Whenever a Shareholding Bank ceases to be a Shareholding Bank it shall within six months after such cesser deposit with the Commission such amount of Saorstát gold coins which are legal tender under this Act for unlimited amounts or of legal tender notes as shall be equal to the amount of consolidated bank notes outstanding with it at the time of such deposit and thereupon-
(a) such Bank shall cease to be liable to pay the amount of any such consolidated bank note or to pay any payment on consolidated bank notes in respect of any such note for any period subsequent to such deposit, and
(b) the Commission shall surrender to such Bank all securities then held by it from such Bank in respect of such consolidated bank notes, and
(c) all such consolidated bank notes shall be payable by the Commission on presentation at its principal office in Dublin and the amount so deposited by such Bank with the Commission shall be held by the Commission in trust to provide the moneys for so paying