S.I. No. 136/2014 - Prize Bonds (Amendment) Regulations 2014.
Notice of the making of this Statutory Instrument was published in
“Iris Oifigiúil” of 18th March, 2014.
The National Treasury Management Agency, in exercise of the powers conferred upon it by the National Treasury Management Agency Act 1990 (No. 18 of 1990) and the National Treasury Management Agency Act 1990 (Delegation of and Declaration as to Functions) Order 1990 ( S.I. No. 277 of 1990 ), hereby makes the following Regulations:
1. In these Regulations “the Prize Bonds Regulations” means the Prize Bonds Regulations 1993 to 2008 ( S.I. No. 337 of 1993 , as amended by S.I. No. 431 of 1997 , S.I. No. 582 of 2004 , S.I. No. 233 of 2005 and S.I. No. 13 of 2008 ).
2. The Prize Bonds Regulations are hereby amended—
(a) in Regulation 2, by substituting the following definition for the definition of “the Operator”:
“ “the Operator” means such person as NTMA may designate from time to time”;
(b) in Regulation 8, by substituting the following for Regulation 8:
“8. A draw shall be held, at a minimum, in respect of each week of a calendar year, at weekly intervals or at such other intervals as may be approved by NTMA from time to time. NTMA shall also have the right (in its absolute discretion) to direct the holding of additional draws at any time. All draws shall be:
(a) held in the presence of a representative of NTMA at such premises; and
(b) conducted by such officers of the Operator,
as may be designated by the Operator with the approval of NTMA.”
(c) in Regulation 10, by substituting the following for Regulation 10:
“10.(1) The following provisions shall have effect in relation to the conduct of a draw:
(a) there shall be a computer-based, software-driven, random number-generation system, which shall be subject to the approval of NTMA (the "system");
(b) the system shall be capable of generating at random and recording, in the order in which they are generated, a series of any size of bond serial numbers;
(c) the system shall be subject to such tests for randomness as shall be determined by the Operator with the consent of NTMA; and
(d) the Operator shall select bonds for prizes using the system and such procedure as is approved by NTMA from time to time and published by the Operator.
(2) The serial numbers of the bonds which have been selected for prizes, and the amount of the prize awarded to each bond, shall be displayed to officers of the Operator and NTMA having conduct of the draw in such manner as may be determined by the Operator with the agreement of NTMA.
(3) The Operator shall notify the holder of each bond to which a prize has been awarded either by post at the address of the holder registered in the register or by such other form of communication (including electronic means) as may be determined by the Operator with the agreement of NTMA.”
(d) by inserting the following new Regulation after Regulation 21:
“Operator acts as agent
22. The Operator, in the performance of its obligations under these Regulations, acts at all times for and on behalf of NTMA as its agent. NTMA remains at all times responsible for the actions of the Operator taken pursuant to these Regulations. Consequently, a holder shall not be considered a customer of the Operator for any purpose”.
3. These Regulations may be cited as the Prize Bonds (Amendment) Regulations 2014.
4. The Prize Bonds Regulations and these Regulations may be cited together as the Prize Bonds Regulations 1993 to 2014.
GIVEN under the Seal of the National Treasury ManagementAgency,
14 March 2014.
JOHN C CORRIGAN,
(This note is not part of the Instrument and does not purport to be a legal interpretation.)
The purpose of these Regulations is to clarify certain matters with respect to the Operator as agent of NTMA and the conduct of the prize bond draws.