The Gazette 1955-58

Stockbrokers in the State to arrange any transaction in Irish or Sterling securities subject to the con ditions set out below. In this connection Solicitors, Banks and Stockbrokers are referred to as " Approved Agents " in Ireland and as " Authorised Depositaries " in Great Britain. CONDITIONS. NOTE : Where a transaction is effected at the request of another Approved Agent or British Authorised Depositary, the solicitor may assume that the relevant conditions are fulfilled. In all other cases the solicitor must confirm whether or not the conditions are fulfilled, and if they are not, he must obtain the permission of the Minister for Finance before proceeding with the transaction. (1) Subscriptions to New Issues. (a) The client must be resident in the Sterling Area and not the nominee of a person resident outside; or (b) (i) the security must be one which will be quoted on a Stock Exchange, and (ii) payment must be received in the State in an approved manner (see paragraph 2). (2) Saks and Transfers. (d) (i) The client must be resident in the Sterling Area and not the nominee of a person resident outside, and (ii) either the sale must be made through a Stock Exchange, or the solicitor must be satisfied that the transferee is resident in the Sterling Area and not the nominee of a person resident outside ; or (V) The transfer is under the will or intestacy of a deceased resident of the State ; or (f) (i) The sale must be made through a Stock Exchange, and (ii) either the proceeds must be lodged to a blocked account or be reinvested, with out delay, through a Stock Exchange, in an Irish or Sterling security which cannot be redeemed within five years of the date of reinvestment. . (i) The client must be resident in the Sterling Area and not the nominee of a person resident outside, . and . ' (ii) either the purchase must be made through (3) Purchases\ Acceptances of Transfers, (a)

deavouring the office and personal visits from solicitors for this purpose will be welcomed. It was pointed out that in some cases which might otherwise have been disposed of without undue delay difficulty had been caused by the unrealistic nature of the figures submitted to the Valuation Office. (d) It was pointed out to the Commissioner that extra delay was caused when an application was made for a Certificate under Section 11 of the Finance Act, 1894, because if land or house property is included in the assets the value of such property had to be referred back to the Valuation Office for final deter mination when the Certificate was applied for and this meant a second delay. It was suggested that where a solicitor knew he would, in due course, be applying for a Certificate under Section 11 rather than for a non-statutory Certificate (Form 149) he should mark the form 77 at the time of lodging the Schedule of Assets with a note asking that a final determination be made of the value of the property in the first instance and so avoid a reference back. The Commissioner promised to consider this suggestion but pointed out that if a final determination had to be made it entailed a more thorough investigation and it was possible that he would have to insist on a higher figure in some cases where, if no determina tion was sought he might have allowed it to pass without comment. This arises by reason of the fact that after a final determination the Valuation Office cannot re-open the figure even on a subsequent sale at a higher sum while the client can, on the other hand, claim repayment of duty if a sale is subsequently made at a lower figure. Here again, it was pointed out that valuations may be expedited by direct dealings between solicitors and the valuation office and it was agreed that where a notice of objection to a valuation is sent to the Revenue Commissioners a duplicate copy should be sent to the valuation office and that correspondence on the subject of valuation might be conducted direct with that office. EXCHANGE CONTROL DEALINGS IN BRITISH AND IRISH SECURITIES. a. The purpose of the control of securities, exercised under Exchange Control legislation, is to prevent transactions in securities being used as a means of making unauthorised transfers of funds to countries outside the Sterling Area. General authority has been granted to Solicitors, Banks and to agree valuations with

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