section 30 of the Finance Act, 1940 (No. 14 of 1940), hereby make the following rules :--

1. These Rules may be cited as the Savings Certificates (Sixth Issue) Rules, 1956.

2. In these Rules " the sixth issue " means the first issue of savings certificates introduced after the making of these Rules ; " unit certificate " means a savings certificate of the sixth issue the purchase price of which is one pound.

3. A savings certificate of the sixth issue may be held for a period not exceeding six years from the date of the purchase thereof.

4. A savings certificate of the sixth issue shall, during the period for which it is held, bear interest at the rate of--

(a) in the case of a unit certificate--

(i) six pence for the first complete year from the date of purchase,

(ii) three pence for each complete period of six months from the first anniversary until the second anniversary of the date of purchase,

(iii) three pence for each complete period of four months from the second anniversary to the third anniversary of the date of purchase,

(iv) three pence for each complete period of three months thereafter,

(v) an additional three pence on the fifth anniversary and an additional six pence on the sixth anniversary of the date of purchase ;

(b) in any other case--in a proportionate manner.

5. (1) No person shall at any time hold or have any interest in savings certificates of the sixth issue (whether unit certificates or certificates other than unit certificates) of a greater nominal amount in the aggregate than £1,275.

(2) In this rule " nominal amount " in relation to a savings certificate of the sixth issue means the amount of the sum payable under such certificate on the sixth anniversary of the date of the purchase thereof.

6. Subject to the provisions of these Rules, the Savings Certificates Rules, 1926, shall apply, with the necessary modifications, in relation to a savings certificate of the sixth issue which is held under these Rules.

GIVEN under my Official Seal, this 23rd day of April, 1956.

GERARD SWEETMAN,

Minister for Finance.

EXPLANATORY NOTE.

This instrument has been made by the Minister for Finance under subsection (2) of section 30 of the Finance Act, 1940 to prescribe the rules governing the sixth issue of savings certificates.