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Dáil Éireann díospóireacht -
Thursday, 31 Oct 1935

Vol. 59 No. 2

Committee on Finance. - National Loan (Conversion) Bill, 1935—Committee Stage.

Sections 1 and 2 ordered to stand part of the Bill.
SECTION 3.

I move the following amendment:—

1. At the end of sub-section (1), to add a new paragraph as follows:—

(e) where an application under paragraph (b) of this sub-section is made after the 23rd day of November, 1935, and before the 1st day of January, 1936, and the Minister is satisfied that the failure to make such application on or before the said 23rd day of November was unavoidable owing to the absence from Saorstát Eireann of the person or one of the persons by whom such application is made, the Minister may, if he so thinks fit, direct that such application shall be received and that such steps as he may specify shall be taken to give effect to such application as if it had been made on the said 23rd day of November, and thereupon the Bank of Ireland and all other persons concerned shall carry out such direction and shall have in respect thereof such indemnity and discharge as if such direction were contained in this Act.

The amendment is designed to meet a point which was brought to my notice by Deputy Good, that is the case of those who may be unavoidably absent from Saorstát Eireann at the date for which the conversion has been announced and who may therefore not be in a position to take advantage of the offer or to avail of the opportunity to redeem their holdings.

Amendment put and agreed to.
Question proposed: "That Section 3, as amended, stand part of the Bill."

There is a point which I wish to raise in connection with the Minister's statement regarding application from persons who are investing in the loan other than persons who are converting. The date mentioned in the Bill up to which applications can be made is "not later than the 23rd November." I take it that the Minister is going to open his lists on the 23rd November. If a person pays in full on that date he is a week without any dividend on the 4 per cent. basis. That I confess might give rise to questions in another country, but here, apparently, a week is not considered a very long time to be out of investment money. Still, in justice to these people, they are entitled to be paid interest for the full time even though there is only a period of a week involved. A bank may charge interest for that time. It does not appear to be fair that such a person should get interest only as from the 1st December.

I shall bear the point which the Deputy has put forward in mind, but I think that cash, for amounts paid in full, need only be paid in on allotment, namely, on the 1st December.

Section put and agreed to.
SECTION 4.
Questions proposed: "That Section 4 stand part of the Bill."

In the course of the Second Reading debate yesterday Deputy Thrift inquired whether, in the case of an application made by trustees, the signatures of a majority of the trustees, or of a majority of the surviving trustees, as the case may be, would be required. The answer to that is yes. That is the practice, and that will prevail in regard to this operation also.

Sections 4 to 9, inclusive, and the Title, agreed to.
Bill reported with amendment.
FINAL STAGES.
Question—"That the Bill, as amended, be received for final consideration"—put and agreed to.
Question—"That the Bill do now pass"—put and agreed to.
Bill certified a Money Bill.
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