The Gazette 1989

GAZETTE

DECEMBER 1989

pages of A4 size. In addition, there

is a Data Section and Company and

Personnel Details.

The articles are generally 3 or 4

pages in length. Senior persons in

virtually every major player in the

financial services sector are

counted among the authors. Most

emphasis is given to various aspects

of pension funds and fund manage-

ment, the gilt and equity markets

and certain institutions including the

Stock Exchange and the Irish

Futures and Options Exchange

(IFOX). The articles strike a nice

balance; they are neither superficial

nor incomprehensibly technical.

Most are in the nature of "over-

views" in the chosen areas of the

specialist authors and enable the

non-financial specialist (or, indeed,

sub-specialist) reader to follow

salient recent developments in, or

significant aspects of, the chosen

topics. The subject-matter of the

contributions is not merely well-

chosen, being relevant to the fin-

ancially aware solicitor, but the

contributions are also well balanced

with relatively little avoidable over-

lap between them.

Taste and interest are quintess-

entially subjective. But the reader of

this volume has a rich and varied

menu from which to choose. Far be

it from the present reviewer to limit

the horizons of the worldly wise and

prescient solicitor. But some topics

do particularly catch the legal eye.

Frank Close of Ulster Investment

Bank has written on the subject of

"Property Unitisation"; the pro-

moters of this concept, following a

UK model, aim to create a market

whereby units in a single property

could be traded. The chosen vehicle

for this would be the creation of

what amount to saleable rent

charges. Securities could be made

available in units created on the

"unitisation" of a single property;

these could be traded as a unit in an

authorised unit trust (or SPOT -

single property ownership trust).

The other device in the UK is known

as a PINC - property income

certificates - giving a contractual

right to share in a property's rental

income flow together with a share

in a specifically created manage-

ment company reponsible to the

investors for the management of

property. Property lawyers will be

particularly interested in the legal

(real property), conveyancing and

taxation aspects of the scheme

which it is intended to launch in

Ireland in the near future.

The article by Michael Lane of

New Ireland Assurance Co. pic on

the Investment Duties of Pension

Fund Trustees will be of wider

interest. Most solicitors could derive

benefit from the review of trustee's

duties generally.

Other topics of particular rele-

vance to legal practitioners incTude

those on "Currency Hedging in

Pension Fund Investment Perform-

ance" (by Donal O'Mahony of Allied

Irish Investment Managers Ltd)

and on "Capital Movements and

Exchange Con t r o l" (by Robin

Clapham of Industrial Credit

Corporation Fund Management Ltd.)

both of which will be of interest not

only in the context of pension funds

but in the wider area of commercial

practice generally.

However, while adverting above

to a number of items which would

seem of special interest to lawyers,

credit must be accorded to the

articles as a whole. They are

characterised by their clarity, use-

fulness and overall readability.

It may seem curmudgeonly to

suggest one or two aspects of the

work which might merit attention

on a future occasion. Matters which

might usefully have been treated of

among the essays this year are the

pension fund levy and the European

Community legal regime on UCITs.

Moreover, the section of the work

entitled "Data Section" consists

largely of lists of people and entities

(with their key personnel) involved

in the investment area; this is in-

formation which must change well-

nigh weekly and could perhaps be

included in replaceable loose-leaf

form and/or provided on screen. If

it were possible at a future date,

there would be merit in segregating

the work into, on the one hand, a

journal published periodically in

permanent form containing the

articles and kindred matter and, on

the other, a handbook in loose-leaf

form or on screen setting forth the

more rapidly evolving reference

information.

None of the foregoing observa-

tions ought to detract from the

commendable achievement of the

editor, Dr. Terence Ryan, and his

team of contributors. Irish and other

professionals will be indebted for

the industry and learning evident in

an admirably produced volume. In

an era of accelerating deregulation

and the blurring of traditional

boundaries between the professions

solicitors would be wise to include

this work among their reading.

Patrick J.C. McGovern

Solicitor

P R O F E S S I ON AL

C OU R SE

E X A M I N E RS

Applications are invited for the

posts of examiners for the Law

Society's Final Examination

2nd Part (the Professional

Course) in each of the follow-

ing subjects:

Conveyancing

Litigation

Probata and Administration

Capital Tax

Applicants should have prac-

tical experience in the subjects

selected or have experience of

tutoring in those subjects on

the Professional Course.

Applications with accom-

panying C.V. to Professor

Richard Woulfe, by December

15th, 1989.

ASKUS

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