(1) It shall be lawful for the Commission to provide and issue in accordance with this Act notes to be known and in this Act referred to as legal tender notes for the following denominations namely ten shillings, one pound, five pounds, ten pounds, twenty pounds, fifty pounds, and one hundred pounds, and such legal tender notes shall be current in Saorstát Eireann and shall be legal tender in Saorstát Eireann for the payment of any amount.
(2) Every legal tender note shall be of such form, size and design and printed in such manner and on such paper and numbered and authenticated in such manner as the Commission shall, with the sanction of the Minister for Finance, prescribe.