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FINANCE
COMMITTEE
Gerald Hickey,
Chairman
Walter Beatty
Ernest J. Margetson
John J. Nash
George A. Nolan
James W. O'Donovan
Ralph J. Walker
Gerald Hickey,
Chairman
7.1 The audited income and expenditure accounts and balance sheet of the Society for the
year ended 30th April 1974 are not yet available, but as Reports of all the Committees of the
Society are now being presented to the members it is felt that the Finance Committee should
also furnish a brief Statement.
7.2 The book value of the Society's net assets at the balance sheet date was £300,372 which
sum does not include a figure for the premises at the Four Courts or any surplus of current
valuation over cost for the valuable property at Blackhall Place.
7.3 The Society is, therefore in a healthy financial position at the present but it must be borne
in mind that it will probably face heavy expenditure in the future if it is not merely to maintain
the standard of its existing services to members but is to improve and extend the range of
such services wherever possible and also to carry out its various statutory and educational
obligations.
7.4 We are all only too aware of the rise in costs on every side. Although the Society
had a surplus on income and expenditure account for the year the Finance Committee fee'
that it is essential to maintain the level of members' subscriptions in respect of the other
heads under which the Society derives income.
7.5 In the event of our moving either the whole or part of the Society's operations to the
King's Hospital substantial expense will be incurred, even taking account of any revenue
derived from a sale or letting of the Society's existing premises.
7.6 Lastly, the Compensation Fund was in a very satisfactory state at the 30th April 1974.
This fund is, of course, completely separate from the Society's assets and the Society is obliged
by statute to maintain it as a separate fund. The fund provides full indemnity to members of
the public who suffer loss as a result of defalcation by any practising Solicitor.
7.7 As at the 30th April 1974 the fund stood at £375,201 which is a satisfactory figure by any
standards. Payments from the fund in respect of ascertained losses and other expenses during
the year amounted to £15,354.
COURT OFFICES
AND COST
COMMITTEE
Peter E. O'Connell,
Chairman
Felicity Foley
Christopher Hogan
Nicholas S. Hughes
Patrick J. McEllin
Patrick McEntee
Dermot G. O'Donovan
John A. O'Meara
Robert McD. Taylor
Ernest J. Margetson
8.1 The Committee during the past year held regular meetings and discussed and reported
to the Council on a very wide variety of subjects which came before it. These subjects included
matters of difficulty referred by Solicitors for guidance concerning the incidence of costs in
sub-sales, sales where partly Land Registry and partly Registry of Deeds was involved-
Compulsory Purchase Orders, exchange of properties in Mortgage and Building Contract
Sales, Probate and Administration matters, Leasehold interests etc. There were also more
general queries concerning costs which were passed on to the relevant rule-making authorities-
8.2 The Committee also considered various matters from Solicitors on the day-to-day
working of the Courts, Land Registry, Land Commission, Valuation Office and other Govern-
ment Departments with which they are in contact. Every effort is being made to alleviate as
far as possible the practical difficulties that arise from time to time between Practitioners and
the staffs in these Offices.
8.3 Solicitors have experienced difficulties in so far as taxation of costs is concerned. Recently
a very satisfactory preliminary meeting was held between the Taxing Masters and represen-
tatives of the Committee. It is intended to hold further meetings and also to meet the Costs
Accountants to ease difficulties in that area. The Taxing Masters were most helpful
expressed willingness to discuss in more detail matters of mutual interest and concern.
Peter E. O'Connell,
Chairman
8.4 Revision of the standard Form of Requisitions on Title and Contracts for Sale had
attention as a result of suggestions by Practitioners.
8.5 The vexed question of booking deposits on Sales and gazumping was considered in an
effort to establish a satisfactory standard code of conduct and the Council's representatives
are to meet representatives of the Construction Industry Federation to discuss this. The
meeting will also discuss other matters of importance to the Profession arising on sales ot
property.
8.6 The reports of the Committee on Court Practice and Procedure so far published were
considered in detail by the Committee and reported upon to the Council.
8.7 The Committee is always available to consider and report to the Council on C°«
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Procedure and Administration; the working of the Government Departments affecting the
Profession and on questions of costs and practice.
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