(1) When and so soon as the Commission is in a position to issue consolidated bank 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) on which it will commence the issue of consolidated bank notes in accordance with this Act and the day so appointed shall not be less than fourteen days after the sending and publication of the said notice and shall not be earlier than the day appointed under this Act for the commencement of the issue of legal tender notes.
(2) On and after the appointed day it shall not be lawful for any bank whether it is or is not a Shareholding Bank to issue or pay out, save as authorised by the Commission under this section, any bank notes other than consolidated bank notes and if any bank shall issue or pay out any bank note in contravention of this section such bank shall be liable to pay to the Commission a sum equal to one-tenth