10 / 244
(c)
A conveyance to an Irish body corporate
where an unqualified person is entitled to
a beneficial interest in the whole, or part
of the property. This covers the case
where property is purchased by an Irish
body corporate with money provided by
an alien, and the property is afterwards
conveyed to such person. It is intended
that duty at the rate o f 25 per cent, will be
payable even if the alien acquires Irish
citizenship before the date of the conveyance
to him from the company.
(
d)
A conveyance to an Irish body corporate,
51 per cent, of the share capital being in
Irish hands, if at any time after 3rd May,
1949, the company ceases to be an Irish
body corporate because of the shares having
ceased to be held by Irish citizens to an
extent exceeding one-half the nominal value
thereof.
The effect of Budget Resolution No. 12 is that
if a transaction falls into one of the above-mentioned
categories
(a)
to (
c
), the mortgage, charge, equitable
deposit or conveyance will attract the 25 per cent,
duty unless such mortgage charge or equitable
deposit following the conveyance to the Irish body
corporate, or the conveyance from the Irish body
corporate to the unqualified person who provided
the purchase money, was completed before 4th
May, 1949. In the latter event no further stamp
duty is payable.
Case
\d
) creates a most awkward position from
the point o f view of conveyancing practice. The
resolution means that where the share capital is
altered after May 4th, so that less than 51 per cent,
thereof is held beneficially by Irish citizens, the
original conveyance to the company must be
restamped,
irrespective of whether or not the deed has
already been adjudged duly stamped.
From this it
appears to follow, that where a conveyance to a
company appears on a title on or after 1st December,
1947, the solicitor for a purchaser from the company,
or from any assignee o f the company, must satisfy
himself that the conveyance to the company was
duly stamped. In order to do this he will have
to require the vendor to show that at no time after
3rd May, 1949, was 51 per cent, o f the company
share capital held beneficially by persons other
than Irish citizens or the other persons mentioned
in section 13 (4) o f the Finance (No. 2) Act, 1947.
Solicitors will note that the resolution creates a
situation which is without precedent, namely, that
a conveyance from A to B which has been adjudged
duly stamped may afterwards attract additional
stamp duty by reason o f a subsequent legal mortgage
o f the property or an equitable deposit o f the title
deeds by B. It is understood that only twenty or
thirty companies are affected by Resolution No. 12.
The matter is under consideration by the Council,
and representations are being made to the Revenue
Commissioners.
N
ote
.
—Since the above note was printed the
Finance Bill has been introduced. See sections
24-27 thereof, incorporating the Budget resolutions.
SOLICITORS’ GOLFING SOCIETY
I
n
glorious weather the Spring meeting o f the
Society was held at the Royal Dublin L'nks on
Thursday, the 12th May. Thirty-four members
took ou cards to compe e for the various prizes
with the fo f owing results :—
The Society’s
C
hallenge
C
up
and
C
aptains
’
P
rize
were won by Mr. M. S. Matthews (Co.
Louth), who returned a 68. A young and very
promising member Gerald Hickey, (Milltown),
playing off 6, was runner up with 69.
The
V
eterans
C
up
went to J. J. Hickey (Grange),
the father o f Gerald Hickey, with a score o f 72.
The
S
aint
P
atrick
’
s
P
late
for handicaps
under 12 went to Michael Neary (Milltown), who
also brought in a score o f 72.
The Captain, T. A. O’Reilly, subsequently
presided over a very pleasant dinner he’d afterwards
in the Club House at which the principal guest
was Mr. P. R. Boyd, the President o f the
Incorporated Law Society o f Ireland, whose health
was heartily proposed by Michael Dwyer. Kenneth
Kennedy
(Tullamore),
Malachy
Matthews
(Drogheda), and the Captain also contributed
speeches o f wit and becoming brevity. With
Mr. Ken O’Dea at the piano to enliven the
proceedings, a most enjoyable evening crown;d
a pleasant day’s golf. To avail o f this—one o f
the few opportunities the members o f our Profession
have of meeting socially—some solicitors who
do no play golf joined the party for dinner. This
is an admirable spirit and should inspire all golfing
solicitors w thin a reasonable distance to join
in future outings.
EXAMINATION RESULTS
Preliminary Examination :
A
t
the Preliminary Examination for intending
apprentices to solicitors held on the 6th and 7th
days of April, 1949, the following passed the
examination and their names are arranged in order
of merit:—
Patrick Brendan Munnelly, Dominic B. A.
Spelman, John Edward Russell, Ernan Rory