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Amendment of powers of investment of the Iveagh Trustees.
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2.—Section 11 of the Principal Act is hereby amended by the deletion of all the words therein from and including “Fifth” down to the end of the section and by the insertion in the said section, in lieu of the words so deleted, of the following words and the said section shall be construed and have effect accordingly, that is to say:
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“Fifth. And the residue (if any) in the hands of the Iveagh Trustees or under their control after the purposes aforesaid shall have been satisfied and fulfilled shall be retained by them to be used and applied at their discretion for the purposes of the Iveagh Trust and the Iveagh Trustees may from time to time pending application to the objects and purposes aforesaid invest any moneys in their hands on the following securities in addition to any securities for the time being authorised by law in the State as investments for Trust funds and may vary such investments into or for others of the same or a like nature:—
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(a) On any of the loans or securities by which any part of the original capital handed over and transferred to the Guinness (Dublin) Trustees by Baron Iveagh is represented at the passing of this Act;
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(b) On any debentures, debenture stock or guaranteed or preference or ordinary stock or shares of any public company either incorporated within the State or which at the time of the purchase of such stocks or shares maintains within the State a register of its shareholders resident within the State, provided that:
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(i) such stock or shares (other than stock or shares of a bank or insurance company) are fully paid; and
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(ii) such company has an issued share capital of which not less than £500,000 has been paid up, or, being a bank or insurance company of which not less than £300,000 has been paid up; and
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(iii) such company has during each of the five years immediately preceding such purchase paid on its ordinary share capital a dividend at the rate of not less than 5% per annum; and
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(iv) the ordinary stock or shares of such company are quoted on the Dublin Stock Exchange;
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(c) On the purchase of freehold or leasehold lands in the State provided that in the case of leasehold lands such lands are at the date of the purchase held under a lease with an unexpired term of at least sixty years;
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(d) On any mortgages, charges or other hypothecations at interest on the security of any investments or property of the nature hereinbefore set out;
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(e) On deposit with any bank in the State.
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Provided always that not less than thirty-five per cent. of the said moneys shall at any one time be invested in securities for the time being authorised by law in the State for the investment of trust funds.”
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