(1) When and so soon as the Commission is in a position to issue legal tender notes the Commission shall by notice in writing sent to every Shareholding Bank and published in the Iris Oifigiúil appoint a day (in this section referred to as the appointed day) not less than fourteen days after the sending and publication of such notice on which it will commence the issue of legal tender notes in accordance with this Act.
(2) If and whenever any person on or after the appointed day applies to the Commission at the place in Dublin appointed for the purpose by the Commission for legal tender notes and delivers to the Commission at such place and in accordance with the regulations in that behalf made by the Commission not less at any one time than one hundred ounces of gold bullion as defined by this Act or gold coins (in this section called Saorstát gold coins) which are for the time being legal tender under this Act in Saorstát Eireann for unlimited amounts or money (in this sectio