Section 49 of the Act of 1927 is hereby amended by -

(a) the substitution for subsections (1) and (2) of the following subsections:

"(1) The holder of a legal tender note of any denomination shall be entitled, on demand made by him during office hours at the office of the Bank in Dublin, to receive in exchange for the note a legal tender note or legal tender notes to the same total value.

(2) Every legal tender note shall be exchangeable on presentation at the London Agency for money in any form which is for the time being legal tender in Great Britain for unlimited amounts.

(2A) The Bank may, if and whenever and to such extent as it thinks fit, exchange any legal tender notes presented to it for exchange at the office of the Bank in Dublin for money in any form which is for the time being legal tender in Great Britain for unlimited amounts, or for a draft on London or, subject to and in accordance with the Exchange Control Acts, 1954 to 1970, for other foreign currencies.",

and

(b) the substitution of "exchange" for "redeem" in subsection (3) and "exchanged" for "redeemed" in subsections (3) and (4).