Irish Sailors and Soldiers Land Trust Act 1987
| Year | 1987 |
Irish Sailors and SoldiersLand Trust Act 1987
1987 CHAPTER 48
An Act to provide for the distribution of the surplus funds of the Irish Sailors and Soldiers Land Trust; and to make provision for the winding up and dissolution of the Trust.
[15th May 1987]
Be it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—
1 Surplus funds, winding up and dissolution of Irish Sailors and Soldiers Land Trust.
(1) It shall be the duty of the Irish Sailors and Soldiers Land Trust—
(a) to pay over in accordance with subsection (2) below any money of the Trust which it at any time considers to be in excess of its requirements for the discharge of its functions; and
(b) when directed to do so by the Secretary of State, to wind up its affairs and to take such steps as are specified in the direction for disposing of its property and rights and discharging or transferring its liabilities.
(2) Any money to be paid over under subsection (1)(a) above shall be divided between the United Kingdom and the Republic of Ireland in the prescribed proportions; and—
(a) two-fifths of the United Kingdom share shall be paid to the Distributory Agency appointed under section 2 below and the remainder to the Secretary of State; and
(b) the Republic of Ireland share shall be paid to the Government of the Republic.
(3) In subsection (2) above ‘the prescribed proportions’ means 68 per cent. as respects the United Kingdom and 32 per cent. as respects the Republic of Ireland or such other proportions as the Secretary of State may direct; and he shall consult the Government of the Republic before giving any direction under this subsection or under subsection (1)(b) above.
(4) If after a direction has been given under subsection (1)(b) above it appears to the Secretary of State that the direction has been fully complied with he may by statutory instrument make an order dissolving the Trust.
(5) Any sums received by the Secretary of State by virtue of this section shall be paid into the Consolidated Fund of the United Kingdom and the Consolidated Fund of Northern Ireland in such proportions as he may with the consent of the Treasury determine.
2 The Distributory...
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