Exchange Control Act, 1954
Acts of the Oireachtas
Source: Acts of the Oireachtas

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paragraphs: —This Act may be cited as the Exchange Control Act, 1954.
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paragraphs: —(1) This Act shall come into operation on such day or days as, by order or orders made by the Minister, may be fixed therefor either generally or with reference to any particular purpose or provision, and different days may be so fixed for different purposes and different provisions.
(2) This Act shall continue in operation until the 31st day of December, 1958, and shall then expire.
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paragraphs: —In this Act—
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paragraphs: —(1) Except with the permission of the Minister, a person, other than an authorised dealer, shall not buy or borrow any gold or foreign currency from, or sell or lend any gold or foreign currency to, any person other than an authorised dealer.
(2) The buying, borrowing, selling or lending of gold or foreign currency by an authorised dealer shall be subject to such directions as may be given by the Minister under section 26.
(3) (a) Every person who is entitled to sell, or procure the sale of, any foreign currency to which this subsection applies, and is not an authorised dealer, shall offer it, or cause it to be offered, for sale to an authorised dealer at such price as may for the time being be determined by the Minister, unless the Minister permits his retention and use thereof or he disposes thereof to any other person with the permission of the Minister.
(b) The foreign currency to which this subsection applies is such foreign currency (in this Act referred to as “specified currency”) as may be prescribed.
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paragraphs: —Except with the permission of the Minister, a person shall not—
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paragraphs: —Except with the permission of the Minister, a person shall not—
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paragraphs: —Notwithstanding any other provision of this Act, an authorised dealer may, in accordance with a direction given by the Minister under section 26—
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paragraphs: —Except with the permission of the Minister, a person shall not issue any security to a person who is resident outside the scheduled territories or who is a nominee of a person so resident.
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paragraphs: —(1) Except with the permission of the Minister, a person shall not transfer—
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paragraphs: —Except with the permission of the Minister, a person shall not issue any bearer certificate or coupon or so alter any document that it becomes a bearer certificate or coupon.
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paragraphs: —Except with the permission of the Minister, a person shall not do any act with intent to secure—
(a) that a security which is—
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paragraphs: —Except with the permission of the Minister, a person shall not do any act with intent to secure that—
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paragraphs: —Except with the permission of the Minister, a person concerned with the keeping of any register shall not—
(a) enter in the register the name of any person unless there is produced to him such evidence as may be prescribed that the entry does not form part of a transaction involving a contravention of any of the provisions of this Act, or
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paragraphs: —(1) Except with the permission of the Minister, a person, by whom or to whose order (either directly or indirectly) a certificate of title to a reserved security is held, shall cause the certificate to be kept in the custody of an authorised depositary.
(2) Except with the permission of the Minister—
(a) an authorised depositary shall not release or destroy any certificate of title to a reserved security or any coupon,
(b) an authorised depositary shall not do any act recognising or giving effect to the substitution (otherwise than by operation of law) of one person for another as the person from whom he receives an instruction in relation to a certificate of title to a reserved security.
(3) Except with the permission of the Minister, capital moneys, interest or dividends shall not be paid in the State on any reserved security except to, or to the order of, the authorised depositary with whom the certificate of title to the security is deposited.
(4) Except with the permission of the Minister, a person shall not detach any coupon from a certificate of title to securities with coupons otherwise than in the normal course for collection.
(5) A person depositing a certificate of title to a reserved security with an authorised depositary shall furnish such information as to ownership as the authorised depositary may require.
(6) For the purposes of this section—
(a) a certificate of title shall be deemed not to be in the custody of an authorised depositary if he has no notice of the nature of the certificate or if it is in a locked or sealed receptacle from which he is not entitled to have it removed,
(b) a certificate of title shall be deemed to be in the custody of an authorised depositary if it is in the custody of another person who holds it by order and on behalf of an authorised depositary.
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paragraphs: —(1) The importation of—
(a) any certificate of title to any reserved security, including any such certificate which has been cancelled and any document certifying the destruction, loss or cancellation of any certificate of title to a reserved security, or
(b) any coupon,
is hereby prohibited except with the permission of the Minister.
(2) The importation from any place not in Northern Ireland, Great Britain, the Channel Islands or the Isle of Man of any notes which are or have been at any time legal tender in Northern Ireland, Great Britain, the Channel Islands and the Isle of Man, or any part thereof, or of any bank notes of any bank of issue in Northern Ireland, Great Britain, the Channel Islands or the Isle of Man, is hereby prohibited except with the permission of the Minister.
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paragraphs: —(1) The exportation of—
(a) any gold,
(b) any certificate of title to a reserved security (including any such certificate which has been cancelled) or any document certifying the destruction, loss or cancellation of any such certificate, or
(c) any coupon,
is hereby prohibited except with the permission of the Minister.
(2) The exportation to any place not in Northern Ireland, Great Britain, the Channel Islands or the Isle of Man of—
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paragraphs: —(1) The exportation of goods of any class or description to a destination in any territory, other than the scheduled territories, is hereby prohibited, except with the permission of the Minister, unless—
(a) (i) there is produced to the Revenue Commissioners the prescribed evidence that payment for the goods in such manner as may be prescribed in relation to goods of that class or description exported to a destination in that territory has been made to a person in the State, and
(ii) the Revenue Commissioners are satisfied that the amount of the payment that has been made is such as to represent a return for the goods which is, in all the circumstances, adequate, or
(b) the Revenue Commissioners are satisfied that—
(i) payment for the goods in such manner as may be prescribed in relation to goods of that class or description exported to a destination in that territory is to be made to a person in the State within six months after the date of the exportation, and
(ii) the amount of the payment that is to be made is such as to represent a return for the goods which is, in all the circumstances, adequate.
(2) (a) For the purpose of satisfying themselves in the case of any goods as to the matters specified in paragraphs (a) and (b) of subsection (1) of this section and without prejudice to the powers conferred by section 24 of the Finance Act, 1938 (No. 25 of 1938), the Revenue Commissioners may require the person making entry of the goods for export to deliver to the collector or other proper officer of customs, together with the entry, such declarations, signed by such persons, and such documents as the Revenue Commissioners think fit.
(b) Where a person is required to deliver a declaration or a document under this subsection, the goods shall not be exported until the declaration or document has been delivered.
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paragraphs: —(1) The Customs Acts shall, subject to such modifications, if any, as may be prescribed to adapt them to this Act, apply, in relation to any thing prohibited to be imported or exported by any of the provisions of this Act except with the permission of the Minister, as they apply in relation to goods prohibited to be imported or exported by or under any of the said Acts, and any reference in the said Acts to goods shall be construed as including a reference to any thing prohibited to be imported or exported by any of the provisions of this Act except with the permission of the Minister.
(2) References in this section to the Customs Acts shall be taken as including references to section 14 of the Post Office (Parcels) Act, 1882 (which, as amended by section 7 of the Post Office (Amendment) Act, 1951 (No. 17 of 1951), applies the Customs Acts to goods contained in foreign parcels and postal packets and provides that goods may be examined, seized and forfeited accordingly) and to section 18 of the Post Office Act, 1908 (which enables the Minister for Posts and Telegraphs to detain and forward to the Revenue Commissioners for opening and detention for the purpose of prosecution any postal packet suspected to contain contraband goods).
(3) Any declaration required to be given under section 17 shall, for the purposes of section 168 of the Customs Consolidation Act, 1876 (under which making false declarations in matters relating to customs is an offence), be deemed to be a declaration in a matter relating to customs.
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paragraphs: —(1) Without prejudice to any powers conferred by the Customs Acts, a person (in this section referred to as the traveller) who, on any occasion, is about to leave the State or arrives in the State shall, if on that occasion he is required to do so by an officer of customs and excise or an authorised officer—
(a) declare whether or not he has with him any thing prohibited to be imported or exported by any of the provisions of this Act except with the permission of the Minister, and
(b) produce any such thing as aforesaid which he has with him.
(2) The officer may examine or search any article which the traveller has with him for the purpose of ascertaining whether he is conveying or has in his possession any such thing and, if the officer has reasonable grounds for suspecting that the traveller has about his person any such thing, he may search the traveller, and the officer may seize any thing produced as aforesaid or found upon such examination or search as aforesaid as to which the officer has reasonable grounds for suspecting that it is prohibited to be imported or exported by any of the provisions of this Act except with the permission of the Minister, unless the traveller produces evidence showing that he is exporting or importing the thing in accordance with this Act.
(3) A female shall not be searched in pursuance of this section except by a female.
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paragraphs: —(1) Every person who contravenes (whether by act or omission) or attempts so to contravene any provision of, or any restriction or requirement imposed by or under, this Act shall be guilty of an offence under this section.
(2) Every person who aids, abets, assists, counsels or procures another person, or conspires with another person, to commit an offence under this section, shall himself be guilty of an offence under this section.
(3) Every person who, knowing that another person has committed an offence under this section, gives that person any assistance with intent thereby to prevent, hinder or interfere with the apprehension, trial or punishment of that other person for the offence shall himself be guilty of an offence under this section.
(4) Where an offence under this section or an offence consequent on section 18 is committed by a body corporate and is proved to have been so committed with the consent or approval of, or to have been facilitated by any neglect on the part of, any director, manager, secretary, or other officer of such body corporate, such director, manager, secretary, or other officer shall also be guilty of the offence.
(5) Every person who, being ordinarily resident in the State, commits, whether within or without the State, an offence under this section and every person who, not being ordinarily resident in the State, commits within the State an offence under this section shall—
(a) on summary conviction of the offence, be liable to a fine not exceeding five hundred pounds (together with, in the case of a continuing offence, a further fine not exceeding ten pounds for every day on which the offence is continued) or, at the discretion of the Court, to imprisonment for a term not exceeding six months or to both such fine and imprisonment, or
(b) on conviction of the offence on indictment, be liable to a fine not exceeding five thousand pounds (together with, in the case of a continuing offence, a further fine not exceeding fifty pounds for every day on which the offence is continued) or, at the discretion of the Court, to imprisonment for a term not exceeding two years or to both such fine and such imprisonment.
(6) Where a person is convicted of an offence under this section, the Court may, in addition to the punishment to which such person is liable under subsection (5) of this section, direct that any currency, any security, any gold, any goods or any other property, in relation to or by means of which the offence was committed, be forfeited, and anything so forfeited shall be disposed of in such manner as the Minister may direct.
(7) An offence consequent upon section 18 shall not be punishable under this section.
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paragraphs: —(1) Where—
(a) a person is convicted of an offence under section 20 by reason of his failure, neglect or refusal to comply with any provision requiring him to perform a specified act within a specified period or before a specified date, and
(b) the act remains, after the date of such conviction, unperformed by him,
that person shall be guilty of an offence under this section and shall be liable on summary conviction thereof to a fine not exceeding ten pounds for each day on which the act remains unperformed by him or, at the discretion of the Court, to imprisonment for a term not exceeding six months or to both such fine and such imprisonment.
(2) An offence under this section shall be a continuing offence and accordingly fresh proceedings in respect thereof may be taken from time to time.
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paragraphs: —Proceedings in the District Court in relation to an offence under section 20 or 21 may be brought and prosecuted by the Minister.
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paragraphs: —Except with the permission of the Minister, a person who has a right (whether present or future and whether actual or contingent) to receive any specified currency, or any payment from a person resident outside the scheduled territories, shall not do or refrain from doing, any act with intent to secure—
(a) that the receipt by him of the whole or part of the currency or payment is delayed, or
(b) that the currency or payment ceases, in whole or in part, to be receivable by him.
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paragraphs: —(1) Except with the permission of the Minister, a person shall not lend any money or securities to any body corporate resident in the scheduled territories which is by any means controlled (whether directly or indirectly) by persons resident outside the scheduled territories.
(2) This section shall not apply where the lender after making such inquiries as are reasonable in the circumstances of the case does not know and has no reason to suspect that the body corporate is so controlled.
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paragraphs: —(1) Any permission granted under this Act may be either general or limited to a particular transaction and either absolute or conditional and may be revoked or amended.
(2) A person who avails himself of any permission granted under this Act shall comply with any conditions attached to the permission.
(3) The grant of permissions under this Act shall be at the discretion of the Minister.
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paragraphs: —(1) The Minister may give directions to persons belonging to the following classes, that is to say:—
(a) authorised dealers and authorised depositaries,
(b) persons to whom any powers of the Minister under this Act are delegated, being—
(i) in the case of any such persons, directions as respects the exercise of any functions exercisable by them by virtue of, or by virtue of anything done under, any provision of this Act, or
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paragraphs: —The Minister, if he so thinks proper, may by regulations grant exemption from compliance with any provision of this Act and the exemption may be either absolute or conditional.
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paragraphs: —The Minister may, to such extent and subject to such restrictions and conditions as he may think proper, delegate or authorise the delegation of any of his powers (other than a power to make any order or regulations) to any person, or any class of persons approved by him, and references in this Act to the Minister shall be construed accordingly.
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paragraphs: —(1) Any document under this Act may be served on a person—
(a) by delivering the document to such person,
(b) by sending the document by post in an envelope addressed to such person at the address at which he ordinarily resides or carries on business, or
(c) where such person is absent or abroad or his address is unknown and cannot be ascertained by reasonable inquiries—
(i) by delivering the document to an agent of the person, or
(ii) by sending the document by post in an envelope addressed to an agent of the person at the address where the agent ordinarily resides.
(2) For the purposes of subsection (1) of this section, a company registered under the Companies Acts, 1908 to 1924, shall be deemed to carry on business at its registered office and every other body corporate and every unincorporated body shall be deemed to carry on business at its principal office or place of business in the State.
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paragraphs: —(1) The Minister may make regulations prescribing any matter referred to in this Act as prescribed or to be prescribed.
(2) Every regulation under this section shall be laid before each House of the Oireachtas as soon as may be after it is made, and if a resolution annulling the regulation is passed by either such House within the next subsequent twenty-one days on which that House has sat after the regulation is laid before it, the regulation shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.
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paragraphs: —The Minister may by regulations appoint persons (in addition to the person specified in the First and Second Schedules) to be authorised dealers or authorised depositaries.
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paragraphs: —This Act shall bind the State and shall apply to transactions by a Minister of State or other authority acting on behalf of the State.
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paragraphs: —(1) The expenses incurred by the Minister in the administration of this Act shall be defrayed out of moneys provided by the Oireachtas.
(2) All moneys received by the Minister under this Act shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister may specify.
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paragraphs: —(1) Paragraph (c) of subsection (1) of section 2 of the Supplies and Services (Temporary Provisions) Act, 1946 (No. 22 of 1946), is hereby repealed.
(2) Any direction, permission, authorisation or exemption given in exercise of a power conferred by order under the enactment hereby repealed which could have been given under any provision of this Act, shall, if in force immediately before the commencement of that provision, have effect as if given under that provision.