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22 1942

CENTRAL BANK ACT, 1942

PART VI.

Bankers' Licences and the Duties of Licensed Bankers.

Application of this Part of this Act.

46. —This Part of this Act does not apply to the Bank or to the Post Office Savings Bank or to any trustee savings bank certified (whether before or after the passing of this Act) under the Trustee Savings Banks Act, 1863.

Bankers' licences.

47. —(1) In this section, the expression “banking business” means a business which consists of or includes the acceptance of deposits payable on demand or on not more than seven days notice, but the acceptance by a trader of deposits from persons employed by him in his trading business or the acceptance by a trader in the normal course of his trading business of deposits from persons who are customers of that trading business or the acceptance by a trader of both those classes of deposits shall not of itself make the trading business of such trader a banking business for the purposes of this section.

(2) No person (other than a bank to which this Part of this Act does not apply) shall, on or after the 1st day of January next after the passing of this Act, carry on a banking business or hold himself out or represent himself as carrying on any business which is banking business within the meaning of this section unless he holds a banker's licence issued to him under this section and for the time being in force.

(3) Any person may apply to the Revenue Commissioners and obtain from them a licence (in this Act referred to as a banker's licence) authorising him to carry on banking business from the date of issue of such licence until the next following 31st day of December or, in the case of a licence issued by way of renewal of a licence which has not expired, from the 1st day of January next after the date of issue of the licence so issued until the next following 31st day of December.

(4) Every banker's licence and every application for a banker's licence shall be in the form prescribed by regulations made under this section and, if a stamp duty is payable by law on such licence, such application shall be accompanied by the amount of such duty and the payment of such duty shall be a condition precedent to the consideration of such application.

(5) Where the holder of a banker's licence (in this sub-section referred to as an existing licence) desires to obtain a banker's licence (in this sub-section referred to as a renewal licence) by way of renewal of such existing licence he may apply under this section for such renewal licence before but not more than one month before the expiration of such existing licence.

(6) The Revenue Commissioners shall send to the Bank in the month of January in every year a list containing the name and address of every person to whom a banker's licence expiring on the 31st day of December in that year has been issued under this section before the date on which such list is so sent, and shall also, whenever a banker's licence so expiring is issued under this section on or after the date on which such list is so sent, forthwith notify the Bank of the issue of such licence and of the name and address of the person to whom it is issued.

(7) The Revenue Commissioners may, with the consent of the Minister, make regulations prescribing forms for bankers' licences and applications therefor and the procedure generally in relation to applications for and the issue of bankers' licences.

(8) Every person who, in contravention of this section, carries on banking business or holds himself out or represents himself as carrying on any business which is banking business within the meaning of this section shall be guilty of an offence under this section and shall be liable on summary conviction thereof to a fine not exceeding one hundred pounds together with a further fine not exceeding ten pounds for every day during which such contravention is continued.

Publication of financial statements by licensed bankers.

48. —(1) In this section the word “year” means a period of twelve months beginning on the 1st day of January.

(2) On and after the 1st day of January next after the passing of this Act, section 108 (which relates to the publication of a certain financial statement by certain companies) of the Companies (Consolidation) Act, 1908, shall not apply or have effect in relation to a licensed banker.

(3) Every licensed banker, unless exempted by the Minister under this section,—

(a) shall post up and at all times keep posted up in a conspicuous place in every office, branch, or other place in which he carries on banking business and also, in the case of a limited company incorporated in the State, in the registered office of the company, a statement (in the form required by this section) in relation to the banking business carried on by him, and

(b) shall furnish on demand to every of his creditors and, in the case of a limited company, to every member of the company a copy of the latest such statement on payment of a sum not exceeding sixpence therefor.

(4) The Minister may at any time, if he so thinks proper, exempt from the provisions of the next preceding sub-section of this section a licensed banker who, immediately before the passing of this Act, carried on banking business in the State and was not then a company to which section 108 of the Companies (Consolidation) Act, 1908, applied.

(5) The statement required by this section to be posted up by a licensed banker shall, in the case of an Associated Bank, be in the form of a copy of its latest balance sheet and, in every other case, be in such form as shall be prescribed by the Minister or, until such form is so prescribed, in the same form as nearly as may be as the balance sheets of the Associated Banks.

(6) Every licensed banker who shall contravene (whether by act or omission) this section shall be guilty of an offence under this section and shall be liable on summary conviction thereof to a fine not exceeding one hundred pounds together with, in the case of a continuing offence, a further fine not exceeding five pounds for every day during which the offence is continued.

(7) Where a licensed banker who is a limited company commits an offence under this section, every director and every manager of such company who wilfully authorises or permits the offence shall also be guilty of the offence and be liable on summary conviction thereof to the penalty mentioned in the next preceding sub-section.

Publication of balance sheets by licensed bankers.

49. —(1) The Minister may, after consultation with the Board, make regulations for either or both of the following purposes, that is to say:—

(a) requiring licensed bankers to prepare and publish balance sheets at the times and intervals specified in such regulations;

(b) prescribing the form in which the balance sheets of licensed bankers are to be prepared.

(2) Regulations made under this section may prescribe different requirements in respect of different licensed bankers.

(3) Every licensed banker shall comply in all respects with every regulation made under this section and applicable to him, and if any licensed banker fails so to comply with any such regulation he shall be guilty of an offence under this section and shall be liable on summary conviction thereof to a fine not exceeding one hundred pounds.

Power to required deposit by licensed bankers in certain circumstances.

50. —(1) If at any time it should appear to the Board, with the concurrence of the Minister, that it is expedient so to do, it shall be lawful for the Board to make, with the consent of the Minister, regulations requiring every licensed banker to make with the Bank a deposit (not bearing interest) of a specified amount or calculated in a specified manner whenever after a specified date the assets held by him within the State fall below a specified proportion in relation to his liabilities within the State, and to maintain such deposit so long as such assets are below the said specified proportion.

(2) Regulations made under this section may prescribe different requirements in respect of different licensed bankers.

(3) If and whenever regulations made by the Board under this section are in force, it shall be the duty of every licensed banker to comply with such of those regulations as are applicable to him, and, if any licensed banker fails (whether by act or omission) so to do, he shall be guilty of an offence under this section and shall be liable on summary conviction thereof to a fine not exceeding one hundred pounds for every day during which such failure is continued.

Powers in respect of licensed bankers' clearances.

51. —(1) If at any time it should appear to the Board, with the concurrence of the Minister, that it is expedient so to do, it shall be lawful for the Board to make, with the consent of the Minister, regulations requiring every licensed banker to settle all or a particular class or particular classes (defined in the regulations) of his clearances by cheques drawn either (as shall be specified in the regulations) on the Bank or on an agent appointed for the purpose by the Bank and requiring every licensed banker, for the purposes of so settling such clearances, to make and maintain with the Bank such balances as may be necessary for the purpose.

(2) If at any time it should appear to the Board, with the concurrence of the Minister, that it is expedient so to do, it shall be lawful for the Board to make, with the consent of the Minister, regulations requiring every licensed banker to lodge with the Bank for clearance all such cheques, bills, notes, or other negotiable instruments (payable outside the State and lodged for clearance at an office in the State of such banker) as shall be prescribed in that behalf by the Board by or under the regulations.

(3) If and whenever regulations made by the Board under either of the foregoing sub-sections of this section are in force, it shall be the duty of every licensed banker to comply with those regulations and, if any licensed banker fails (whether by act or omission) so to do, he shall be guilty of an offence under this section and shall be liable on summary conviction thereof to a fine not exceeding one hundred pounds for every day during which such failure is continued.