Erne Drainage and Development Act, 1950
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Disposal of property of Drainage Board. |
7.—(1) Subject to the provisions of section 9 of this Act, all property which immediately before the dissolution of the Drainage Board was the property of the Drainage Board shall, by virtue of this section and without the necessity of any conveyance, assignment, deed of transfer or other instrument, vest in the persons acting as the Finance Solicitor and the Solicitor to the Ministry and their respective successors in office as trustees (in this section referred to as the Trustees) upon trust to sell at the discretion of the Trustees such property and to apply the rents and profits (if any) arising therefrom prior to sale and the proceeds of sale, so far as the same shall extend, in discharging first any liability incurred in connection with such sale and secondly any outstanding liability of the Drainage Board, and in paying any balance remaining after the discharge of those liabilities to the Ministry. | |
(2) In carrying out the trust for sale imposed by this section, the Trustees shall have full power by deed to convey, assign, release or otherwise transfer any property vested in them under this section and any such deed shall to the extent and in the manner to and in which it is expressed or intended to operate be effectual to pass all the estate, right, title and interest held by the Drainage Board immediately before its dissolution in the property specified therein. | ||
(3) The receipt of the Trustees or either of them for the purchase money payable on the sale of any property pursuant to subsection (1) of this section (whether the said receipt shall be incorporated in a deed or otherwise) shall operate as a valid discharge to the purchaser who shall not be concerned with the trusts imposed by that subsection or with the future application by the Trustees of the purchase money in accordance therewith. | ||
(4) Notwithstanding anything to the contrary in any of the enactments relating to stamp duty, stamp duty shall not be chargeable on any document executed by the Trustees for the purposes of this section. |