Number 5.
GRIFFITH SETTLEMENT ACT, 1923.
ARRANGEMENT OF SECTIONS
Section | |
Number 5.
GRIFFITH SETTLEMENT ACT, 1923.
BE IT THEREFORE ENACTED BY THE OIREACHTAS OF SAORSTÁT EIREANN AS FOLLOWS:—
Annuity of £1000 to be paid to Trustees.
1.—(1) One annuity or yearly sum of one thousand pounds commencing on the twelfth day of August 1922 shall be charged upon and payable quarterly out of the Central Fund of Saorstát Eireann or the growing produce thereof to the Trustees appointed for the purposes of this Act during the respective periods mentioned in this Section.
(2) The yearly sum of five hundred pounds (in this Act called “The Widow's Share”) being one equal moiety of the said annuity of one thousand pounds shall be charged and payable as aforesaid during the life of the said Mrs. Maud Griffith.
(3) The yearly sum of two hundred pounds (in this Act called “The Son's Share”) being one equal fifth part of the said annuity of one thousand pounds shall be charged and payable as aforesaid until the said Naomhan Griffith shall either attain the age of twenty-five years or die under that age.
(4) The yearly sum of two hundred pounds (in this Act called “The Daughter's Share”) being one other equal fifth part of the said annuity of one thousand pounds shall be charged and payable as aforesaid until the said Ita Griffith shall either attain the age of twenty-five years or die under that age.
(5) The yearly sum of one hundred pounds (in this Act called “The Sister's Share”) being the remaining one equal tenth part of the said annuity of one thousand pounds shall be charged and payable as aforesaid during the life of the said Miss Frances Griffith.
Trusts of the Widow's Share.
2.—The Trustees shall hold the Widow's Share upon trust to pay the same as and when received by the Trustees to the said Mrs. Maud Griffith for her separate use and so that she shall not have power to deprive herself thereof by anticipation.
Trusts of the Son's Share.
3.—(1) The Trustees shall while the said Naomhan Griffith is under the age of twenty-five years hold the Son's Share upon trust in their absolute discretion to apply the whole or so much as they shall think fit of the Son's Share for the maintenance, education or benefit of the said Naomhan Griffith and may either themselves so apply the same or may pay the same for the purpose aforesaid to the said Mrs. Maud Griffith or other the guardian of the said Naomhan Griffith.
(2) The Trustees shall while the said Naomhan Griffith is under the age of twenty-one years accumulate so much of the Son's Share as is not applied under the foregoing sub-section by investing the same and the resulting income thereof from time to time in securities in which trustees are by law authorized to invest trust monies.
(3) The Trustees may at their absolute discretion at any time or times apply all or any part of the accumulations mentioned in the preceding sub-section as if the same were part of the Son's Share accruing in the then current year, and the Trustees shall pay and transfer to the said Naomhan Griffith on his attaining the age of twenty-one years so much of the said accumulations as is not applied by them in manner aforesaid but if the said Naomhan Griffith shall die before he attains the age of twenty-one years the Trustees shall on the death of the said Naomhan Griffith pay and transfer to the Exchequer of Saorstát Eireann so much as aforesaid of the said accumulations.
(4) From and after the said Naomhan Griffith attaining the age of twenty-one years the Trustees shall hold the Son's Share upon trust to pay the same as and when received by the Trustees to the said Naomhan Griffith.
Trusts of the Daughter's Share.
4.—(1) The Trustees shall while the said Ita Griffith is under the age of twenty-one years and unmarried hold the Daughter's Share upon trust in their absolute discretion to apply the whole or so much as they shall think fit of the Daughter's Share for the maintenance, education or benefit of the said Ita Griffith and may either themselves so apply the same or may pay the same for the purpose aforesaid to the said Mrs. Maud Griffith or other the guardian of the said Ita Griffith.
(2) The Trustees shall while the said Ita Griffith is under the age of twenty-one years and unmarried accumulate so much of the Daughter's Share as is not applied under the foregoing sub-section by investing the same and the resulting income thereof from time to time in securities in which trustees are by law authorised to invest trust monies.
(3) The Trustees may at their absolute discretion at any time or times apply all or any part of the accumulations mentioned in the preceding sub-section as if the same were part of the Daughter's Share accruing in the then current year and the Trustees shall pay and transfer to the said Ita Griffith on her attaining the age of twenty-one years or marrying under that age so much of the said accumulations as is not applied by them in manner aforesaid but if the said Ita Griffith shall die under the age of twenty-one years and unmarried the Trustees shall on the death of the said Ita Griffith pay and transfer to the Exchequer of Saorstát Eireann so much as aforesaid of the said accumulations.
(4) From and after the said Ita Griffith attaining the age of twenty-one years or marrying under that age the Trustees shall hold the Daughter's Share upon trust to pay the same as and when received by the Trustees to the said Ita Griffith for her separate use and so that she shall not have power to deprive herself thereof by anticipation.
Trusts of the Sister's Share.
5.—The Trustees shall hold the Sister's Share upon trust to pay the same as and when received by the Trustees to the said Miss Frances Griffith for her separate use and so that she shall not have power to deprive herself thereof by anticipation.
Appointment of Trustees.
6.—(1) The Trustees for the purposes of this Act shall be two in number and the first Trustees shall be appointed in writing by the Reverend Michael Sheehan, O.F.M., brother of the said Mrs. Maud Griffith.
(2) The power of appointing new Trustees for the purpose of this Act shall be vested in the said Reverend Michael Sheehan, O.F.M., during his life and from and after the death of the said Reverend Michael Sheehan, O.F.M., the power of appointing new Trustees for the purpose of this Act shall be vested in the Minister of Finance.
(3) No appointment of Trustees or a Trustee by the said Reverend Michael Sheehan, O.F.M., under this section shall be valid or effectual unless and until such appointment is approved of by the Minister of Finance.
Short Title.
7.—This Act may be cited as the Griffith Settlement Act, 1923.