197 / 324
Vol. 50
No.
10
APRIL,
1957
THE GAZETTE
of the
INCORPORATED LAW SOCIETY OF IRELAND
PruUiHt
NIALL S. GAFFNEY
Vice-Preiidents
DESMOND J. COLLINS
CHARLES J. DOWNING
Sterttarj
ERIC A. PLUNKHTT
FOR CIRCULATION AMONG MEMBERS
MEETING OF THE COUNCIL.
MARCH ZIST: The President in the Chair. Also
present:
John R. Halpin, Desmond J. Mayne,
John Carrigan, Henry St. J. Blake, P. R. Boyd,
F. X. Burke, Ralph J. Walker, G. G. Overend,
Reginald J. Nolan, Peter E. O'Connell, Thomas
A. O'Reilly, Charles J. Downing, James R. Quirke,
Joseph P. Tyrrell, Cornelius J. Daly, Derrick M.
Martin, Dermot P. Shaw, George A. Nolan, Arthur
Cox, Desmond J. Collins, F. J. Gearty, Scan
O hUadhaigh, John J. Nash, John J. Sheil, Joseph
Barrett, R. McD. Taylor, Terence de Vere White.
The following was among the business transacted.
District Court Rules Committee.
MR. CECIL G. VANSTON Dublin was appointed as
one of the Society's representatives on the District
Court Rules Committee in place of Mr. Patrick F.
O'Reilly who has resigned from the Council.
Vacancy on the Council.
MR, JOHN MAKER Dublin was co-opted from the
supplemental list to fill the vacancy caused
by
the
resignation of Mr. P. F. O'Reilly.
Trustee (Authorised Investments) Bill 1956
THE Council considered a report from a Committee
on the text of the draft Bill which was sent to the
Society by the Department of Justice for observa
tions. The bill proposed to alter the statutory list
of authorised trustee securities, the main effect
being to restrict the list in so far as it includes
Government stocks to those issued in the State.
It is proposed that deposit accounts in banks will
no longer rank as authorised trustee investments.
The Committee in their report stated that the
bill if enacted might expose beneficiaries under
settlements to the risk of depreciation of the trust
investments by restricting the trustees to a more
limited range of investments than the list which
is
available under the existing law. This consideration
is particularly important in regard to funds in
Court which under the Bill as drafted would have
to be invested in trustee securities. The Committee
89