9.—(1) In section 15 of the Exchequer and Financial Provisions Act (Northern Ireland) 1950(1) (Ulster Savings Certificates)—
(a)for subsection (1) (power to issue Ulster Savings Certificates subject to prescribed conditions) there shall be substituted the following subsection—
“(1) For the purpose of borrowing money the Department may issue Ulster Savings Certificates subject to such conditions as the Department may direct, except that conditions as to the procedures for issue, redemption,repayment, exchange or otherwise shall be such as may be prescribed from time to time.”;
(b)subsection (2) (power to make regulations for any matter for which Treasury has power to make regulations as respects savings certificates under certain enactments) shall cease to have effect.
(2) In section 16(3) of that Act (power to make regulations for issue of securities in exchange for Ulster Savings Certificates) for the words “Regulations made by the Ministry under the last preceding section may” there shall be substituted the words “The Department may by regulations or directions (as appropriate) under the last preceding section”.
(3) Paragraph (1) and Article 10(2) so far as it repeals section 15(2) of that Act do not affect any regulations made by virtue of that section before the commencement of this Article, but any such regulations, so far as they relate to any matter which may be thesubject of a direction under that section (as amended by this Article), may be amended or revoked as if they were such a direction.