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IMEACHTAÍ AN CHOMHCHOISTE.PROCEEDINGS OF THE JOINT COMMITTEE.Dé Céadaoin, 4 Eanáir, 1961.Wednesday, 4th January, 1961.1. The Committee met at 11 a.m. 2. Members Present. The following members were present:— Deputy Sweetman (in the Chair), the Parliamentary Secretary to the Minister for Justice, Deputy Sheldon and Senators O’Quigley, Ryan and Stanford. 3. Appearances for the Promoters. Mr. A. Denis Pringle, S. C., Mr. Weldon R. Parke, B.L., and Messrs. Fred Sutton & Co., Parliamentary Agents, appearing for the Promoters, the Iveagh Trustees. 4. Report from the Minister for Finance. A report on the Bill from the Minister for Finance was read. 5. Hearings in support of Preamble. Mr. A. Denis Pringle, S.C., and Mr. Weldon R. Parke, B.L., were heard in support of the Preamble of the Bill and called evidence. 6. Witnesses Examined. Mr. Charles King Mill, Trustee; Mr. Archibald Edward Thompson, Secretary, the Iveagh Trust; and Mr. T. A. V. Fitzherbert, Stockbroker, sworn and examined. Room cleared. 7. The Committee deliberated. 8. Minutes of Evidence. Ordered: That, pursuant to Standing Order 80 (Private Business), the evidence be not printed. 9. Consideration of Bill. The Committee took the Bill into consideration. (i) Preamble. Amendment proposed: “In page 2, line 22, before ‘it’ to insert the following:— ‘for the purpose of the better management of the funds of the Trust and to maintain, and if possible increase, the value of its investments and the yield of such investments in accordance with economic trends and the purchasing power of money’.” Amendment agreed to. Preamble, as amended, proved. (ii) Section 1 agreed to. (iii) Section 2. Amendment proposed: “In page 2, line 44, to delete ‘Ireland’ and substitute ‘the State’.” Amendment agreed to. Amendment proposed: “In page 3, to delete lines 7 and 8.” Amendment agreed to. Amendment proposed: “In page 3, to delete lines 9 to 21 inclusive and substitute:— ‘( ) On any debentures, debenture stock or guaranteed or preference or ordinary stock or shares of any public company either incorporated within the State or which at the time of the purchase of such stocks or shares maintains within the State a register of its shareholders resident within the State, provided that: (i) such stock or shares (other than stock or shares of a bank or insurance company) are fully paid; and (ii) such company has an issued share capital of which not less than £500,000 has been paid up, or, being a bank or insurance company of which not less than £300,000 has been paid up; and (iii) such company has during each of the five years immediately preceding such purchase paid on its ordinary share capital a dividend at the rate of not less than 5% per annum; and (iv) the ordinary stock or shares of such company are quoted on the Dublin Stock Exchange.”’ Amendment agreed to. Amendment proposed: “In page 3, line 22, to delete ‘Ireland’ and substitute ‘the State’.” Amendment agreed to. Amendment proposed: “In page 3, line 23, to delete ‘or Great Britain’ and substitute ‘provided that in the case of leasehold lands such lands are at the date of the purchase held under a lease with an unexpired term of at least sixty years;’.” Amendment agreed to. Amendment proposed: “In page 3, line 27, to delete ‘Ireland or Great Britain’ and substitute ‘the State’.” Amendment agreed to. Amendment proposed: “In page 3, line 29, to delete ‘either’.” Amendment agreed to. Amendment proposed: “In page 3, line 30, to delete ‘Ireland’ and substitute ‘the State’.” Amendment agreed to. Amendment proposed: “In page 3, lines 31 and 32, to delete ‘or on deposit with any bank in Ireland or Great Britain’.” Amendment agreed to. Section, as amended, agreed to. (iv) Section 3 agreed to. (v) Title agreed to. 10. Report of Committee. Draft Report brought in by the Chairman (Deputy Sweetman) read a first and second time and passed as follows:— 1. The Joint Committee reports that it has examined the Preamble of the Bill and, to indicate the reason for the extension of the investment powers, has amended the second paragraph thereof (lines 22 to 24 inclusive) to read as follows:— AND WHEREAS for the purpose of the better management of the funds of the Trust and to maintain, and if possible increase, the value of its investments and the yield of such investments in accordance with economic trends and the purchasing power of money it is expedient that the said power of investment should be extended and that for that purpose the said Act should be amended in the manner hereinafter provided. It has found the allegations contained in the Preamble, as amended, proved to its satisfaction. 2.The Committee has gone through the Bill and has made amendments thereto for the purpose of (i) bringing it more into accord with public policy as regards the investment of trust funds, (ii) limiting the Trustees to securities of large and strong undertakings and (iii) confining the purchase of leaseholds to those with a suitably long unexpired term to run. 3 In going through the Bill the Committee had before it, and considered, a report from the Minister for Finance. It has given effect to the recommendations contained in that report. Ordered: To report to both Houses accordingly. 11. Conclusion of Business. The Committee concluded its business at 12.55 p.m. |
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