S.I. No. 236/1957:

SAVINGS CERTIFICATES (SAVINGS GIFT TOKENS) RULES, 1957.

SAVINGS CERTIFICATES (SAVINGS GIFT TOKENS) RULES, 1957.

I, SÉAMAS Ó RIAIN, 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.--(1) These Rules may be cited as the Savings Certificates (Savings Gift Tokens) Rules, 1957.

(2) These Rules shall come into operation on the 2nd day of December, 1957.

2.--(1) Subject to paragraph (2) of this Rule, a savings certificate may be issued at a Post Office approved of by the Minister for Posts and Telegraphs for the issue of savings certificates, or through such other agents as may from time to time be authorised by that Minister,--

(a) on surrender of a Savings Gift Token the denomination of which is equal to the purchase price of the savings certificate, or

(b) on surrender of a Savings Gift Token the denomination of which is less by any amount than the purchase price of the savings certificate and on payment of a sum equal to that amount.

(2) A Savings Gift Token shall not be used for surrender under the foregoing paragraph at any time after the expiration of six months from the date of issue thereof save with the consent in writing of the Minister for Posts and Telegraphs.

3. The following provisions shall have effect in relation to tokens under these Rules :

(a) the tokens shall be known as Savings Gift Tokens,

(b) the tokens may be issued by officers of the Department of Posts and Telegraphs and through such other agents as may from time to time be authorised by the Minister for Posts and Telegraphs,

(c) the tokens may be issued in denominations not exceeding £5,

(d) no interest shall be payable on a token,

(e) a token shall not be exchangeable for cash.

GIVEN under my Official Seal, this 21st day of November, 1957.

SÉAMAS Ó RIAIN,

Minister for Finance.

Explanatory Note.

These Rules provide for the issue of Savings Gift Tokens and for the issue of savings certificates in exchange for these tokens.