The Gazette 1914-15

The Gazette of the Incorporated Law Society of Ireland.

[MAY, 1914

Railways. Canada.

Canadian Pacific Railway 4% Debenture

Stock.

Ontario and Quebec Railway 5% Permanent

Debenture Stock.

The following are the terms of Section 38

of the Irish Land Act. 1909, above referred

to :—

38.—(1) Where any land purchased by

means of an advance under

the Land

Purchase Acts is settled land within the

meaning of the Settled Land Acts, 1882 to

1890. the trustees of the settlement may, on

the request of the tenant for life, notwith

standing anything in the settlement to the

contrary, invest the purchase money, or any

part thereof, in the following manner (that

is to say) :—

(a)

With

the sanction of

the Public

Trustee—

(I.) in any of the public stocks or funds

or Government securities of any foreign

government or state ;

(II.) in mortgages, bonds, debentures, or

debenture stock charged upon the under

taking of any railway company in the

United States of America, Mexico,

the

Argentine Republic, or Canada, which has,

during each of the five years last past

before the date of investment, paid a

dividend on its preference stock (if any) or

its ordinary stock ;

(b)

and without such sanction—

(I.) in the mortgages, bonds, debentures,

or debenture stock of any railway company

in the United Kingdom incorporated by

special Act of Parliament which has,

during each of the five years last past

before the date of investment, paid a

dividend on its preference stock (if any) or

its ordinary stock, or in the preference

stock of any such railway company which

has, during a like period, paid a dividend

on its ordinary stock ;

(II.) in the stocks or shares of any tram

way or light railway, dividends upon which

are

guaranteed under

the Tramways

(Ireland) Acts, 1860 to 1900 ;

(III.) in the stock, mortgages, bonds,

debentures, or debenture stock issued or

to be issued by the Council of any county

or urban district in the United Kingdom

under

the authority

any Act

Provisional Order ;

and may from time to time, subject to the

like conditions, vary any such investment.

(2) The Public Trustee, in any case in

which his sanction is required for an invest

ment under

this Section,

shall,

before

sanctioning the investment, satisfy himself

that there is a reason

able probab

ility that

the investment will, if

realise

d.on the death

of the tenant for life, or the termination of the

trust, produce an amount not less than the

sum invested ;

and the Public Trustee shall

not incur any liability on account of any

sanction given or withheld by him in good

faith.

(3) The powers of investment conferred

upon trustees by this section shall be in

addition to any powers of investment con

ferred on them by the terms of the settlement

or by Act of Parliament, and such last-

mentioned powers may be exercised notwith

standing anything to the contrary in the

settlement.

(4) A trustee shall not incur any liability

by reason of any investment made by him

in exercise of the powers conferred by this

section.

(5) Sub-sections (1), (2), and (3) of section

fifty-one of the Act of 1903 shall cease to

have effect.

ALL communications connected with THE

GAZETTE (other than advertisements) should

be addressed to the Secretary of the Society,

Solicitors' Buildings, Four Courts, Dublin.

THE GAZETTE will accept advertisements for

sale and purchase of property, loans, securities

offered, and money for investments on moit-

gages, partnerships, clerkships, and generally

such advertisements as would be of service to

the members of the Society and theProfession.

Communications as to advertisements should

be addressed

to Messrs. Hely's Limited.

28 Dame Street, Dublin.

Dublin: Printed by HELY'S LIMITED, at the Acme Works, Dame Court. Dublin.