Irish Land Act, 1903

Trinity College, Dublin.

39.(1) There shall be paid to the public trustee out of the Ireland Development Grant, subject to the provisions of the last preceding section, the sum of five thousand pounds per annum for the account of Trinity College, Dublin.

(2) The said sum shall be applied by the public trustee in indemnifying the college against any loss of income arising from the redemption, under the Land Purchase Acts, of any superior interest owned by the college, that is to say, the difference between the annual income payable in respect of the superior interest and the annual income of the investment, in which the redemption money of the superior interest is invested.

(3) Any portion of the said sum of five thousand pounds, which in any year is not required to make good loss of income to the college, and any accrued interest thereon shall be invested by the public trustee and may be applied in any subsequent year to make good future loss.

(4) The investment of the redemption money of any superior interest owned by the college shall be made and may only be varied in accordance with the advice of the public trustee.