08/06/1935: Hospitals Trust Fund (Investment) Order, 1935

DEPARTMENT OF LOCAL GOVERNMENT AND PUBLIC HEALTH. 08/06/1935: HOSPITALS TRUST FUND (INVESTMENT) ORDER, 1935

The Minister for Local Government and Public Health in exercise of the powers vested in him by sub-section (2) of section 23 of the Public Hospitals Act, 1933 (hereinafter referred to as "the Act") and with the concurrence of the Minister for Finance, does hereby order as follows, that is to say:—

1. This Order may be cited as the Hospitals Trust Fund (Investment) Order, 1935.

2. The Interpretation Act, 1923 , shall apply to the interpretation of this Order in like manner as it applies to the interpretation of an Act of the Oireachtas.

3. Subject to the provisions hereof, the National Hospital Trustees shall, in addition to the securities in which the said Trustees are authorised by sub-section (2) of section 23 of the Act to invest and keep invested so much of the capital of the Hospitals Trust Fund as is for the time being not required for making disbursements in pursuance of the Act, be and are hereby authorised to invest and keep invested a portion of the said capital, to an extent not exceeding one half thereof, in any of the securities mentioned or referred to in sub-sections (1) and (m) of section 1 of the Trustees Act, 1893, and section 2 of the Colonial Stock Act, 1900, notwithstanding that such securities are liable to be redeemed within fifteen years from the date of their purchase by the said Trustees at par or some other fixed rate:

Provided always that:—

(1) no such security shall be purchased by the said Trustees at a price exceeding fifteen per centum above par or such other fixed rate at which the same is redeemable; and

(2) no such security shall be purchased by the said Trustees at a price which, exclusive of any accrued interest included therein exceeds an amount equal to the sum of the present values, as at the date of purchase calculated with compound interest at the rate of 2 ¾ per centum per annum, convertible yearly or half-yearly according as the interest on such security is payable yearly or half-yearly, of the following:—

(a) the amount, being par or such other fixed rate, at which such security is redeemable (the date of redemption being taken to be the earliest date at which the same becomes redeemable):

(b) the several dividends payable in respect of the security during the period from the date of purchase thereof by the said Trustees to the earliest date at which the security becomes redeemable.

4. Notwithstanding anything contained in this Order, the National Hospital Trustees shall be and are hereby authorised to invest and keep invested a portion of the said capital of the Hospitals Trust Fund in the following securities to an extent not exceeding the extent hereinafter mentioned, that is to say:—

(1) Dominion of Canada 3 ½% Registered Stock (1930-1950) to an extent not exceeding £5,000 stock.

(2) Commonwealth of Australia 3 ¾% Registered Stock (1948-1953) to an extent not exceeding £25,000 stock.

GIVEN under the Official Seal of the Minister for Local Government and Public Health this Eighth day of June, One Thousand Nine Hundred and Thirty-five.

(Signed) SEÁN T. Ó CEALLAIGH,

Minister for Local Government and Public Health.

The Minister for Finance in exercise of the powers vested in him by sub-section (2) of section 23 of the Public Hospitals Act, 1933 , hereby concurs with the above order of the Minister for Local Government and Public Health.

(Signed) SEÁN MAC AN TSAOI,

Minister for Finance.