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Seanad Éireann debate -
Wednesday, 27 Jun 1951

Vol. 39 No. 14

Government Loans (Conversion) Bill, 1951 ( Certified Money Bill )— Second and Subsequent Stages.

Question proposed: "That the Bill be now read a Second Time."

This Bill is necessitated by the fact that our predecessors in government decided to convert four national loans which may be redeemed at the option of the Government some time in the year 1950. The decision to carry through this conversion operation was taken by our predecessors, the conversion offer was made on the 8th June and the time for making decisions as between redemption and conversion will formally end on the 7th of next month. The principal object of the Bill is to clear the way for trustees, executors and administrators to accept the conversion offer. Certain of the stocks are of course, an authorised trustee investment under the Adaptation of Enactments Act, 1922, but in case a trustee should be in any doubt as to his right to accept this stock rather than accept cash and then look around for a more acceptable investment, the Act will provide that these trustees and others, acting in a fiduciary capacity, shall have express authority to accept the conversion.

That is the principal purpose of the Bill and I shall be very grateful again if the House would be good enough to give me, not only the Second Reading to-day, but all stages.

This is a Bill which the previous Government would have introduced if it had been in office and it illustrates the principle that in connection with people who loan money to the State there can be continuity of Government policy. For this reason, I again agree with the Minister—we are having a marvellous time in agreeing to-day—not only about the Second Stage, but the other stages.

Question put and agreed to.
Agreed, to take the remaining stages now.

On the Committee Stage, I shall naturally be glad to deal, if necessary, with any points Senators wish to raise on the several provisions of the Bill.

Bill passed through Committee, reported without recommendation, received for final consideration, and ordered to be returned to the Dáil.
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