Committee Reports > List of Committees > Private > 1961 > Joint Committee on the Iveagh Trust (Amendment) Bill, 1959 > Report and Proceedings - Iveagh Trust (Amendment) Bill, 1959 [Private]

REPORT.

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.

(Signed) GERARD SWEETMAN,

Chairman of the Joint Committee.

4th January, 1961.