S.I. No. 94/1947 - The Public Trustee Rules, 1947

STATUTORY RULES AND ORDERS. 1947. No. 94.

THE PUBLIC TRUSTEE RULES, 1947

LAND PURCHASE ACTS.

THE PUBLIC TRUSTEE RULES, 1947, MADE THE 28th DAY OF MARCH, 1947, AND APPROVED BY THE MINISTER FOR LANDS, THE 31st DAY OF MARCH, 1947.

I, SEÁN MOYLAN, Minister for Lands, hereby approve of the following Rules :—

In pursuance of the provisions of section 52, sub-section 15, of the Irish Land Act, 1903, and of every other power thereunto enabling The Honourable Martin Cyril Maguire, one of the Judges of the High Court, and the Land Commission with the approval of the Minister for Lands hereby order that the following Rules shall from and after the 1st day of April, 1947, and until further order be in force for the purpose of carrying into effect the provisions of section 52 of the said Act and for regulating the exercise of the powers and duties of the Public Trustee and that the said Rules shall be read with the Public Trustee Rules, 1904, 1908 and 1927, as amending or altering same as may hereafter appear.

1. These Rules may be cited as " The Public Trustee Rules, 1947 ".

2. Rule 29 of the Public Trustee Rules, 1904, is hereby rescinded and there shall be substituted in lieu thereof the following Rule, that is to say :—

" 29 (a). Whenever the Public Trustee shall direct the purchase of stock or securities with money standing to the account of any trust the price shall not be paid to the broker until, in the case of inscribed stock purchased, stock equal in value to the money to be invested deducting commission has been transferred into the name of the Public Trustee or, in the case of any other securities purchased, there is lodged with the Public Trustee or with the appropriate Bank either a proper deed of transfer of the said securities (such securities being equal in value to the money to be invested deducting broker's commission) duly executed by the vendor thereof and the appropriate stock or share certificate in respect thereof, or a proper deed of transfer of the saidsecurities (such securities being equal in value to the money to be invested) so executed as aforesaid and a certificate of the company, body corporate or other authority in whose books such securities are registered, or of the secretary of any Stock Exchange in Ireland or in the United Kingdom of Great Britain and Northern Ireland to the effect that the said stock or share certificate has been deposited with the person so certifying for the purpose of carrying out the transfer thereof into the name of the Public Trustee.

(b). Whenever the Public Trustee shall order the sale of any stock or securities standing to the account of any trust the same shall not be transferred until the broker shall have paid to the Public Trustee the price thereof, deducting his commission ".

MARTIN C. MAGUIRE.

28th March, 1947.