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BANKERS' COMPOSITION (IRELAND) ACT 1828

BANKERS' COMPOSITION (IRELAND) ACT 1828 - LONG TITLE

An Act to enable Bankers in Ireland to issue certain unstamped
Promissory Notes, upon payment of a composition in lieu of the
Stamp Duties thereon.{1}
[25th July 1828]
Preamble rep. by SLR 1890[

BANKERS' COMPOSITION (IRELAND) ACT 1828 - SECT 1
Bankers' in Ireland may issue certain promissory notes on unstamped
paper, payable to bearer on demand, on unstamped paper.

1.] It shall be lawful for any person or persons carrying on the
business of a banker or bankers in Ireland, who shall have duly
registered the firm of his or their house according to law, and
who shall have obtained a licence and given security by bond in
manner herein-after mentioned, to make and issue on unstamped paper
his or their promissory notes for payment to the bearer on demand
of any sum of money not exceeding the sum of one hundred pounds.

BANKERS' COMPOSITION (IRELAND) ACT 1828 - SECT 2
The commissioners of stamps or their officers may grant licences to
issue unstamped promissory notes.

2. It shall be lawful for any two or more of the commissioners of
stamps, or any officer of stamps duly authorized by the said
commissioners in that behalf, to grant licences to all persons
carrying on the business of bankers in Ireland who shall have duly
registered the firm of their house according to law, and who shall
require such licences, authorizing such persons to issue such
promissory notes as aforesaid on unstamped paper; [which said
licences shall be and are hereby respectively charged with a stamp
duty of thirty pounds for every such licence].

S.3 rep. by SLR (NI) 1954

BANKERS' COMPOSITION (IRELAND) ACT 1828 - SECT 4
Regulations respecting licences.

4. Every licence granted under the authority of this Act shall
specify all the particulars required by law to be specified in the
certificates to be taken out by persons in Ireland issuing
promissory notes payable to bearer on demand, and allowed to be
re-issued; and every such licence which shall be granted between the
twenty-fourth day of March and the twenty-fifth day of April in any
year shall be dated on the twenty-fifth day of March; and every
such licence which shall be granted at any other time, shall be
dated on the day on which the same shall be granted; and every
such licence shall (notwithstanding any alteration which may take
place in any copartnership of persons to whom the same shall be
granted) have effect and continue in force from the day of the
date thereof until the twenty-fourth day of March then next
following, both inclusive, and no longer.

BANKERS' COMPOSITION (IRELAND) ACT 1828 - SECT 5
Commissioners of stamps may cancel certificates taken out for issuing
promissory notes payable to bearer on demand, and grant licences
under this Act in lieu thereof.

5. Provided always, that where any banker or bankers shall have
taken out the certificate required by law for issuing promissory
notes payable to bearer on demand at any town or place in Ireland,
and during the period for which such certificate shall have been
granted, shall be desirous of taking out a licence to issue at the
same town or place unstamped promissory notes under the provisions
of this Act, it shall be lawful for the commissioners of stamps,
or their officers, to cancel and allow as spoiled the stamp for
such certificate, and in lieu thereof to grant to such banker or
bankers a licence under the authority of this Act; and every such
licence shall, during its continuance in force, also authorize the
re-issuing of all promissory notes payable to the bearer on demand
which such banker or bankers may have previously issued on paper
duly stamped, until the twenty-fourth day of March inclusive then
next following, provided such notes may so long be lawfully
re-issued.

BANKERS' COMPOSITION (IRELAND) ACT 1828 - SECT 6
Bankers licensed under this Act to issue all their promissory notes
of payment of money to the bearer on demand on unstamped paper.

6. Provided always, that if any banker or bankers who shall take
out a licence under the authority of this Act shall issue, under
the authority either of this or any other Act, any unstamped
promissory notes for payment of money to the bearer on demand, such
banker or bankers shall, so long as he or they shall continue
licensed as aforesaid, make and issue on unstamped paper all his or
their promissory notes for payment of money to the bearer on
demand, of whatever amount or value (not exceeding the sum of one
hundred pounds) such notes may be; and it shall not be lawful for
such banker or bankers, during the period aforesaid, to issue for
the first time, any such promissory note as aforesaid on stamped
paper.

BANKERS' COMPOSITION (IRELAND) ACT 1828 - SECT 7
Bankers issuing unstamped notes to give security by bond for the
keeping and delivering accounts of notes.

7. Before any licence shall be granted to any person or persons to
issue any unstamped promissory notes under the authority of this
Act, such person or persons shall give security by bond to His
Majesty, with a condition that if such person or persons do and
shall from time to time enter or cause to be entered, in a book
or books to be kept for that purpose, an account of all such
unstamped promissory notes as he or they shall so as aforesaid
issue, specifying the amount or value thereof respectively, and the
several dates of the issuing thereof, and in like manner also a
similar account of all such promissory notes as, having been issued
as aforesaid, shall have been cancelled, and the dates of the
cancelling thereof; and do and shall from time to time, when
thereunto requested, produce and shew such accounts to, and permit
the same to be examined and inspected by the said commissioners of
stamps, or any officer of stamps appointed under the hands and
seals of the said commissioners for that purpose; and also do and
shall deliver to the said commissioners of stamps half-yearly (that
is to say,) within fourteen days after the first day of January
and the first day of July in every year, a just and true account
in writing, verified upon the oaths or affirmations (which any
justice of the peace is hereby empowered to administer), to the
best of the knowledge and belief of such person or persons, and of
his or their cashier, accountant, or chief clerk, or of such of
them as the said commissioners shall require, of the amount or
value of all unstamped promissory notes issued under the provisions
of this Act in circulation, within the meaning of this Act, on a
given day, that is to say, on Saturday in every week, for the
space of half a year prior to the half-yearly day immediately
preceding the delivery of such account; together with the average
amount or value of such promissory notes so in circulation according
to such account;... and on due performance thereof such bond shall
be void, but otherwise the same shall be and remain in full force
and virtue.

BANKERS' COMPOSITION (IRELAND) ACT 1828 - SECT 8
For what period notes are to be deemed to be in circulation.

8. Every unstamped promissory note issued under the provisions of
this Act shall, for the purpose of payment of duty, be deemed to
be in circulation from the day of the issuing to the day of the
cancelling thereof, both days inclusive, excepting nevertheless the
period during which such note shall be in the hands of the banker
or bankers who first issued the same, or by whom the same shall
be expressed to be payable, or, in case of copartnerships of more
than six persons, which shall be in the hands of the public
officers of such copartnership.

BANKERS' COMPOSITION (IRELAND) ACT 1828 - SECT 9
Regulations respecting the bonds to be given pursuant to this Act.

9. In every bond to be given pursuant to the directions of this
Act the person or persons intending to issue any such unstamped
promissory notes as aforesaid, or such and so many of the said
persons as the commissioners of stamps, or their proper officer in
that behalf, shall require, shall be the obligors; and every such
bond shall be taken in the sum of one hundred pounds, or in such
larger sums as the said commissioners of stamps, or such officer as
aforesaid, may judge to be the probable amount of the composition
or duties that will be payable from such person or persons under
or by virtue of this Act during the period of one year; and it
shall be lawful for the said commissioners, or such officer as
aforesaid, to fix the time or times of payment of the said
composition or duties, and to specify the same in the condition to
every such bond; and every such bond may be required to be renewed
from time to time, at the discretion of the said commissioners, or
of such officer as aforesaid, and as often as the same shall be
forfeited, or the parties to the same, or any of them, shall die,
become bankrupt..., or reside in parts beyond the seas.

BANKERS' COMPOSITION (IRELAND) ACT 1828 - SECT 10
Fresh bonds to be given on alterations of copartnerships.

10. If any alteration shall be made in any copartnership of persons
who shall have given any such security by bond as by this Act is
directed, whether such alteration shall be caused by the death or
retirement of one or more of the partners of the firm, or by the
accession of any additional or new partner or partners, a fresh
bond shall, within one calendar month after any such alteration, be
given by the remaining partner or partners, or the persons composing
the new copartnership, as the case may be, which bond shall be
taken as a security for the duties which may be due and owing or
may become due and owing in respect of the unstamped promissory
notes which shall have been issued by the persons composing the old
copartnership, and which shall be in circulation at the time of
such alteration, as well as for duties which shall or may be or
become due or owing in respect of the unstamped promissory notes
issued or to be issued by the persons composing the new
copartnership; provided that no such fresh bond shall be rendered
necessary by any such alteration as aforesaid in any copartnership
of persons exceeding six in number, but that the bonds to be given
by such last-mentioned copartnerships shall be taken as securities
for all the duties they may incur so long as they shall exist, or
the persons composing the same or any of them shall carry on
business in copartnership together, or with any other person or
persons, notwithstanding any alteration in such copartnership; saving
always the power of the said commissioners of stamps to require a
new bond in any case where they shall deem it necessary for better
securing the payment of the said duties.

BANKERS' COMPOSITION (IRELAND) ACT 1828 - SECT 11
Penalty on bankers refusing to renew their bonds.

11. If any person or persons who shall have given security by bond
to His Majesty in the manner herein-before directed shall refuse or
neglect for the space of one calendar month to renew such bond
when forfeited, and as often as the same is by this Act required
to be renewed, such person or persons so offending shall for every
such offence forfeit and pay the sum of one hundred pounds.

BANKERS' COMPOSITION (IRELAND) ACT 1828 - SECT 12
This Act not to exempt from penalties any persons issuing unstamped
notes not in accordance herewith.

12. Provided always, that nothing in this Act contained shall extend
or be construed to extend to exempt or relieve from the forfeitures
or penalties imposed by any Act or Acts now in force upon persons
issuing promissory notes not duly stamped as the law requires any
person or persons who, under any colour or pretence whatsoever,
shall issue any unstamped promissory note, unless such person or
persons shall be duly licensed to issue such promissory note under
the provisions of this Act, and such note shall be drawn and
issued in strict accordance with the regulations and restrictions
herein contained.

BANKERS' COMPOSITION (IRELAND) ACT 1828 - SECT 13
Penalties how and by whom to be recovered.

13. All pecuniary forfeitures and penalties which may be incurred
under any of the provisions of this Act shall be recovered for the
use of His Majesty, in any of His Majesty's courts of record, by
action or information, in the name of His Majesty's attorney or
solicitor general in Ireland.

S.14 rep. by 1928 c.29 (NI) s.2(5). S.15 rep. by SLR 1873

BANKERS' COMPOSITION (IRELAND) ACT 1828 - SECT 16
1825 c.42

16. And whereas by the Bankers (Ireland) Act 1825 any certificate
granted by the commissioners of stamps in Ireland, to any society
or copartnership of bankers in Ireland exceeding six in number, of
the registry of the firm and name of such society, is liable to
the stamp duty payable by law on certificates to be taken out
yearly by any banker or bankers in Ireland, that is to say, a
stamp duty of thirty pounds: And whereas it is provided by the
said recited Act, that a separate and distinct certificate, with a
separate and distinct stamp, shall be granted for and in respect of
every town or place where any such bills or notes as in the said
Act are mentioned shall be issued by any such society or
copartnership: And whereas it is expedient that no such society or
copartnership should be required to take out more than four
certificates in any one year, although it should issue such bills
or notes as aforesaid at more than four towns or places in
Ireland: No society or copartnership of bankers in Ireland exceeding
six in number, and carrying on the trade or business of bankers
under the authority of the said recited Act, shall be obliged to
take out more than four certificates in any one year of the entry
and registry of the firm or name of such society or copartnership;
and in case any such society or copartnership shall issue such
bills or notes as aforesaid, by themselves or their agents, at more
than four different towns or places in Ireland, then, after taking
out three distinct certificates for three of such towns or places,
such society or copartnership shall be entitled to have all the
remainder of such towns or places included in a fourth certificate;
any thing in the said Bankers (Ireland) Act 1825 to the contrary
notwithstanding.

BANKERS' COMPOSITION (IRELAND) ACT 1828 - SECT 17
Certificates to continue in force till 25th March after issue,
notwithstanding any fresh registry of the copartnership.

17. Every certificate which hath been or shall at any time
hereafter be taken out by any such last-mentioned society or
copartnership as aforesaid shall continue in force, for the issuing
of such bills and notes as aforesaid at the town or place or the
several towns or places therein named, until the twenty-fifth day of
March next following the date of such certificate notwithstanding any
fresh entry or registry of the name or firm of such society or
copartnership; and if any fresh entry or registry shall be made
from any cause whatever, after any such society or copartnership
shall have taken out four such distinct certificates as aforesaid,
such society or copartnership shall not be required to take out any
further certificate, in respect of any town or place not included
in any of such four certificates, until the twenty-fourth day of
March next following such fresh entry or registry.

S.18 rep. by SLR 1873