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Number 1 (Private) of 1961.
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THE IVEAGH TRUST (AMENDMENT) ACT, 1961.
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ARRANGEMENT OF SECTIONS
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Number 1 (Private) of 1961.
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THE IVEAGH TRUST (AMENDMENT) ACT, 1961.
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AN ACT TO AMEND THE IVEAGH TRUST ACT, 1903 (3 EDW 7 CAP III) BY EXTENDING THE POWERS OF INVESTMENT OF THE IVEAGH TRUSTEES UNDER THE SAID ACT. [17th April, 1961.]
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Preamble.
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WHEREAS by an Act passed in the session of Parliament in the 3rd year of King Edward the Seventh Chapter iii entitled “An Act to amalgamate the Guinness Trust (Dublin) Fund with” the Dublin Improvement (Bull Alley Area) Scheme to vest the “property of the Guinness (Dublin) Trustees in the Trustees of”the said scheme to change the name of such last mentioned “Trustees to confer further powers on them and for other purposes” it was provided, amongst other things, that the Iveagh Trustees therein described might from time to time pending application to the objects and purposes therein set out invest any moneys in their hands on the securities therein specified in addition to any securities for the time being authorised by law as investments for trust funds with power to vary such investments into or for others of the same or a like nature;
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AND WHEREAS for the purpose of the better management of the funds of the Trust and to maintain, and if possible increase, the value of its investments and the yield of such investments in accordance with economic trends and the purchasing power of money it is expedient that the said power of investment should be extended and that for that purpose the said Act should be amended in the manner hereinafter provided;
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AND WHEREAS the said amendment cannot be effected without the authority of the Oireachtas.
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BE IT THEREFORE ENACTED BY THE OIREACHTAS AS FOLLOWS:—
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Definition.
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1.—In this Act unless the context otherwise requires—
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the expression “the Principal Act” means the Iveagh Trust Act, 1903 (3 Edw 7 Cap iii).
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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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Short title and collective citation.
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3.—(1) This Act may be cited for all purposes as the Iveagh Trust (Amendment) Act, 1961.
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(2) This Act and the Iveagh Trust Acts 1899 and 1903 may be cited together as the Iveagh Trust Acts 1899 to 1961.
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