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Trust funds in respect of existing embankments.
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35.—Where, at the date of a transfer order, a trust fund, whether vested in the Public Trustee, or the Irish Land Commission, or trustees, exists for the maintenance (whether permanently or during a specified period or otherwise) of the existing embankment (either alone or in conjunction with other works) to which or to a part of which such transfer order relates, such of the following provisions as are applicable shall apply and have effect, that is to say:—
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(a) if such transfer order relates to the whole of such existing embankment and such trust fund relates to such existing embankment alone, such trust fund shall, as soon as may be after the making of such transfer order, be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister shall direct;
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(b) if such transfer order relates to a part only of such existing embankment and such trust fund relates to such existing embankment alone, the Judicial Commissioner of the Irish Land Commission shall, on the application of the Commissioners and on notice to all parties concerned and having given such parties an opportunity of being heard, apportion such trust fund as between the part of such existing embankment to which such transfer order relates and the residue of such existing embankment, and thereupon the portion of such trust fund which is so apportioned to the part of such existing embankment to which such transfer order relates shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister shall direct;
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(c) if such transfer order relates to the whole of such existing embankment and such trust fund relates to such existing embankment and also to other works, the said Judicial Commissioner shall, on the application of the Commissioners and on notice to all parties concerned and having given such parties an opportunity of being heard, apportion such trust fund as between such existing embankment and such other works, and thereupon the portion of such trust fund which is so apportioned to such existing embankment shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister shall direct;
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(d) if such transfer order relates to a part only of such embankment and such trust fund relates to such existing embankment and also to other works, the said Judicial Commissioner shall, on the application of the Commissioners and on notice to all parties concerned and having given such parties an opportunity of being heard, apportion such trust fund as between, on the one hand, the part of such existing embankment to which such transfer order relates and, on the other hand, the residue of such existing embankment and the said other works, and thereupon the portion of such trust fund which is so apportioned to the part of such existing embankment to which such transfer order relates shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister shall direct;
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(e) wherever a trust fund or part of a trust fund is required by any of the foregoing provisions of this section to be paid into or disposed of for the benefit of the Exchequer, it shall be lawful for the Public Trustee, the Irish Land Commission, or the trustees (as the case may be) to sell, for the purpose of making such payment or disposition, the whole or so much as may be necessary of the investments (if any) then representing such trust fund;
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(f) where under any of the foregoing provisions of this section the whole of such trust fund is required to be paid into or disposed of for the benefit of the Exchequer, whichever of them, the Public Trustee, the Irish Land Commission, or the trustees, such trust fund was vested in immediately before such payment or disposal shall, immediately upon such payment or disposal, be discharged by virtue of this Act from the trusts and duties upon which they so held such trust fund (whether by virtue of a Deed of Trust, a Scheme, or otherwise) and any other persons who were, immediately before such payment or disposal, in a fiduciary capacity in relation to such trust fund shall similarly be discharged from the trusts and duties imposed on them by virtue of such fiduciary capacity;
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(g) where under any of the foregoing provisions of this section a portion only of such trust fund is required to be paid into or disposed of for the benefit of the Exchequer, the next preceding paragraph of this section shall apply and have effect in relation to the said portion of such trust fund as if that portion were the whole of such trust fund, but nothing in this Act shall operate to relieve or discharge in respect of the residue of such trust fund the Public Trustee, the Irish Land Commission, or the trustees (as the case may be) or any other person from any trust or duty for the time being imposed on them or him (whether by Deed of Trust, Scheme, or otherwise) in respect of such trust fund so far as such trust or duty relates to the residue of the existing embankment.
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