S.I. No. 58/1986 -- Savings Certificates (Eleventh Issue) Rules, 1986.

S.I. No. 58/1986 -- Savings Certificates (Eleventh Issue) Rules, 1986. 1986 58

S.I. No. 58/1986:

SAVINGS CERTIFICATES (ELEVENTH ISSUE) RULES, 1986.

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

1. These Rules may be cited as the Savings Certificates (Eleventh Issue) Rules, 1986.

2. In these Rules--

"the eleventh issue" means the first issue of savings certificates introduced after the making of these rules;

"unit certificate" means a savings certificate of the eleventh issue the purchase price of which is ten pounds.

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

4. The amount repayable at any time in respect of a savings certificate of the eleventh issue shall be--

( a ) in the case of a unit certificate--	£
(i) if it is held for less than six months from the date of purchase ... ... ...	10.00
(ii) if it is held for six months or more and less than one year from such date	10.25
(iii) if it is held for one year or more and less than one and one half years from such date ... ... ... ... ...	10.55
(iv) if it is held for one and one half years or more and less than two years from such date ... ... ... ... ...	10.85
(v) if it is held for two years or more and less than two and one half years from such date ... ... ... ... ...	11.20
(vi) if it is held for two and one half years or more and less than three years from such date ... ... ... ... ...	11.55
(vii) if it is held for three years or more and less than three and one half years from such date ... ... ... ... ...	11.95
(viii) if it is held for three and one half years or more and less than four years from such date ... ... ... ... ...	12.40
(ix) if it is held for four years or more and less than four and one half years from such date ... ... ... ... ...	12.90
(x) if it is held for four and one half years or more and less than five years from such date	13.40
(xi) if it is held for five years from such date	14.00

( b ) in the case of a certificate representing more than one unit certificate, the total amount repayable at any time in respect of such number of unit certificates as is represented by the certificate.

5. No person shall at any time hold or have an interest in savings certificates of the eleventh issue (whether unit certificates or certificates other than unit certificates) of a greater purchase price in the aggregate than £25,000.

6. The Savings Certificates Rules, 1926, shall apply in relation to a savings certificate of the eleventh issue which is held under these Rules, but they shall so apply--

( a ) subject to the necessary modifications, including, in particular, the following:

(i) in the definition of "Certificate" contained in Rule 2 a reference to repayability in accordance with these Rules shall be substituted for the reference to entitlement to receive and a reference to the pouch containing the Certificate shall be substituted for the reference to the cover of the book containing the Certificate,

(ii) in the definition of "Single Certificate" contained in Rule 2 a reference to the purchase price of the Certificate being ten pounds shall be substituted for the reference to entitlement to receive,

(iii) the words "showing the sum remaining payable on the fifth anniversary of the date of the purchase of the original certificate so partly repaid" in Rule 15 (11) and the words "the nominal amounts or any of the nominal amounts of" in Rule 46 (4) shall be disregarded; and

( b ) subject to the provisions of these Rules.

GIVEN under my Official Seal, this 6th day of March, 1986.

JOHN BRUTON,

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 eleventh issue of savings certificates.

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Irish Statutory Instruments

S.I. No. 58/1986 -- Savings Certificates (Eleventh Issue) Rules, 1986.