Urban Stock (Amendment) Regulations, 1928, Confirmation Order, 1930.

S.I. No. 29/1930 - The Urban Stock (Amendment) Regulations, 1928, Confirmation Order, 1930. STATUTORY RULES AND ORDERS. 1930. No. 29. THE URBAN STOCK (AMENDMENT) REGULATIONS, 1928, CONFIRMATION ORDER, 1930. AND WHEREAS the said Urban Stock (Amendment) Regulations, 1928, have been laid before each House of the Oireachtas for not less than thirty days during which each such House sat, and neither House during such thirty days has resolved that the said Regulations ought not to be proceeded with: AND WHEREAS it is expedient that the said Urban Stock (Amendment) Regulations, 1928, should be confirmed: Adaptation of Enactments Act, 1922 (No. 2 of 1922) do hereby confirm the said Urban Stack (Amendment) Regulations, 1928, as set forth in the Schedule hereto. JAMES McNEILL. Governor General. This 15th day of March, 1930. DEPARTMENT OF LOCAL GOVERNMENT AND PUBLIC HEALTH. URBAN STOCK (AMENDMENT) REGULATIONS, 1928. AND WHEREAS it is expedient to amend the said Regulations in manner hereinafter appearing: AND WHEREAS in pursuance of the Ministers and Secretaries Act, 1924 , the business, powers, duties and functions of the said Local Government Board for Ireland are now administered by the Minister for Local Government and Public Health: Adaptation of Enactments Act, 1922 , and the Ministers and Secretaries Act, 1924 , do hereby Order and prescribe as follows, that is to say: Article 1.—These regulations shall be read as one with the Urban Stock Regulations, 1892 and 1903, and may be cited as the Urban Stock (Amendment) Regulations, 1928, and with the Urban Stock Regulations, 1892 and 1903, as the Urban Stock Regulations, 1892 to 1928. Article 2.—Paragraph 7 of Article 14 of the Urban Stock Regulations 1892; shall have effect as if the words "on or before the date at which the stock is first redeemable at par at the option of the urban authority" were substituted for the words "within the period within which the stock is to be extinguished" at the end of chat paragraph. Article 3.—The following provisions shall be substituted for the last paragraph of article 14 of the Urban Stock Regulations, 1892, commencing with the words "For the purpose of":— When the urban authority redeem or purchase and extinguish stock by the application of any part of the redemption fund, the stock so redeemed or purchased and extinguished shall be deemed to be stock issued in respect of such one or more of the statutory borrowing powers exercised by the creation and issue of stock, and if in respect of more than one, in such proportion as the urban authority shall, before or within three months after The redemption or purchase direct, or in default of such direction, as the Minister for Local Government and Public Health shall determine; provided that no larger amount of stock shall be deemed to be redeemed or purchased and extinguished in respect of am statutory borrowing power than the amount which according to the actual price of redemption or purchase, could be redeemed or purchased with the contributions paid into the redemption fund in respect of that borrowing power and the accumulations (if any) thereon. Article 4.—Article 16 of the Urban Stock Regulations, 1892, shall have effect as if there were added to the said Article the following proviso, that is to say:— Provided as follows— (1) Where the urban authority have any statutory borrowing power and are authorised to exercise the statutory borrowing power by the creation and issue of stock, the urban authority, instead of raising moneys in the exercise of the statutory borrowing power by the creation and issue of additional stock, may with the consent of the Minister for Local Government and Public Health first had and obtained subject to this proviso, exercise the statutory borrowing power, either wholly or partially, by using for the purpose any moneys for the time being forming part of the redemption fund and standing to the credit of any separate account or separate accounts forming part of the general account of that fund. (2) Where the urban authority determine to proceed in the manner authorised by paragraph (1) of this proviso, the urban authority shall pass a resolution approved by the Minister for Local Government and Public Health to that effect, and shall, by the resolution, prescribe all such matters or things as are in this proviso referred to as prescribed or in pursuance of this proviso are required to be prescribed; and, after passing the resolution, the urban authority shall— ) withdraw from the redemption fund the prescribed sum which shall be equal to the amount of the statutory borrowing power proposed to be exercised, and such sum shall be deemed to be withdrawn from such separate account or separate accounts in the general account of the redemption fund as shall be prescribed; and ) deduct, from the amount of stock for the time being chargeable to the undertaking or purpose or attributable to the exercise of the statutory borrowing power to which a separate account prescribed as aforesaid has reference, a portion of stock at par value, or at such other value as the Minister for Local Government and Public Health may direct, equal to the sum withdrawn from that separate account, and transfer that portion of stock, as from the prescribed date, to the separate account relative to the undertaking or purpose for or in respect of which the statutory borrowing power is exercised under this proviso. (3) These regulations shall apply— ) to the moneys withdrawn from the redemption fund and used as aforesaid as though the moneys so withdrawn had been applied in the redemption of stock at par or at such other value as the Minister for Local Government and Public Health may direct on the separate account or separate accounts from which the moneys were with-drawn, and as though the moneys so used had been raised by the issue of additional stock for the purposes of the separate account in respect of which the statutory borrowing power is exercised under this proviso; and ) to the stock deducted and transferred as though the stock so deducted had, in pursuance of these regulations, been redeemed by the application of the redemption fund on the separate account or separate accounts from which the stock was deducted but subject to the condition that such stock shall not be cancelled, and as though the stock so transferred were additional stock expressly issued for the purposes of the separate account in respect of which the statutory borrowing power is exercised under this proviso. (4) Where any stock deducted as aforesaid has been transferred to the separate account of the undertaking or purpose in respect of which the statutory power is exercised at a value under par in accordance with paragraph (2) ( ) of this proviso the annual contribution to the redemption fund chargeable to the separate account to which the stock deducted had reference may, subject to the approval of the Minister for Local Government and Public Health, and notwithstanding anything contained in article 14 (6) of these regulations, be temporarily or permanently reduced. Article 5.—For the proviso to article 22 of the Urban Stock Regulations, 1892, there shall be substituted the following proviso, that is to say:— Provided that if, after the raising of any money by stock under these regulations it shall be found that any part of such money is not required for the purposes to which it is applicable as aforesaid, the urban authority shall pay such money into the redemption fund, and shall carry the same to the proper separate account forming part of the general account of the redemption fund. Article 6.—Paragraph (1) of Article 58 of the Urban Stock Regulations, 1892, shall be amended by the substitution for the words "including any sum paid by them for composition for stamp duty thereon and any other expenses" of the words "so far as they are." Article 7.—Where stock has been issued at a price lower than one hundred pounds stock for one hundred pounds sterling so much of the stock as represents the difference between the price of the stock as issued and its nominal value shall for the purpose of article 14 of the Urban Stock Regulations, 1892, as amended by these Regulations, be treated as a loan authorised by a statutory borrowing power and repayable on or before the date at which the stock is first redeemable at par at the option of the urban authority, and that article shall be read and have effect accordingly. Given under My Official Seal, this Twenty-fourth day of July, in the Year of Our Lord One Thousand Nine Hundred and Twenty-eight. (Signed), RISTEARD UA MAOLCHATHA, Minister For Local Government and Public Health.