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EXCHEQUER AND FINANCIAL PROVISIONS ACT (NORTHERN IRELAND) 1950 - SECT 16

Power to extend currency of Ulster Savings Certificates and to issue securities in exchange.

16.(1) Notwithstanding anything in any regulations made or directions given
under any enactment or any conditions relating to the issue of Ulster Savings
Certificates, the Ministry may from time to time [by regulations made under
the last preceding section provide] that the currency of any Ulster Savings
Certificates to which [the regulations apply] shall be prolonged to such
extent and on such conditions as to interest and otherwise as may be specified
in [those regulations].

(2) The Ministry may make arrangements for enabling the holders of any Ulster
Savings Certificates to exchange them (whether on or before maturity) for

(a)Ulster Savings Certificates of an issue later than that of the Ulster
Savings Certificates to be exchanged; or

(b)any securities issued by virtue of paragraph (c) of sub-section (1) of
section eleven of this Act, or of an order made thereunder; or

(c)any Loans stock issued under section three of the Government Loans Act
(Northern Ireland), 1939, or Loans securities issued under section four of
that Act,

(3) Regulations made by the Ministry under the last preceding section may make
provision for carrying into effect the provisions of this section as to the
issue of securities in exchange for Ulster Savings Certificates.

(4) Nothing in this section or in any regulation, ... or arrangement made
thereunder shall prejudice the right of any holder of an Ulster Savings
Certificate, if he so desires, to have the amount payable under the
certificate paid to him on or before maturity.

(5) In this section the expression "currency" in relation to an Ulster Savings
Certificate, means the period at the expiration of which the certificate is
required to be redeemed or repaid.[

© 1950 Crown Copyright

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