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GAZETTE
JULY 1989
PRACTICE NOTES - Contd.
Undertakings
The Law Society through the
Conveyancing Committee has now
agreed standard forms of Under-
takings w i th the Irish Banks
Standing Committee which were
designed for use in all the normal
circumstances in which Under-
takings are usually given to a Bank.
The wording of the forms has been
agreed with the Banks after lengthy
discussions and are considered to
be reasonable and fair to both
parties. It has been agreed that the
wording of the forms shall not be
subject to alteration and this should
serve to eliminate the difficulties
which have often occurred in the
past with regard to acceptable
wording for such undertakings.
These forms may be put on a
Word Processor. However, where
title documents are being obtained
from the Bank the Solicitor would
not be in a position to complete the
Schedule to the appropriate Under-
taking. It is accordingly envisaged
that in those circumstances the
Solictor would apply to the Bank for
the document and the Bank would
issue the Undertaking with the
Schedule of Documents duly com-
pleted. The documents would be
released to the Solicitor on the
return of the signed Undertaking.
If it is proposed to put the forms
on a Word Processor the following
paragraph should be added to the
end of each Under-taking:
"l/WE certify that this form of
Undertaking is in the form
agreed between the Irish Banks
Standing Committee and the
Incorporated Law Society of
Ireland. If any discrepancy
occurs between this form and
the agreed form the text of the
agreed form shall prevail".
The Undertaking shall be signed
by the Principal of the Firm or a
Partner or by an Agent authorised
in writing to do so by the Principal
of the Firm. Attention is drawn to
the words of caution at the bottom
of the undertaking.
•
Clawback on Leased
Mi lk Quota
Since the 1st April 1989, the
Minister for Agriculture has intro-
duced a significant change in the
rules governing Clawback on Milk
Quotas. The current position is as
follows:
Sales
The 5% Clawback on sales has
been abolished altogether.
Lease
Up to 50,000 gallons - no
Clawback.
Up to 75,000 gallons - 10%
Clawback.
Up to 100,000 gallons - 15%
Clawback.
Over 100,000 gallons - 25%
Clawback.
The Clawback is calculated on
the total gallonage of the Lessee
after
the Lease is taken and the
percentage clawback relates only
to the number of gallons by which
the minimum threshold (50,000)
has been exceeded. For example, a
farmer with a 75,000 gallon quota
who takes a lease of land with a
further 35,000 gallons attaching to
it w i ll su f f er the f o l l ow i ng
clawback:
Own quota
75,000 gallons
Leased quota 35,000 gallons
Total
110,000 gallons
Threshold
50,000 gallons
Balance
60,000 gallons
Clawback 15% 9,000 gallons
The Clawback operates to trans-
fer the appropriate gallonage to the
National Reserve and is a
permanent
Clawback and not just
for the duration of the Lease. Thus,
in the example above, on the ter-
mination of the Lease, the land will
revert back to the Lessor with
26,000 gallons of a Quota (35,000
minus 9,000).
Conveyancing
Committee
ISLE OF MAN
Messrs Samuel McCleery
Registered Legal Practitioners in the
Isle of Man, of Derbyhaven House,
Derbyhaven, will be pleased to accept
instructions by their resident partner
Mr. S. McCleery from Irish Solicitors in
the formation and administration of
resident and non-resident Isle of Man
Companies.
IvM Offlc*
London OfHoot
I0M OMw
26. South Frederick St .
Tel: 01-831 7761
Tel: 0624 822210
Dublin 2. Tel: 01 760760
Telei: 297100
Tetei: 628285
Far 01 764037
Fa. 01 831 7485
Fat: 0624-823799
Correction
April Gazette - page 135.
"People and Places"
The caption appearing under a
photograph of a presentation to
His Honour Judge Thomas F.
O'Higgins by a group of lawyers
paying a visit to the European
Court incorrectly referred to the
European Court as being located
in Brussels. The European
Court of Justice is in
Luxem-
bourg
and the mistake is
regretted.
LAW
SOCIETY
TIES
Colours available
NAVY
WINE
DARK GREEN
100% SILK
Price £16 . 50
(incl. VAT & Post)
Contact:
Accounts Dept.,
Blackhall Place,
Dublin 7.
2 02