Funds of Suitors Act, 1959

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Number 32 of 1959.

FUNDS OF SUITORS ACT, 1959.

ARRANGEMENT OF SECTIONS

Number 32 of 1959.

FUNDS OF SUITORS ACT, 1959.

AN ACT TO PROVIDE FOR DISPOSAL OF PART OF THE FUNDS OF SUITORS VESTED IN THE ACCOUNTANT OF THE COURTS OF JUSTICE. [24th November, 1959.]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:—

Interpretation.

1.—In this Act—

“the account” means the general cash account of the funds of suitors which stands in the books of the Bank of Ireland in the name of the Accountant of the Courts of Justice;

“the funds of suitors” means the funds of suitors vested in the Accountant of the Courts of Justice;

“the Minister” means the Minister for Finance;

“the Society” means the Honourable Society of King's Inns.

Disposal of part of funds of suitors.

2.—(1) The Bank of Ireland shall, upon the order of the Chief Justice, make the following payments out of the account:

(a) payment to the Capital Fund of such sums, not exceeding £250,000 in the aggregate, as the Minister requires from time to time,

(b) payment to the Minister of a sum of £3,000, and

(c) payment to the trustees of the Society of a sum of £70,000.

(2) Notwithstanding anything contained in subsection (4) of section 4 of the Central Fund Act, 1956 , the Capital Fund may, to the extent to which it represents the sums paid to it pursuant to this section, be applied for or towards the rebuilding of the Abbey Theatre, Dublin.

(3) The sum paid to the Minister pursuant to this section shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister directs.

(4) The trustees of the Society shall hold the sum paid to them pursuant to this section upon trust—

(a) as to £45,000—for the creation of a fund the capital and income of which shall be applied to recoup or defray the cost of expenditure incurred or to be incurred on renovating the buildings of the Society and any balance of which, after that cost has been recouped or defrayed, shall be applied for the general purposes of the Society, and

(b) as to £25,000—for the creation of a capital fund and the application of the income thereof for either (as the Benchers of King's Inns may from time to time decide) the general purposes of the Society or the maintenance of the library of the Society.

Deficiency in funds of suitors.

3.—If it happens that the funds of suitors are at any time reduced to a sum not sufficient to meet the demands upon them, the Minister, so as to afford a complete indemnity to suitors for any loss which they might sustain by reason of the passing of this Act, shall advance out of the Central Fund or the growing produce thereof such sum as he may think necessary, not exceeding £323,000.

Short title.

4.—This Act may be cited as the Funds of Suitors Act, 1959.