Finance Act, 1959

Covenanted subscriptions for teaching of natural sciences.

5.—(1) Section 20 of the Finance Act, 1922 , shall have effect as if references to income payable—

12 & 13 Geo. 5, c. 17.

(a) to any university, college or school, being a university, college or school in the State for the purpose of assisting such university, college or school to teach the natural sciences or any of them, or

(b) to a fund, being a fund within the meaning of this section,

were included in the reference, occurring in section 20 of the Finance Act, 1922 , by virtue of the insertion in paragraph (b) of subsection (1) thereof, by section 3 of Finance Act, 1957 , of subparagraph (ia), to income payable to any university or college, being a university or college in the State, for the purpose of enabling such university or college to carry on research.

(2) For the purposes of this section “fund” means a fund—

(i) held upon irrevocable trusts under the law of the State,

(ii) administered in the State, and

(iii) having for its sole purpose the granting of financial or other aid to universities, colleges or schools in the State in order to assist such universities, colleges or schools to teach the natural sciences or any of them.