The Iveagh Trust (Amendment) Act, 1961

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Number 1 (Private) of 1961.


THE IVEAGH TRUST (AMENDMENT) ACT, 1961.


ARRANGEMENT OF SECTIONS


Section

1.

Definition.

2.

Amendment of powers of investment of the Iveagh Trustees.

3.

Short title and collective citation.

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Number 1 (Private) of 1961.


THE IVEAGH TRUST (AMENDMENT) ACT, 1961.


AN ACT TO AMEND THE IVEAGH TRUST ACT, 1903 (3 EDW 7 CAP III) BY EXTENDING THE POWERS OF INVESTMENT OF THE IVEAGH TRUSTEES UNDER THE SAID ACT. [17th April, 1961.]

Preamble.

WHEREAS by an Act passed in the session of Parliament in the 3rd year of King Edward the Seventh Chapter iii entitled “An Act to amalgamate the Guinness Trust (Dublin) Fund with” the Dublin Improvement (Bull Alley Area) Scheme to vest the “property of the Guinness (Dublin) Trustees in the Trustees of”the said scheme to change the name of such last mentioned “Trustees to confer further powers on them and for other purposes” it was provided, amongst other things, that the Iveagh Trustees therein described might from time to time pending application to the objects and purposes therein set out invest any moneys in their hands on the securities therein specified in addition to any securities for the time being authorised by law as investments for trust funds with power to vary such investments into or for others of the same or a like nature;

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;

AND WHEREAS the said amendment cannot be effected without the authority of the Oireachtas.

BE IT THEREFORE ENACTED BY THE OIREACHTAS AS FOLLOWS:—