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CIA/E T N
JANUARY/FEBRUARY 1982
available for hearing on 38 days - 15.6% of the number
of sitting days. In a number of instances, adjournments
were sought promptly and granted at the request of a
party and with the consent of the other party, both
parties being legally represented and the listed date for
hearing not being found convenient for one of the
representatives. The Tribunal is dependent on the co-
operation of representatives as well as the public and, in
particular, on the co-operation of the legal profession,
if its listing procedure is to function smoothly and
adjournments are to be minimised. Efforts are in train
to devise an improved listing system, which may lessen
the delay caused by adjournments.
Representation at Hearings
In the 987 cases which came before the Tribunal under
the Redundancy Payments Acts and the Minimum
Notice and Terms of Employment Act, 798 employees
were represented by a Trade Union or legally and 656
employers were represented by an employers'
organisation or legally. In the 402 cases under the
Unfair Dismissals Act, 390 employees were represented
by a trade union or legally and 378 employers were
represented by an employer's organisation or legally.
Information on Tribunal
An information booklet is available free of charge from
the Department of Labour. It is issued to all parties to
dispute prior to hearing.
The register of Decisions and Determinations is always
open for inspection in the Department of Labour.
THE TAXES ACT
THE FOURTH SUPPLEMENT to
the loose-leaf volumes " The Taxes
Ac t " , has now been published. The
supplement embodies the amend-
ments made by the Finance Act,
1981.
A new BINDER (Vol. Ill) is also
available.
Both items can be purchased f rom
the Government Publications Sale
Of f i ce, G. P .O. Arcade, Dublin 1.
PRICES:
Supplement
£5.50
Binder
£8.00
POSTAGE EXTRA
Insurance Act 1981 and
Bank Guarantees
The Insurance Act 1981, which became law on 23rd
December 1981 has resolved an uncertainty in statutory
interpretation arising from the Insurance (Amendment)
Act 1978 ("the 1978 Act").
Section 1 and 2 of the 1978 Act modified the terms of
the Insurance Act 1936 to enable persons holding on a
banking licence under the Central Bank Act 1971 to
enter into bonds or contract of suretyships or
guarantees. The Act was originally intended to apply
only to the provision of export credit guarantees or
construction contract bonds, but in the course of its
drafting, upon application from the banks, was
extended to cover the guaranteeing by the banks of their
customers' obligations to third parties.
2 (1) (a) (ii) (c) of the 1971 Act referred to any
contract of suretyship or guarantee which in the course
of its banking business was given or entered into by a
holder of a licence granted under the Central Bank Act
1971 and was given or made:
"To secure the due payment or repayment by a person
on foot of a contract of a sum of money (including
interest) which is certain or ascertainable (and whether
in the currency of the State or in any other currency) the
said payment or repayment being the
sole
(italics added)
obligation of the person under the contract".
The use of the word"sole' in the above paragraph
caused considerable confusion among practitioners and
bankers as it was thought that if a loan agreement
contained any other obligation other than the obligation
to repay the loan, such as covenants or representations
and warranties under which the borrower might become
liable, then a guarantee given by a bank of the
obligation of a borrower to repay money would be
unlawful.
Section 3 of the Insurance Act 1981 amends the
paragraph by substituting the word "primary" for
"sole" with the effect that ancillary obligations such as
liabilities under covenants in a loan agreement will no
longer place in question the lawfulness of any guarantee
given by a licenced bank to a lender under that Section
in respect of financial obligations of a borrower.
COMMERCIAL OFFICE TO LET
The property comprises a lock-up first floor
area of 1,600 sq. ft., with separate access, 2
telephone lines, office, and ladies and gents
w.c. New Tenancy long lease.
Address:
Eustace Street,
Tel: 719022
or write to: Cocker Enterprises Ltd.,
25 Wellington Quay, Dublin 2.
10