The Gazette 1964/67

Section z6 amends section 5 2 (3) of the Finance Act, 1920, so as to bring private unlimited companies within the ambit of Corporation Profits Tax as respects profits arising on or after i January, 1964. Section 27 raises from £1,500 to £2,500 the limit on the deduction which may be allowed for the remuneration of a director in computing, for the purposes of Corporation Profits Tax, the profits of a director-controlled company. The new limit will apply as respects accounting periods ending after 31 December, 1963. CERTIFIED COPIES, GRANTS OF PROBATE AND ADMINISTRATION MEMBERS please note that they may now, when lodging papers with applications for grants and pro– bate, bespeak extra copies of grants for registration with limited Companies etc., This should be done at the same time when lodging the papers for the grant and the extra copies will be available when the grant is taken up. Members are requested not to make separate applications as this may cause delay. INSURANCE ACT, 1964 THE object of this Act is to provide relief for the policy holders of the Equitable Insurance Company Limited. In May 1963 the Minister for Industry and Commerce petitioned the High Court for the winding up of the Equitable Insurance Company Limited on the ground that it was insolvent; shortly afterwards the necessary winding up order was made by the Court. Though the preparation of the Act was prompted by the failure of this one company, the arrangements which it set up are of a general and continuing nature, so that there will also be suitable machinery for the relief of policy holders in the case of any future insurance insolvency. The main features of this scheme as envisaged by the Act are as follows: (a) All non-life licensed Insurance Companies will contribute to the fund in accordance with the Insurance Compensation Fund in accordance with their premium income. A non repayable contribution of £30,000 will be made to the Fund by the State with the object of covering the Equitable's Workmens' Com– pensation Liabilities. (&) Funds will be available to meet claims under policies issued by any insolvent insurance company which is being wound up by the High Court; the eligible classes of insurance

will be those for which a licence is needed under the Insurance Acts, other than life; creditors other than those claiming under eligible policies will not have access to the Fund. (c) As the annual contributions envisaged will not be sufficient to discharge the liabilities of the Equitable within a short space of time the Minister for Finance will make loans to the Fund to enable it to cover all outstanding claims without delay; these loans will be repaid to the Minister for Finance in due course. Section 8 of the Act amends Section 22 of the Act of 1936 so that a deposit of £100,000 shall be required from each insurance company by way of deposit no matter how many classes of business it carries on. Section 12 of the Act deals with the purchase and sale of shares of the Irish Life Assurance Company Limited, by the Minister for Finance while Section 13 makes provision regarding the construction of Articles of Association of the Irish Life Assurance Company Limited. In this connection the observations of the Minister for Industry and Commerce on the second reading of the Bill in the Seanad, should be noted:- "I need hardly mention that these provisions have no connection whatever with the other provisions of the Bill; that they were inserted in this Bill primarily to save the Oireachtas the time and trouble of dealing with a separate measure." (See Seanad Reports Vol. 57 No. 16 ist July, 1964.) COMMISSIONERS OF CHARITABLE DONATIONS & BEQUESTS; BOARD MEETINGS MICHAELMAS TERM 1964

6th October, 1964 2Oth 1964 3rd November, 1964 17th 1964 i st December, 1964 15th 1964

Tuesday

CASES OF THE MONTH Solicitors' right to apply for costs in Divorce application A HUSBAND and wife each filed petitions for divorce against the other, the wife charging the husband with cruelty, and the husband cross- charging the wife with adultery. Both suits were defended, the wife was granted legal aid in respect of each. The husband was ordered to give security