PART IV

Miscellaneous Provisions Relating to Financial Transactions

131. —The Bankers' Books Evidence Act, 1879, is hereby amended—

(a) by the substitution of the following section for section 5:

“5. (1) A copy of an entry in a banker's book shall not be received in evidence under this Act unless it is further proved that—

(a) in the case where the copy sought to be received in evidence has been reproduced in a legible form directly by either or both mechanical and electronic means from a banker's book maintained in a non-legible form, it has been so reproduced;

(b) in the case where the copy sought to be received in evidence has been made (either directly or indirectly) from a copy to which paragraph (a) of this section would apply:

(i) the copy sought to be so received has been examined with a copy so reproduced and is a correct copy, and

(ii) the copy so reproduced is a copy to which the said paragraph (a) would apply if it were sought to have it received in evidence;

(c) in any other case, the copy has been examined with the original entry and is correct.

(2) Proof to which subsection (1) of this section relates shall be given—

(a) in respect of paragraph (a) or (b) (ii) of that subsection, by some person who has been in charge of the reproduction concerned,

(b) in respect of paragraph (b) (i) of that subsection, by some person who has examined the copy with the reproduction concerned,

(c) in respect of paragraph (c) of that subsection, by some person who has examined the copy with the original entry concerned,

and may be given either orally or by an affidavit sworn before any commissioner or person authorised to take affidavits.”,

(b) by the deletion in section 6 after “legal proceeding” of the words “to which the bank is not a party”,

(c) by the insertion of the following section after section 7:

“Extension of section 7.

7A. If, on an application made by a member of the Garda Síochána not below the rank of Superintendent, a court or a judge is satisfied that there are reasonable grounds for believing—

(a) that an indictable offence has been committed; and

(b) that there is material in the possession of a bank specified in the application which is likely to be of substantial value (whether by itself or together with other material) to the investigation of the offence;

a court or judge may make an order that the applicant or another member of the Garda Síochána designated by him be at liberty to inspect and take copies of any entries in a banker's book for the purposes of investigation of the offence.”,

(d) by the substitution of the following paragraph for paragraph (a) of subsection (2) of section 9 (as amended by the Bankers' Books Evidence (Amendment) Act, 1959 ):

“(a) include any records used in the ordinary business of a bank, or used in the transfer department of a bank acting as registrar of securities, whether—

(i) comprised in bound volume, loose-leaf binders or other loose-leaf filing systems, loose-leaf ledger sheets, pages, folios or cards, or

(ii) kept on microfilm, magnetic tape or in any non-legible form (by the use of electronics or otherwise) which is capable of being reproduced in a permanent legible form, and”

and

(e) by the substitution of the following section for section 11:

“11. Days which are non-business days for the purposes of, and to the extent provided by the Bills of Exchange Act, 1882, shall be excluded from the computation of time under this Act.”.

132. —(1) The Bills of Exchange Act, 1882, is hereby amended:

(a) in section 2:

(i) by the insertion of the following definition after the definition of “Bill”:

“‘Business days’ means those days which are not non-business days.”,

(ii) by the insertion of the following definition after the definition of “Issue”:

“‘Non-business days’ means—

(a) Saturday, except in a case and to the extent to which the proviso to the paragraph numbered (1) of section 14 of this Act applies,

(b) Sunday,

(c) such days as are public holidays, and

(d) where and to the extent that any direction under section 134 of the Central Bank Act, 1989, provides, such other day or days as so provided.”,

and

(iii) by the insertion of the following definition after the definition of “Person”:

“‘Public holiday’ has the same meaning as it has for the purposes of the Holidays (Employees) Act, 1973 .”,

(b) in section 14, by the substitution of the following paragraph for the paragraph numbered (1):

“(1) The bill is due and payable in all cases on the last day of the time of payment as fixed by the bill or, if that is a non-business day, on the succeeding business day:

Provided that nothing in this paragraph shall operate to prevent a bill being paid by the drawee on a Saturday (other than a Saturday that is a public holiday or to which paragraph (d) of the definition of ‘non-business days’ in section 2 of this Act relates) or cause him to incur any liability thereby, where—

(a) the drawee is a banker, and

(b) the Saturday concerned is the last day fixed by the bill as the time of payment, and

(c) the drawee is normally open for business on a Saturday at his address given in or ascertainable from the bill,

and, accordingly, presentation and payment of such a bill on the Saturday shall be valid and shall discharge it as fully as if it had been presented and paid on the next succeeding business day: but this provision shall not be construed as compelling the person entitled to payment on the bill to accept such payment on the Saturday.”,

(c) by the insertion of the following section after section 45:

“Additional rules as to presentment of cheques and other documents.

45A. (1) Subject to the provisions of this section, presentment for payment of a cheque may be made by a banker (in this section referred to as the ‘collecting banker’) on his own behalf or on behalf of a customer or any other person to the banker on whom it is drawn (in this section referred to as the ‘drawee banker’) by notification to the drawee banker of the essential features of the cheque other than by its physical presentment, whether by the transmission of an electronic message or by any other means.

(2) A drawee banker to whom a cheque is presented by notification in the manner provided for in subsection (1) of this section may, before the close of business on the next business day following receipt of such notification, request the collecting banker that the cheque be physically presented to him.

(3) A request by the drawee banker for physical presentment of a cheque in accordance with subsection (2) of this section shall not constitute dishonour of the cheque by non-payment.

(4) A cheque paid upon presentment in the manner provided for in subsection (1) of this section shall be deemed to have been paid in the ordinary course of business.

(5) Where a cheque is presented for payment by notification in the manner provided for in subsection (1) of this section, nothing in this section shall be taken to relieve the collecting banker or the drawee banker from any liability in relation to the collection or payment of the cheque to which the collecting banker or the drawee banker would have been subject if the cheque had been physically presented for payment.

(6) This section shall apply to—

(a) any document issued by a customer of a banker which, though not a bill of exchange, is intended to enable a person to obtain payment from that banker of the sum mentioned in the document,

(b) any document issued by a public officer which is intended to enable a person to obtain payment from the Paymaster General of the sum mentioned in the document but is not a bill of exchange, and

(c) any draft payable on demand drawn by a banker upon himself, whether payable at the head office or some other office of his bank,

as it applies to cheques.

(7) In this section, unless the context otherwise requires—

‘the essential features of the cheque’ includes—

(a) the serial number of the cheque,

(b) the identification code number of the drawee banker,

(c) the account number of the drawer of the cheque,

(d) the amount of the cheque as entered by the drawer of the cheque,

and any such particulars as may be given in the form of letters or figures or any other code which as between bankers represent those particulars;

‘physical presentment’ means presentment of a cheque for payment in accordance with banking practice other than as provided for in subsection (1).”.

(2) Nothing in the other provisions of this section shall apply to any bill drawn or, by virtue of section 89 of the Bills of Exchange Act, 1882, to any note made before the coming into operation of this section.

(3) This section shall come into operation one month after the passing of this Act.

133. —The Cheques Act, 1959 , is hereby amended by the insertion of the following section after section 3:

“3A. Where a cheque is paid upon presentment in the manner provided for in subsection (1) of section 45A (inserted by section 132 of the Central Bank Act, 1989) of the Bills of Exchange Act, 1882, the collecting banker (within the meaning of the said section 45A) shall, for the purpose of section 3 of this Act, be deemed to be the banker on whom the cheque is drawn.”.

134. —(1) Whenever the Minister considers it necessary in the national interest or for the purpose of safeguarding the currency of the State, he may, after consulting the Bank, give a direction that in respect of a specified day or days a person to whom the direction relates shall not effect in the course of business any transaction, or any transaction of such a kind, as may be specified in the direction.

(2) The Minister may after consulting the Bank grant an exemption from all or part of a direction under this section to any person to whom it relates where he is satisfied that such an exemption would not adversely affect the national interest or the integrity of the currency of the State.

(3) In respect of every direction or exemption under this section, it shall be—

(a) in writing or put in writing as soon as possible after the direction has been given or the exemption has been granted, as the case may be, and

(b) either—

(i) sent in writing or, where notified orally, confirmed in writing to the person or persons concerned, or

(ii) published in the Iris Oifigiúil,

as soon as possible after having been so given or so granted, as the case may be:

Provided that failure to comply with this subsection shall not invalidate a direction duly given, or an exemption duly granted, under this section.

(4) Every direction under this section shall be in such form and manner as the Minister considers necessary and appropriate and may be given to all or any of the following persons, that is to say:

(a) the holder of a licence under the Central Bank Act, 1971 , or a person exempted from holding such a licence by virtue of section 7 (4) of that Act;

(b) a person dealing in foreign currencies;

(c) a person dealing in gold coin or bullion;

(d) a person dealing in silver coin or bullion;

(e) a person dealing in financial futures;

(f) a person dealing in futures in any commodity;

(g) a member of the Stock Exchange Irish in respect of any transaction on that exchange;

(h) such other person or persons as appears to the Minister to be necessary to give a direction to under subsection (1).

(5) An obligation on a person to do or carry out something on a day on which he is prevented, by virtue of a direction under this section, from so doing or carrying out, shall be deemed to be complied with if he does it or carries it out as soon as practicable thereafter.

(6) (a) A person who contravenes a direction under this section or who knowingly or recklessly gives either directly or indirectly misleading information to the Minister or the Bank for the purpose of assisting any person to obtain an exemption from such a direction shall be guilty of an offence and shall be liable—

(i) on summary conviction, to a fine not exceeding £1,000 or, at the discretion of the court, to imprisonment for a term not exceeding 12 months, or to both, or

(ii) on conviction on indictment, to a fine not exceeding £50,000 or, at the discretion of the court, to imprisonment for a term not exceeding 5 years, or to both.

(b) Where a person has been convicted under paragraph (a) of a contravention of a direction and the contravention is continued after conviction, he shall be guilty of an offence on every day on which the contravention continues after conviction in respect of the original contravention and for each such offence he shall be liable on summary conviction to a fine not exceeding £100 or on conviction on indictment to a fine not exceeding £5,000.

(7) In this section “foreign currency” has the same meaning as it has in the Exchange Control Act, 1954 .

135. —(1) No person shall be compellable to make any payment or do any act on a public holiday which he would not be compellable to make or do on Christmas Day or Good Friday by virtue of any rule of law.

(2) Where a person would, apart from this section, be compellable to make any payment or to do any act on a public holiday, his obligation to make such payment or to do such act shall be deemed to be complied with if he makes or does it on the next following day on which he is compellable to make or do it.

(3) In this section “public holiday” has the same meaning as it has for the purposes of the Holidays (Employees) Act, 1973 .

136. —The Money-lenders Act, 1900, is hereby amended:

(a) in section 6—

(i) by the substitution in paragraph (d) of “the holder of a licence for the time being in force granted under section 9 of the Central Bank Act, 1971 , or any person bonâ fide and otherwise carrying on the business of banking, or” for “any person”, and

(ii) by the insertion of the following paragraph after paragraph (d):

“(dd) a company to which a certificate has been given by the Minister for Finance under Section 39B of the Finance Act, 1980 (inserted by the Finance Act, 1987 ), and which has not been revoked; or”,

(iii) by the substitution of the following paragraph for paragraph (e):

“(e) any class or classes of body corporate in respect of which the Minister for Industry and Commerce, by order made from time to time declares that, from such date as he may specify in such order, this Act does not apply; or”,

(b) by the insertion of the following section after section 6:

“6A. The date specified for the purposes of an order under section 6 (e) of this Act may be a date earlier than the date upon which the order is made if, but only if—

(a) the Minister for Finance consents to the date being specified, and

(b) such date is not a date earlier than the 1st day of September, 1971.”,

and the said section 6 (other than paragraphs (a) to (c) and paragraphs (dd) to (f)) as so amended, is set out in the Table to this section.

TABLE

6. The expression “money-lender” in this Act shall include every person whose business is that of money-lending, or who advertises or announces himself or holds himself out in any way as carrying on that business; but shall not include—

(d) the holder of a licence for the time being in force granted under section 9 of the Central Bank Act, 1971 , or any person bonâ fide and otherwise carrying on the business of banking, or bonâ fide carrying on the business of insurance or bonâ fide carrying on any business not having for its primary object the lending of money, in the course of which and for the purposes whereof he lends money; or

137. —(1) Section 1 (which specifies the investments which trustees may invest in) of the Trustee Act, 1893 (as amended by the Trustee (Authorised Investments) Act, 1958 ) is hereby amended by the insertion of the following paragraph after paragraph (i):

“(ii) subject to section 137 (2) of the Central Bank Act, 1989, in an interest bearing deposit account with the Central Bank of Ireland;”.

(2) The provision in section 1 of the Trustee Act, 1893, which authorises a trustee to invest in an interest bearing deposit account with the Bank shall not be construed as imposing an obligation on the Bank to accept trust funds for deposit with it.

138. —(1) Where—

(a) the Minister proposes to make an order under section 2 of the Trustee (Authorised Investments) Act, 1958 , for the purpose of varying the investments specified in section 1 of the Trustee Act, 1893 (as amended by or under the said Act of 1958) by the deletion therefrom of an interest bearing deposit account with any body (whether incorporated or not) specified therein (hereinafter in this section referred to as “the relevant body”), and

(b) the Minister has, if relevant, consulted and received the consent to the making of an order of any supervisory authority concerned, and

(c) at least one of the events specified in subsection (2) has occurred in respect of the relevant body,

then the provisions of subsections (2) and (3) of section 2 of the said Act of 1958 shall not apply.

(2) The events to which subsection (1) (c) relates are that in respect of a relevant body—

(a) where the carrying on of any business involving interest bearing deposit accounts requires the relevant body to be licensed by, registered with or the holder of some other form of authorisation from a supervisory authority, and the licence, registration or other authorisation has been revoked, withdrawn or otherwise ceases to subsist,

(b) it has become insolvent or suspends any payments lawfully due,

(c) it is being wound up,

(d) it has become subject to an order of a court concerning—

(i) the taking of deposits,

(ii) the making of payments,

(iii) its management, or

(iv) the control of its management,

(e) it has been convicted on indictment of an offence under the Acts regulating it or of an offence involving fraud, dishonesty or breach of trust,

(f) where the relevant body is not a body corporate, any of its officers have—

(i) become subject to an order of a court concerning the taking of deposits or the making of payments in respect of, or relating to the management or control of the management of, the relevant body, or

(ii) been convicted on indictment of an offence under the Acts regulating the relevant body or of an offence concerning it involving fraud, dishonesty or breach of trust,

(g) where the relevant body is incorporated outside the State, then in respect of that body any of the events specified in paragraphs (a) to (e) or any event in the place of incorporation which, in the opinion of the Minister, corresponds to an event so specified.

(3) Every order made, by virtue of this section, under subsection (1) of section 2 of the Trustee (Authorised Investments) Act, 1958 , 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 21 days on which it has sat after such order is laid before it, passes a resolution annulling such order, such order shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.

(4) In this section “supervisory authority” means, in respect of a relevant body—

(a) where the carrying on of any business, involving (either in whole or in part) interest bearing deposit accounts, requires the relevant body to be licensed by, registered with or the holder of some other form of authorisation from—

(i) the Government,

(ii) a Minister of the Government or his Department, or

(iii) any other person,

by virtue of any enactment, the Government or such Minister of the Government or his Department or other person, as the case may be, or

(b) where the carrying on of any business by or in respect of the relevant body includes business relating to interest bearing deposit accounts which is subject to supervision by—

(i) the Government,

(ii) a Minister of the Government or his Department, or

(iii) any other person,

by virtue of any enactment, the Government or such Minister of the Government or his Department or other person, as the case may be.

139. —(1) Notwithstanding anything to the contrary contained in any enactment, or in any prospectus or other document, relating to the terms of issue, holding or transfer of designated securities, a transfer of such securities may be made and shall be effective if made through a computerised system established by the Bank.

(2) (a) In subsection (1) “designated securities” means securities which have been designated by the Minister for the purposes of that subsection either—

(i) by particular reference to a security of a named type, or

(ii) generally by reference to a class or classes of securities (including, where so designated, future issues of a class or classes of securities).

(b) A designation for the purposes of subsection (1) shall not be effective until communicated in writing to the Bank.

(3) Section 1 of the Stock Transfer Act, 1963 , is hereby amended by the addition of the following subsection:

“(2) References in this Act to ‘a stock transfer’ shall, in addition to applying to an instrument under hand in a form set out in the First Schedule to this Act, be construed, where the context so allows, as including a transfer to which section 139 of the Central Bank Act, 1989, applies as if it were a transfer in a form so set out and in respect of which no brokers transfer is necessary.”.

140. —(1) A requirement imposed on any person by any enactment to retain for a specified period any voucher (by whatever name called) relating to an entry in the books of account of a holder of a licence under section 9 of the Central Bank Act, 1971 (as amended by this Act), in respect of any matter, transaction or account between such person and the holder of the licence shall be satisfied if such person or the holder of the licence retains a complete record of the information on such voucher by recording it on microfilm, magnetic tape or in any non-legible form (by use of electronics or otherwise) which is capable of being reproduced in a permanent legible form.

(2) Where information on a voucher to which subsection (1) relates is retained by the person concerned or by the holder of the licence under section 9 of the Central Bank Act, 1971 (as amended by this Act), by recording it in accordance with that subsection, then any duty imposed on that person or that holder by any enactment to allow inspection of, or furnish the original or a copy of, the voucher shall be treated as a like duty in the alternative to allow inspection of, or furnish a reproduction of, the information so retained, or of the relevant part of it, in a legible form.

141. —(1) The Bankers' Books Evidence Acts, 1879 and 1959, section 131 and this subsection may be cited together as the Bankers' Books Evidence Acts, 1879 to 1989.

(2) The Bills of Exchange Act, 1882, the Cheques Act, 1959 , section 132 and this subsection shall be construed together as one and be cited together as the Bills of Exchange Acts, 1882 to 1989.

(3) The Moneylenders Acts, 1900 and 1933, section 136 and this subsection may be cited together as the Moneylenders Acts, 1900 to 1989.

(4) The Trustee Acts, 1888 to 1958, sections 137 and 138 and this subsection may be cited together as the Trustee Acts, 1888 to 1989.