PART V.

Miscellaneous and General.

34. —(1) There shall be issued and paid from time to time out of the Central Fund or the growing produce thereof to a fund to be known and hereinafter referred to as the Savings Certificates (Interest Charge Equalisation) Fund such sums as the Minister for Finance may from time to time determine to be necessary for or towards meeting the liability for the interest heretofore accrued and hereafter accruing on moneys borrowed by the said Minister and for the time being outstanding on the security of savings certificates.

(2) The Savings Certificates (Interest Charge Equalisation) Fund shall be under the control of the Minister for Finance and the balances from time to time standing to the credit of that Fund and not required for making any payment thereout authorised by this section shall be kept invested in such manner as the said Minister shall direct in some one or more of the following investments, that is to say, stocks, funds, and securities mentioned in paragraphs (a), (b) and (c) of sub-section (1) of section 18 of the Adaptation of Enactments Act, 1922 (No. 2 of 1922), and securities guaranteed as to principal and interest by the Government of Saorstát Eireann.

(3) Whenever and so long as the amount of the investments and moneys to the credit of the Savings Certificates (Interest Charge Equalisation) Fund is equal to or exceeds the estimated liability then existing in respect of interest then accrued on moneys borrowed and then outstanding on the security of savings certificates, moneys payable in respect of interest to holders of savings certificates shall be paid out of the said Fund to such extent as the Minister for Finance shall direct.

(4) If and when all moneys borrowed by the Minister for Finance (whether before or after the passing of this Act) on the security of savings certificates have been fully repaid the Savings Certificates (Interest Charge Equalisation) Fund shall be wound up and the balance (if any) remaining to the credit thereof shall be paid into or disposed for the benefit of the Exchequer in such manner as the said Minister shall direct.

(5) In this section the expression “savings certificate” means a security issued by the Minister for Finance under which the purchaser thereof, by virtue of an immediate payment of a specified sum, becomes entitled after a specified period to receive a larger sum consisting of the said sum so originally paid and accumulated interest thereon.

35. —(1) Whenever a person who—

(a) at the passing of this Act was entitled to practise as a solicitor in Northern Ireland and also in Saorstát Eireann or would have been entitled so to practise but for his having entered into a contract to the contrary or his having omitted to obtain one or both of the stamped certificates in that behalf required by law or for both those reasons, and

(b) holds a certificate for the time being in force issued to him by the Registrar or person executing the office of Registrar of Solicitors in Northern Ireland after the 5th day of January, 1930, and duly stamped according to the law of Northern Ireland, and

(c) holds an unstamped certificate issued to him by the Registrar of the Incorporated Law Society of Ireland after the 5th day of January, 1930, which, if duly stamped, would for the time being be in force,

requires the Revenue Commissioners under section 12 of the Stamp Act, 1891, to express their opinion as to whether such unstamped certificate is chargeable with any duty and as to the amount of such duty (if any), the Revenue Commissioners when forming their said opinion shall deem such unstamped certificate to be duly stamped within the meaning of section 43 of the Stamp Act, 1891, to the extent of the amount of duty with which the certificate mentioned in the foregoing paragraph (b) appears to be stamped according to the law of Northern Ireland.

(2) This section shall come into force when and as soon as the Minister for Finance certifies in writing to the Revenue Commissioners that the Parliament of Northern Ireland has passed legislation giving relief in respect of the duty on certificates issued by the Registrar or person executing the office of Registrar of Solicitors in Northern Ireland corresponding to the relief given by this section in respect of the duty on certificates issued by the Registrar of the Incorporated Law Society of Ireland and this section shall cease to be in force if and when the said legislation ceases to be in force in Northern Ireland.

36. —Sub-section (1) of section 5 of the Finance (Customs and Stamp Duties) Act, 1929 (No. 5 of 1929) is hereby amended by the insertion of the words “debenture or” immediately before the words “debenture stock” now contained therein, and the said sub-section shall be construed and have effect accordingly.

37. —(1) Debentures, debenture stock and certificates of charge issued by The Agricultural Credit Corporation, Limited, shall not be liable to any taxation present or future so long as it is shown in manner to be prescribed by the Minister for Finance that they are in the beneficial ownership of persons who are neither domiciled nor ordinarily resident in Saorstát Eireann.

(2) In this section the expression “certificate of charge” has the same meaning as it has in the Agricultural Credit Act, 1927 (No. 24 of 1927).

38. —All taxes and duties imposed or continued by this Act (except the duties on mechanically propelled vehicles) are hereby placed under the care and management of the Revenue Commissioners.

39. —The several enactments specified in the Sixth Schedule to this Act are hereby repealed to the extent mentioned in the third column of that Schedule as on and from the 6th day of April, 1929.

40. —(1) This Act may be cited as the Finance Act, 1929.

(2) Part I of this Act shall be construed together with the Income Tax Acts, and Part III of this Act, so far as it relates to duties of customs shall be construed together with the Customs Acts, and so far as it relates to duties of excise shall be construed together with the British Statutes and Acts of the Oireachtas which relate to the duties of excise and the management of those duties.

(3) Part I of this Act shall, save as is otherwise expressly provided therein, be deemed to come into force on and shall take effect as on and from the 6th day of April, 1929.