(1) Where the Commission has determined under this Act in respect of any Bank which is at the passing of this Act a bank of issue the proportion appertaining to Saorstát Eireann of the notes of such Bank outstanding immediately before the day appointed for the commencement of the issue of consolidated bank notes there shall be payable by such Bank to the Commission in respect of every half year a sum calculated from day to day at the appropriate rate per cent. per annum on so much of such proportion of such notes as after the day so appointed is for the time being not redeemed in accordance with the directions of the Commission and is not deemed under this Act to be consolidated bank notes outstanding with such Bank otherwise than on an extraordinary issue.
(2) [deleted]
(3) At the end of every half-year the Commission shall ascertain in respect of every Bank which is at the passing of this Act a bank of issue the amount of the payments payable under this section by it in respect