128 / 338
solely to the amount claimed, irrespective of the
amount recovered, by a successful applicant. It was
decided that this was a matter for the appropriate
rules committee.
Acting for both parties
The Council considered a report from a committee
on a suggestion from members that a regulation
should be made under section 71 of the Solicitors
Act 1954 preventing solicitors from acting for both
parties in conveyancing matters.
Member was
advised that he could if he so wished put the matter
down for discussion at a half yearly meeting of the
Society.
Retainer through a third party. Subsequent
change of solicitor. Payment of costs.
A purchaser who bid in person at an auction
informed the solicitor for the vendor that Mr. X was
his solicitor. Mr. X received the title and did some
work thereon. Unknown to Mr. X, the purchaser
on the day of the auction instructed Mr. Y, to act as
his solicitor. Mr. X enquired whether in the view
of the Council he was entitled to regard the com
munication from
the vendor's solicitor of his
retainer by the purchaser as sufficient instructions.
The Council on the facts before them were of the
opinion that the retainer was sufficient. Mr. X also
enquired whether in the view of the Council the
second solicitor should see that his costs down to
the date of change of solicitor were discharged
before acting for the purchaser. The Council ex
pressed the view that on the facts before them the
second solicitor should see that Mr. X's costs are
paid.
LAND REGISTRATION RULES, 1959
S.I. No. 96 of 1959.
The new Land Registration Rules came into
operation on ist June, 1959. The Land Registration
Rules 1937-1956 are thereby rescinded but rules 95
and 96 (and forms 44, 45 and 46 referred to therein)
of the Land Registration Rules 1937 continue to
apply in relation to the estate of any person dying
before ist June, 1959. The rules may be obtained
from the Government Publications Sales Office,
G.P.O. Arcade, Dublin, price 5/6, postage 6d. The
principal changes affected by the new rules are as
follows :—
The Rules consolidate and amend the Land
Registration Rules 1937-1956 which have been
rescinded except as provided therein.
The main
amendments have been made necessary by the
enactment of the Administration of Estates Act
1959 which provides that all real property of any
'4
person dying after the ist June, 1959 devolves on the
personal representative in trust for the persons
beneficially entitled.
Rules 89-95 and the forms prescribed thereunder
are designed to amend the former Rules 88-96
and the corresponding forms to meet this change.
Rule 56 (3) has been amended by omitting the
undertaking to procure the production of a
land
certificate for a dealing.
In place of this, an
application under Rule 163 for an order compelling
production must be lodged with the application.
Rule 155 has been included to give effect to the
present practice of issuing photostatic facsimiles of
the folios as land certificates.
Practitioners should particularly note that Rule 98
of the 1937 Rules which allowed registration of the
personal representative as such with an appropriate
inhibition has been rescinded and in effect has been
replaced by the present Rule 95 which allows the
notation of the death of the registered owner as was
the old practice prior to the coming into existence of
the Land Registration Rules 1937.
The other Land Registration Rules 1937 which
have been amended or deleted are as follows :—
Rules 19(1), 22(2), 32(1), 37(2), 48, 61, 67, 73,
76, 79(2), 82(3), 85, 97(2), 98(2), 100(1) and (2),
106, 124, 134 (i) and (2), 135(2), 16.0 and 178.
Consequent modification in or deletion of the
relevant Forms has also been made.
COMPANIES ACT, 1959
The Companies Act, 1959 is a short measure of
12 Sections by which some of the more urgent
reforms advocated by the Company Law Reform
Committee will be met.
Redeemable Preference Shares.—
A company may,
if so authorised by its articles, issue redeemable
preference shares provided that (i) they are fully
paid up, and (ii) that they are redeemed out of the
profits of the company ;
(iii) the premium payable
.on redemption must have been provided out of the
profits of the company, or, if applicable, out of the
company's share premium account;
a capital
redemption reserve fund in accordance with the
provisions of the Act should be built up, which
should be a sum equal to the amount of the shares
redeemed.
The redemption of preference shares
shall not have the effect of reducing the amount of
the Company's authorised share capital—but the
Company may issue shares up to the nominal
amount of the shares to be redeemed ;
this shall
not increase the share issue for the purposes of
stamp duty. Subject to penalties, there must be in
cluded in every balance sheet of a company which
has issued redeemable preference shares, a statement
specifying what part of the issued capital of the com-