(1) Subject to the limitations and conditions specified in this Act and to compliance with the provisions of this section, the Commission may issue to any Shareholding Bank such amount of consolidated bank notes in such denominations authorised by this Act as such Bank shall from time to time apply for.
(2) The total amount of the consolidated bank notes at any time outstanding (otherwise than on an extraordinary issue) with a Shareholding Bank shall not exceed the total amount of the liquid sound advances by such Bank to persons in Saorstát Eireann proved to the satisfaction of the Commission to exist at that time.
(3) Proof for the purposes of the foregoing sub-section of the existence of liquid sound advances by a Shareholding Bank to persons in Saorstát Eireann shall be given by such Bank to the Commission in such manner as the Commission shall direct or allow and for the purposes of such proof the Chairman or a permanent officer of the Commission specially authorised in tha