REGULATIONS ENTITLED

CONGESTED DISTRICTS BOARD FOR IRELAND (DISPOSAL OF FUNDS) REGULATIONS, 1928.

CONGESTED DISTRICTS BOARD FOR IRELAND (DISPOSAL OF FUNDS) REGULATIONS, 1928.

WHEREAS it is enacted by sub-section (4) of section 9 of the Land Law (Commission) Act, 1923 (No. 27 of 1923) that all property and assets (other than lands, tenements and hereditaments) transferred by that Act from the Congested Districts Board for Ireland to the Irish Land Commission shall be applied or retained by the Irish Land Commission under regulations made by the Minister for Finance to meet outstanding or contingent liabilities of the Congested Districts Board for Ireland and so far as not so applied or retained shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance may appoint.

NOW, the Minister for Finance, in exercise of the powers conferred on him by subsection (4) of section 9 of the Land Law (Commission) Act, 1923 (No. 27 of 1923) and of every and any other power him in this behalf enabling hereby makes the following regulations, that is to say :—

1. These regulations may be cited for all purposes as the Congested Districts Board for Ireland (Disposal of Funds) Regulations, 1928.

(2) In these regulations the expression " the Board " means the late Congested Districts Board for Ireland, and the expression " the transferred funds " means all property and assets vested in the Irish Land Commission by virtue of sub-section (2) of section 7 of the said Land Law (Commission) Act, 1923 .

(3) The Interpretation Act, 1889 applies to the interpretation of these regulations in like manner as it applies to the interpretation of an Act of the Oireachtas passed before the 1st day of January, 1924.

(4) Out of the transferred funds there shall be applied by the Irish Land Commission,

(a) the sum of £89,800 7s. 3d. in repayment of the amount outstanding at the date of these regulations on foot of loans advanced from time to time by the Commissioners of Public Works in Ireland to the Board ;

(b) guaranteed three per cent. Stock of the nominal amount of £1,200 to the creation of a trust fund, to be known as the Ardcannaght trust, for the purpose of maintaining certain embankments on the estate in County Kerry commonly called the Francis Pierce Estate which was purchased by the Board ;

(c) guaranteed three per cent. Stock of the nominal amount of £1,500 to the creation of a trust fund, to be known as the Corkaboy and Shanahill Trust, for the purpose of maintaining certain other embankments on the said Francis Pierce Estate ;

(d) guaranteed three per cent. Stock of the nominal amount of £400 to the creation of a trust fund, for the purpose of maintaining certain embankments on the estate in County Kerry commonly called the Creagh Estate which was purchased by the Board ; and

(e) the sum of £3,615 14s. 1d. in repayment to the Irish Land Commission of sums to that amount advanced by them since the passing of the said Land Law (Commission) Act, 1923 , with the sanction of the Minister for Finance in meeting liabilities of the Board.

(5) Out of the transferred funds there shall be retained by the Irish Land Commission the sum of £2,000 for the purposes of meeting outstanding liabilities of the Board other than those referred to in the preceding paragraph, but so much of the said sum as shall not be required for the purposes aforesaid before the 1st day of April, 1930 shall be paid into the Exchequer.

(6) The balance of the transferred funds remaining after providing for the applications and retainers hereinbefore directed to be made shall be paid into or disposed of for the benefit of the Exchequer in such manner and at such times as the Minister for Finance may appoint.

Given under the Seal of the Department of Finance, this 22nd day of December, 1928.

(Signed) J. J. McELLIGOTT.