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32 1927

CURRENCY ACT, 1927

PART III.

The Currency Commission.

Constitution of the Currency Commission.

14. —(1) There shall be established in accordance with this Act a body to be called the Currency Commission to fulfil the functions assigned to it by this Act.

(2) The Commission shall be a body corporate with perpetual succession and an official seal (which shall be judicially noticed) and power to sue and be sued in its corporate name and to hold and dispose of land.

(3) The Commission shall consist of seven members to be called the Currency Commissioners (in this Act referred to as the Commissioners) namely a Chairman (in this Act referred to as the Chairman) and six ordinary Commissioners (in this Act referred to as the ordinary Commissioners) elected or nominated in the manner hereinafter mentioned.

(4) There shall be associated with the Commission in accordance with this Act such and so many Shareholding Banks as is provided by this Act and such Shareholding Banks shall have such rights, privileges, and obligations as are conferred or imposed on them by this Act but references in this Act to the Commission or to members of the Commission shall not be construed as including Shareholding Banks.

The Chairman of the Commission.

15. —(1) The Chairman shall receive such remuneration and allowances and be subject to such conditions of service as the ordinary Commissioners shall prescribe.

(2) The term of office of the Chairman (not including a person appointed to be the Chairman temporarily) shall, unless he sooner dies, resigns, is removed, or becomes disqualified, be a period of five years commencing, in the case of the first Chairman, on the establishment of the Commission and, in the case of every subsequent Chairman, on the date of his election or nomination or, in the case of a Chairman elected or nominated or re-elected or re-nominated during the continuance of a term of office, on the expiration of such term of office.

(3) A Chairman retiring on the expiration by effluxion of time of his term of office shall be eligible for re-election or re-nomination.

(4) The Chairman shall during his term of office be disqualified from being nominated or elected and from sitting or receiving payment as a member of Dáil Eireann or of Seanad Eireann and be ineligible for election as a director of any Bank whatsoever.

(5) The Chairman shall, if at the time of his election or nomination he is a director of any Bank whatsoever, divest himself of such directorship within ten days after his election or nomination, and if he fails so to do he shall at the expiration of such ten days be disqualified from holding the office of Chairman.

Removal and disqualification of the Chairman.

16. —(1) If the Chairman becomes by ill-health permanently incapacitated for performing his duties as Chairman, the ordinary Commissioners may by unanimous vote remove him from office.

(2) The ordinary Commissioners may at any time by unanimous vote remove the Chairman from office for cause stated and after giving him a reasonable opportunity of being heard.

(3) If and whenever the Chairman is adjudged bankrupt or makes a composition or arrangement with his creditors or is sentenced by a court of competent jurisdiction to suffer imprisonment or penal servitude, he shall be disqualified from holding the office of Chairman.

(4) The powers conferred by this section on the ordinary Commissioners shall not be exercisable while there is a vacancy in their number.

Prohibition of Chairman holding shares in a bank.

17. —(1) Every person elected or nominated to be the Chairman shall within three months after his election or nomination absolutely sell or otherwise dispose of all shares in any Bank which he shall at the time of his election or nomination own or be interested in for his own benefit.

(2) If and whenever any shares in a Bank shall come to or vest in the Chairman by will or succession for his own benefit, he shall within three months after the same shall have so come to or vested in him, absolutely sell and dispose of the same or his interest therein.

(3) The Chairman shall not purchase, take, or become interested in for his own benefit any shares in any Bank.

(4) If the Chairman shall retain, purchase, take, or become or remain interested in any shares in any Bank in contravention of this section he shall be disqualified from holding the office of Chairman.

(5) In this section the word “bank” means a bank carrying on business in Saorstát Eireann or holding to the knowledge of the Chairman a controlling interest in a bank carrying on business in Saorstát Eireann, and references to shares in a bank shall be construed as including stock, shares, debentures, debenture stock, bonds, or other securities of such bank.

(6) This section shall not apply to a person appointed to be the Chairman temporarily pending the election or nomination of a person to be the Chairman.

The ordinary Commissioners.

18. —(1) Of the ordinary Commissioners, three (in this Act referred to as elected Commissioners) shall be elected in accordance with this Act by representatives of the Shareholding Banks and three (in this Act referred to as nominated Commissioners) shall be nominated in accordance with this Act by the Minister.

(2) Two of the nominated Commissioners shall be persons who are representative of or experienced in business, industry, or trade and are not in the permanent service of the State, and the other nominated Commissioner may, at the discretion of the Minister be a person who is in or a person who is not in the permanent service of the State and shall, if but only if the Minister when nominating him so directs, hold office at the pleasure of the Minister.

(3) Every ordinary Commissioner shall receive such remuneration and allowances and be subject to such conditions of service as the Minister shall from time to time determine having regard to the prevailing standards of the Shareholding Banks in fixing the remuneration, allowances, and conditions of service of their directors.

(4) Every ordinary Commissioner shall be ordinarily resident in Saorstát Eireann and a person who is not so resident shall not be eligible for nomination or appointment as an ordinary Commissioner.

(5) An ordinary Commissioner shall while he holds that office be disqualified from being nominated or elected and from sitting or receiving payment as a member of Dáil Eireann or Seanad Eireann.

(6) A nominated Commissioner shall while he holds that office be ineligible for election as a director of any Bank whatsoever and shall, if at the time of his nomination he is a director of any Bank whatsoever, divest himself of such directorship within ten days after his nomination, and if he fails so to do he shall at the expiration of such ten days be disqualified from holding the office of nominated Commissioner.

Term of office of ordinary Commissioners.

19. —(1) Of the first elected Commissioners, one to be selected by lot as soon as may be after election shall, unless he sooner dies, resigns, or becomes disqualified, hold office for one year from the establishment of the Commission, and one other to be similarly selected shall, unless he sooner dies, resigns, or becomes disqualified, hold office for two years from the establishment of the Commission, and one other to be similarly selected shall, unless he sooner dies, resigns, or becomes disqualified, hold office for three years from the establishment of the Commission.

(2) Of the first nominated Commissioners, one to be selected by lot as soon as may be after nomination shall, unless he sooner dies, resigns, or becomes disqualified, hold office for one year from the establishment of the Commission, and one other to be similarly selected shall, unless he sooner dies, resigns, or becomes disqualified, hold office for two years from the establishment of the Commission, and one other to be similarly selected shall, unless he sooner dies, resigns, or becomes disqualified, hold office for three years from the establishment of the Commission.

(3) Subject to the provisions of this section in relation to the first elected Commissioners, the first nominated Commissioners, a Commissioner holding office at the pleasure of the Minister, and persons elected or nominated to fill casual vacancies in the office of ordinary Commissioner, every ordinary Commissioner shall, unless he sooner dies, resigns, or becomes disqualified, hold office for three years from the expiration of the term of office the expiration of which occasions his election or nomination.

(4) A person elected or nominated to fill a casual vacancy in the office of ordinary Commissioner shall hold office for the residue of the term for which the Commissioner whose death, resignation, or disqualification created the vacancy would have held office if he had not died, resigned, or become disqualified.

(5) An ordinary Commissioner retiring on the expiration by effluxion of time of his term of office shall be eligible for re-election or re-nomination (as the case may be).

(6) The following provisions shall apply to or in relation to a nominated Commissioner holding office at the pleasure of the Minister, that is to say:—

(a) such Commissioner may be removed from office at any time by the Minister and, unless he sooner dies, resigns, or becomes disqualified, shall hold office until he is so removed,

(b) the provisions of this section in relation to the term of office of an ordinary Commissioner or of a nominated Commissioner shall not apply to a nominated Commissioner holding office at the pleasure of the Minister,

(c) if one of the first nominated Commissioners is nominated to hold office at the pleasure of the Minister, the terms of office of the other first nominated Commissioners shall be ascertained by lot in accordance with this section with the modification that the terms of office of such other Commissioners shall be two and three years respectively,

(d) whenever a nominated Commissioner who holds office at the pleasure of the Minister vacates his office by any means and his successor is not nominated to hold office at the pleasure of the Minister such successor shall unless he sooner dies, resigns, or becomes disqualified hold office until the next anniversary of the establishment of the Commission on which the term of neither of the other nominated Commissioners expires.

Disqualification of ordinary Commissioners.

20. —(1) If an ordinary Commissioner other than a nominated Commissioner holding office at the pleasure of the Minister becomes by ill-health permanently incapacitated for performing his duties as such Commissioner, the other members of the Commission may, if or when there is no vacancy in their number, declare such Commissioner to be disqualified from holding the office of ordinary Commissioner.

(2) If and whenever an ordinary Commissioner is adjudged bankrupt, or makes a composition or arrangement with his creditors or is sentenced by a court of competent jurisdiction to suffer imprisonment or penal servitude or ceases to be ordinarily resident in Saorstát Eireann or absents himself from all meetings of the Commission for a period of six months without the permission of the Commission he shall be disqualified from holding the office of ordinary Commissioner.

Prohibition of nominated Commissioner holding shares in a Bank.

21. —(1) A nominated Commissioner shall within three months after his nomination absolutely sell or otherwise dispose of all shares in any Bank which he shall at the time of his nomination own or be interested in for his own benefit.

(2) If and whenever any shares in a Bank shall come to or vest in a nominated Commissioner by will or succession for his own benefit, he shall within three months after the same shall have so come to or vested in him, absolutely sell and dispose of the same or his interest therein.

(3) A nominated Commissioner shall not purchase, take, or become interested in for his own benefit any shares in any Bank.

(4) If a nominated Commissioner shall retain, purchase, take, or become or remain interested in any shares in any Bank in contravention of this section he shall be disqualified from holding the office of nominated Commissioner.

(5) In this section the word “Bank” means a bank carrying on business in Saorstát Eireann or holding to the knowledge of the nominated Commissioner a controlling interest in a bank carrying on business in Saorstát Eireann, and references to shares in a bank shall be construed as including stock, shares, debentures, debenture stock, bonds, or other securities of such bank.

Election of first elected Commissioners.

22. —(1) When the Minister has received from every Bank mentioned in the Third Schedule to this Act an application and payment in accordance with this Act for admission to be one of the first Shareholding Banks or the period limited by this Act for making such applications has expired (whichever shall first happen), the Minister shall appoint a time and place (in this section referred to as the appointed time and place) for the meeting of representatives of the first Shareholding Banks for the election of the first elected Commissioners and shall notify in writing every such Bank of the time and place so appointed.

(2) Any of the first Shareholding Banks may cause one and only one representative nominated in that behalf by it to attend at the appointed time and place, and the several such representatives who attend at such time and place shall then or within three days thereafter elect in accordance with the Rules contained in the Fourth Schedule to this Act three eligible persons willing to act to be the first elected Commissioners and shall forthwith communicate to the Minister in accordance with the said Rules the names of the persons so elected.

(3) If the said representatives of the first Shareholding Banks who attend at the appointed time and place fail to elect in accordance with the foregoing sub-section any eligible persons willing to act to be the first elected Commissioners or so elect less than three such persons or if no representatives of the first Shareholding Banks attend at the appointed time and place, the Minister shall within ten days after the appointed time nominate three or such lesser number as the circumstances require eligible persons willing to act to be the first elected Commissioners and the persons so nominated shall for all purposes be deemed to have been duly elected by representatives of the first Shareholding Banks and references in this Act to the election of the first elected Commissioners shall be construed as including such nomination.

(4) If and so far as eligible and suitable persons willing to act can be found amongst the directors of the several first Shareholding Banks, no person who is not a director of one of the first Shareholding Banks shall be nominated by the Minister under the foregoing sub-section and in any event no person who is in the permanent service of the State shall be so nominated.

(5) If no Bank applies in accordance with this Act to be admitted to be one of the first Shareholding Banks the Minister shall within ten days after the expiration of the period limited by this Act for making such applications nominate three eligible persons willing to act and not in the permanent service of the State to be the first elected Commissioners and the persons so nominated shall for all purposes be deemed to have been duly elected to be the first elected Commissioners and references in this Act to the election of the first elected Commissioners shall be construed as including such nomination.

Nomination of first nominated Commissioners.

23. —Not more than ten days after the time appointed by the Minister for the meeting of the representatives of the first Shareholding Banks for the election of the first elected Commissioners or, if by reason of no Bank duly applying to be admitted to be one of the first Shareholding Banks no such time is so appointed, within ten days after the expiration of the period limited by this Act for making such applications, the Minister shall nominate three eligible persons willing to act to be the first nominated Commissioners.

Election of the first Chairman.

24. —(1) When and so soon as all the first ordinary Commissioners have been duly elected or nominated the Minister shall appoint a time and place (in this section referred to as the appointed time and place) for the meeting of such Commissioners for the election of the first Chairman and shall notify in writing every such Commissioner of the time and place so appointed.

(2) It shall be the duty of the first ordinary Commissioners to attend at the appointed time and place and such Commissioners or such of them as are present shall then or within ten days or such longer time not exceeding thirty days thereafter as the Minister shall sanction elect in accordance with the Rules contained in the Fourth Schedule to this Act an eligible person willing to act to be the first Chairman and shall forthwith communicate to the Minister in accordance with the said Rules the name of the person so elected.

(3) If the ordinary Commissioners shall fail to elect within the time hereinbefore limited in that behalf an eligible person willing to act to be the first Chairman, the Minister shall as soon as conveniently may be after the expiration of the said time nominate after consultation with each of the Shareholding Banks and with each of the ordinary Commissioners an eligible person willing to act to be the first Chairman.

Establishment of the Commission.

25. —(1) Within one month after the election or nomination (as the case may be) of the first Chairman, the Minister shall publish in the Iris Oifigiúil a notice declaring that the Commission has been established as from a date (subsequent to the election or nomination of the first Chairman and prior to the publication of the said notice) to be specified in the said notice and thereupon the Commission shall for all purposes be deemed to have been duly established on the date so specified.

(2) In this Act all references in point of time to the establish- ment of the Commission shall be construed as referring to the date on which the Commission is by virtue of this section deemed to have been established.

Election of the Chairman other than the first Chairman.

26. —(1) Not more than thirty nor less than ten days before the expiration by effluxion of time of the term of office of the first or any subsequent Chairman, the ordinary Commissioners shall elect an eligible person willing to act to become and be the Chairman upon such expiration, and shall immediately after such election communicate to the Minister the name of the person so elected.

(2) If and whenever the ordinary Commissioners on any occasion on which they are required by the foregoing sub-section to elect a person to become and be the Chairman fail to elect within the time therein limited an eligible person willing to act in that behalf they shall within the said time and from time to time thereafter appoint an ordinary Commissioner who is not in the permanent service of the State to be the Chairman temporarily after the expiration of the then expiring term of office of the Chairman and pending the election or nomination under this section of a Chairman and shall within three months after such expiration elect an eligible person willing to act to be the Chairman and shall immediately after such election communicate to the Minister the name of the person so elected.

(3) If and whenever the Commissioners on any such occasion as aforesaid fail to elect within the time limited in sub-section (1) of this section either an eligible person willing to act to be the Chairman or a person willing to act to be the Chairman temporarily or, having elected a person willing to act to be the Chairman temporarily, fail within the said period of three months to elect an eligible person willing to act to be the Chairman or within such time or such period inform the Minister in writing that they are unable to elect any such person to be the Chairman, the Minister shall as soon as may be after the expiration of the time limited in sub-section (1) of this section or the expiration of the said period of three months or the receipt by him of such information in writing (as the case may be) nominate an eligible person willing to act to be the Chairman and shall immediately after such nomination communicate to the Commission the name of the person so nominated.

(4) If and whenever the office of Chairman becomes vacant by reason of the death, resignation, disqualification, or removal of the Chairman during his term of office, the ordinary Commissioners shall as soon as conveniently may be elect an eligible person willing to act to be the Chairman and if the ordinary Commissioners do not so elect any such person within three months after the office of Chairman so becomes vacant or if the ordinary Commissioners within such three months inform the Minister in writing that they are unable so to elect any such person the Minister shall as soon as conveniently may be after the expiration of such three months or the receipt by him of such information (as the case may be) nominate an eligible person willing to act to be the Chairman for the residue of the said term of office.

(5) Whenever the office of Chairman becomes vacant in such circumstances as are mentioned in the foregoing sub-section, the ordinary Commissioners may if they so think fit appoint from time to time an ordinary Commissioner or any other person to be the Chairman temporarily pending the election or nomination under this section of a person to be the Chairman.

(6) Save as is otherwise provided in this Act, every person appointed under this section to be the Chairman temporarily shall while he is such Chairman have all the rights, powers and duties conferred or imposed by this Act on the Chairman, and an ordinary Commissioner who is so appointed to be the Chairman temporarily shall notwithstanding such appointment continue to hold his office as ordinary Commissioner.

Election of elected Commissioners other than the first such Commissioners.

27. —(1) Not more than thirty nor less than ten days before the expiration by effluxion of time of the term of office of an elected Commissioner and as soon as conveniently may be after the office of an elected Commissioner becomes vacant otherwise than by effluxion of time, the Commission shall notify every Shareholding Bank in wrwiting of such prospective or actual vacancy in the office of such elected Commissioner and shall in such notification request such Bank to cause one and only one representative to attend at a time and place (in this section referred to as the appointed time and place) appointed by the Commission and stated in such notification to elect an elected Commissioner to fill such vacancy.

(2) The several representatives of the Shareholding Banks (not being more than one representative from each such Bank) who attend at the appointed time and place shall then or within three days thereafter elect in accordance with the Rules contained in the Fourth Schedule to this Act an eligible person willing to act to fill the said vacancy in the office of elected Commissioner and shall forthwith communicate to the Commission in accordance with the said Rules the name of the person so elected.

(3) If the said representatives of the Shareholding Banks who so attend at the appointed time and place fail to elect in accordance with the foregoing sub-section an eligible person willing to act to fill such vacancy in the office of elected Commissioner or if no representatives of Shareholding Banks attend at the appointed time and place, the Commission shall inform the Minister in writing of such failure or non-attendance and the Minister shall within ten days after being so informed nominate an eligible person willing to act to fill such vacancy and the person so nominated shall for all purposes be deemed to have been duly elected by representatives of Shareholding Banks and references in this Act to the election of an elected Commissioner shall be construed as including such nomination.

(4) If an eligible and suitable person willing to act can be found amongst the directors of the several Shareholding Banks, no person who is not a director of a Shareholding Bank shall be nominated by the Minister under the foregoing sub-section and in any event no person who is in the permanent service of the State shall be so nominated.

Nomination of nominated Commissioners other than the first such Commissioners.

28. —Not more than thirty nor less than ten days before the expiration by effluxion of time of the term of office of a nominated Commissioner and as soon as conveniently may be after the office of a nominated Commissioner becomes vacant otherwise than by effluxion of time, the Commission shall notify the Minister in writing of such prospective or actual vacancy in the office of such nominated Commissioner and within ten days after receiving such notification the Minister shall nominate an eligible person willing to act to fill such vacancy and communicate to the Commission the name of the person so nominated.

The London agency.

29. —(1) The Commission shall establish and maintain in such manner and form as it thinks proper such office or branch in London as it considers to be necessary or expedient for the performance of such of the functions of the Commission as are required by this Act to be performed or can in the opinion of the Commission be most conveniently performed in London.

(2) The Commission may, at any time and for such time as it thinks fit, in lieu of establishing or of maintaining (as the case may be) such office or branch as is mentioned in the foregoing sub-section employ a Bank having an office in London to be the agent in London of the Commission and to perform as such agent for the Commission such of the functions of the Commission as are required by this Act to be performed or can in the opinion of the Commission be most conveniently performed in London.

(3) The office or branch or the agency (as the case may be) for the time being maintained in London by the Commission under this section is in this Act referred to as the London Agency.

Appointment of Deputy Chairman.

30. —(1) The Chairman may from time to time appoint any one of the ordinary Commissioners to act as Deputy Chairman during any temporary absence or any temporary incapacity through ill-health of the Chairman, and during such absence or inability the Deputy Chairman so appointed shall have, exercise, and perform such of the rights, powers, and duties of the Chairman under this Act as shall be delegated to him by the Chairman.

(2) An ordinary Commissioner acting as Deputy Chairman under this section shall while so acting be paid such remuneration and allowances as the Chairman and the ordinary Commissioners (other than the Deputy Chairman) shall determine.

(3) An ordinary Commissioner acting as Deputy Chairman under this section shall, notwithstanding his so acting, continue to hold his office as ordinary Commissioner.

Offices and staff of the Commission.

31. —(1) The Commission may purchase, take on lease, build or otherwise acquire and may equip and maintain such offices and other premises in such places as it considers necessary for the due performance of its functions under this Act and may sell or let any such premises which it considers to be no longer necessary for that purpose.

(2) The Commission shall appoint a secretary and such other officers and servants as the Commission shall from time to time consider necessary for the due performance of its functions under this Act and every secretary, officer, and servant so appointed shall hold office upon such terms and subject to such conditions as the Commission shall determine.

(3) There shall be paid to the secretary and the other officers and servants of the Commission such salaries and remuneration as the Commission may determine.

(4) The Commission may, with the approval of the Minister, make a scheme providing for the grant of superannuation and other allowances or gratuities to or for the benefit of such of its officers and servants as it thinks proper and may, out of the funds available under this Act for the defrayal of the expenses of the Commission, pay to such persons on retirement or to their legal personal representatives on death superannuation and other allowances or gratuities in accordance with such scheme, and the Minister may determine the said funds to be public funds for the purposes of the Superannuation Act, 1892.

(5) Every scheme made by the Commission under the foregoing sub-section shall be laid before each House of the Oireachtas as soon as may be after it is made and if either such House within the next subsequent twenty-one days on which it has sat after such scheme is laid before it, passes a resolution annulling such scheme, such scheme shall be annulled accordingly, but without prejudice to the validity of anything previously done there under.

Oath to be taken by Chairman, Commissioners and officers of the Commission.

32. —(1) The Chairman and every other member and every officer of the Commission shall, immediately after his election, nomination, or appointment and before he begins to act as such Chairman, member or officer, take and subscribe an oath in the following form:—

“I               do solemnly swear that I will not disclose any information in relation to the business, records or books of any bank which may come to my knowledge by virtue of my position as the Chairman or a member or an officer of the Currency Commission except to such persons only as shall act in the execution of the Currency Act, 1927 and where it shall be necessary to disclose the same to then for the purposes of the said Act.”

(2) The oath prescribed by the foregoing sub-section shall be made before a Peace Commissioner.

(3) Every person who acts as Chairman or other member of the Commission or as an officer of the Commission before he has made the oath prescribed by sub-section (1) of this section shall be guilty of an offence under this section and shall be liable on summary conviction thereof to a penalty not exceeding one hundred pounds.

Procedure of the Commission.

33. —(1) The Commission may, by rules or otherwise as it thinks fit, regulate its own procedure.

(2) Three Commissioners personally present shall form a quorum at a meeting of the Commission.

(3) Save as is otherwise provided in this Act, the Commission may act notwithstanding one or more vacancies in its membership.

(4) At any meeting of the Commission the Chairman may, in the event of an equality of votes, exercise a casting vote except in regard to any of the following matters, that is to say:—

(a) declaring an ordinary Commissioner to be disqualified from holding office as such Commissioner, or

(b) admitting a bank to be a Shareholding Bank, or

(c) removing a bank from being a Shareholding Bank, or

(d) fixing the maximum amount of consolidated bank notes which may under this Act be outstanding otherwise than on an extraordinary issue, or

(e) fixing the quota or proportion of consolidated bank notes which may under this Act be outstanding with a Shareholding Bank.

The seal of the Commission.

34. —(1) The Commission shall immediately upon its establishment provide itself with a seal.

(2) The seal of the Commission shall be authenticated by the signature of the Chairman or some other member of the Commission authorised by the Commission to act in that behalf and the counter-signature of the secretary or some other person authorised by the Commission to act in that behalf.

(3) Every document purporting to be an order or other instrument issued by the Commission and to be sealed with the seal of the Commission authenticated in the manner provided by this section shall be received in evidence and shall until the contrary is shown be deemed to be such order or instrument without proof of the authority or signatures of the persons signing or countersigning the same.

Accounts and records of the Commission.

35. —(1) The Commission shall keep all proper books of account and other books and records, and shall within six months after the end of every year prepare and transmit to the Comptroller and Auditor-General a statement of accounts in respect of such year in such form as shall be prescribed by regulations made under this section.

(2) The Comptroller and Auditor-General shall audit, certify, and report upon every statement of accounts transmitted to him by the Commission under this section and every such report of the Comptroller and Auditor-General together with the statement of accounts to which it relates shall be transmitted by him to the Minister who shall cause the same to be laid before Dáil Eireann as soon as conveniently may be.

(3) The Minister may, after consultation with the Commission, make regulations prescribing the form of statements of accounts to be prepared by the Commission under this section.

(4) Every regulation made by the Minister under this section shall be laid before Dáil Eireann as soon as may be after it is made and if Dáil Eireann shall, within the next subsequent twenty-one days on which it sits after such regulation is laid before it, pass a resolution annulling such regulation, such regulation shall be annulled accordingly without prejudice to the validity of anything previously done thereunder.

Reports and returns by the Commission.

36. —(1) The Commission shall within six months after the expiration of every year prepare and send to the Minister a report of its proceedings during such year and the Minister shall present every such report to each House of the Oireachtas immediately upon receiving the same.

(2) The Commission shall furnish to the Minister for publication in the Iris Oifigiúil such periodical returns in respect of the transactions of the Commission as the Minister shall from time to time direct.

Giving of information by bankers to the Commission.

37. —(1) The Commission may require any person carrying on in Saorstát Eireann the business of a banker (whether solely or in conjunction with other business) to furnish to the Commission such information in regard to his said banking business as the Commission may consider necessary or desirable for the due discharge of its functions under this Act.

(2) The Commission may require any bank which is mentioned in the Third Schedule to this Act or which though not so mentioned is for the time being a Shareholding Bank or any bank which holds a controlling interest in or in which a controlling interest is held by any such bank to afford the Chairman or a permanent officer of the Commission specially authorised in that behalf in writing by the Chairman such access to the books and records of the bank to which such requisition is made as the Commission may consider necessary or desirable for the due discharge of its functions under this Act.

(3) Every person who fails within the time limited in that behalf by the Commission to furnish to the Commission any information lawfully required of him by the Commission under this section and every bank which fails within the time limited in that behalf by the Commission to afford the Chairman or such officer as aforesaid any access to books or records lawfully required of it by the Commission under this section shall be guilty of an offence under this section and shall be liable on summary conviction thereof to a fine not exceeding fifty pounds for every day during which such failure is continued

(4) Information in regard to the business of a bank acquired by the Chairman or an officer of the Commission by the exercise of the powers of access to or inspection of books or records conferred by this Act shall not be communicated by the Chairman or such officer to any ordinary Commissioner in any form which would enable such information to be identified as relating to the dealings of such bank with any particular customer or other person.

Issue and redemption by the Commission of coins under the Coinage Act, 1926 .

38. —(1) The Minister, if he thinks fit so to do, may make such arrangements as he thinks proper to enable the Commission to issue on his behalf to any bank such amount of such coins provided by the Minister under the Coinage Act, 1926 (No. 14 of 1926) as such bank may require and to enable the Commission to redeem coins issued under the said Act by the Minister or under this section by the Commission on his behalf.

(2) All moneys received by the Commission for coins issued by it on behalf of the Minister under this section shall be carried to the general fund as deposits in the name either of the Minister or of the Commission on behalf of the Minister.

(3) The Minister may advance out of the Central Fund or the growing produce thereof all sums required or estimated to be required by the Commission for the redemption of coins under this section.