The Gazette 1949-1952

(c) A conveyance to an Irish body corporate where an unqualified person is entitled to a beneficial interest in the whole, or part of the property. This covers the case where property is purchased by an Irish body corporate with money provided by an alien, and the property is afterwards conveyed to such person. It is intended that duty at the rate o f 25 per cent, will be payable even if the alien acquires Irish citizenship before the date of the conveyance to him from the company. ( d) A conveyance to an Irish body corporate, 51 per cent, of the share capital being in Irish hands, if at any time after 3rd May, 1949, the company ceases to be an Irish body corporate because of the shares having ceased to be held by Irish citizens to an extent exceeding one-half the nominal value thereof. The effect of Budget Resolution No. 12 is that if a transaction falls into one of the above-mentioned categories (a) to ( c ), the mortgage, charge, equitable deposit or conveyance will attract the 25 per cent, duty unless such mortgage charge or equitable deposit following the conveyance to the Irish body corporate, or the conveyance from the Irish body corporate to the unqualified person who provided the purchase money, was completed before 4th May, 1949. In the latter event no further stamp duty is payable. Case \d ) creates a most awkward position from the point o f view of conveyancing practice. The resolution means that where the share capital is altered after May 4th, so that less than 51 per cent, thereof is held beneficially by Irish citizens, the original conveyance to the company must be restamped, irrespective of whether or not the deed has already been adjudged duly stamped. From this it appears to follow, that where a conveyance to a company appears on a title on or after 1st December, 1947, the solicitor for a purchaser from the company, or from any assignee o f the company, must satisfy himself that the conveyance to the company was duly stamped. In order to do this he will have to require the vendor to show that at no time after 3rd May, 1949, was 51 per cent, o f the company share capital held beneficially by persons other than Irish citizens or the other persons mentioned in section 13 (4) o f the Finance (No. 2) Act, 1947. Solicitors will note that the resolution creates a situation which is without precedent, namely, that a conveyance from A to B which has been adjudged duly stamped may afterwards attract additional

stamp duty by reason o f a subsequent legal mortgage o f the property or an equitable deposit o f the title deeds by B. It is understood that only twenty or thirty companies are affected by Resolution No. 12. The matter is under consideration by the Council, and representations are being made to the Revenue Commissioners. N ote . —Since the above note was printed the Finance Bill has been introduced. See sections 24-27 thereof, incorporating the Budget resolutions. SOLICITORS’ GOLFING SOCIETY I n glorious weather the Spring meeting o f the Society was held at the Royal Dublin L'nks on Thursday, the 12th May. Thirty-four members took ou cards to compe e for the various prizes with the fo f owing results :— The Society’s C hallenge C up and C aptains ’ P rize were won by Mr. M. S. Matthews (Co. Louth), who returned a 68. A young and very promising member Gerald Hickey, (Milltown), playing off 6, was runner up with 69. The V eterans C up went to J. J. Hickey (Grange), the father o f Gerald Hickey, with a score o f 72. The S aint P atrick ’ s P late for handicaps under 12 went to Michael Neary (Milltown), who also brought in a score o f 72. The Captain, T. A. O’Reilly, subsequently presided over a very pleasant dinner he’d afterwards in the Club House at which the principal guest was Mr. P. R. Boyd, the President o f the Incorporated Law Society o f Ireland, whose health was heartily proposed by Michael Dwyer. Kenneth Kennedy (Tullamore), Malachy Matthews (Drogheda), and the Captain also contributed speeches o f wit and becoming brevity. With Mr. Ken O’Dea at the piano to enliven the proceedings, a most enjoyable evening crown;d a pleasant day’s golf. To avail o f this—one o f the few opportunities the members o f our Profession have of meeting socially—some solicitors who do no play golf joined the party for dinner. This is an admirable spirit and should inspire all golfing solicitors w thin a reasonable distance to join in future outings. EXAMINATION RESULTS Preliminary Examination : A t the Preliminary Examination for intending apprentices to solicitors held on the 6th and 7th days of April, 1949, the following passed the examination and their names are arranged in order of merit:— Patrick Brendan Munnelly, Dominic B. A. Spelman, John Edward Russell, Ernan Rory