The Gazette 1967/71

The alterations are made in the light of the provisions of Section 45 of the Land Act, 1965. BUILDING CONTRACTS The Society have now prepared standard forms of building contracts which will in the very near future be available from the Society's office sold in lots of one dozen. The price is 10/- per dozen plus postage l/10d. The contract has been drawn up with the co-operation and approval of the Dublin Solicitors Bar Association and the Southern Law Association and is intended to cover the erection of an ordinary private dwelling house. The Institute of Chartered Accountants in Ireland (Incorporated by Royal Charter, 14th May, 1888) To all Members in Practice NOTES FOR GUIDANCE ON SOLICITORS' ACCOUNTS REGULATIONS 1967 Joint Statement of the Incorporated Law Society of Ireland and the Institute of Chartered Accoun tants in Ireland. INTRODUCTION The Incorporated Law Society of Ireland have, in exercise of the powers conferred on them by the Solicitors' Act, 1954, made regulations dealing with Solicitors' accounts which are known as the Solicitors' Accounts Regulations 1967. So that the Law Society may satisfy itself that these regulations are being adhered to by solicitors, it makes provision under these regulations for the furnishing, annually, of accountants' reports. In his report the accountant must state that the solicitor has complied with the regulations, or, if he has not, give details of the manner of his non- compliance. In order that the accountant may dis charge his duty properly in this context, it is necessary that he be familiar with the regulations and be able to interpret them correctly. The notes which follow are issued to assist members in in terpreting points in the regulations which give rise to difficulty. They should be read in conjunction with the Solicitors' Accounts Regulations 1967 (S.I No. 44 of 1967) which can be obtained at the Government Publications Sales Office, G.P.O. Arcade or through any bookseller. It must be pointed out that the interpretation given in these 74

2 Office Administration 3 Building Contracts 3/-By Post 3/9 It has also been arranged not to hold the usual monthly meeting in March due to the proximity of the Seminar. The Wexford Seminar Publications on "Rent Restrictions Acts" and "The Tax Advantages of Company Formation" have proved extremely popular and further copies can be had from the Treasurer. CORRECTION The article under the heading of "Costs of Pro bate—meaning of Value" appearing in the Octo ber/November, 1967 Gazette requires clarification. The artificial value sworn for probate is not rateable valuation multiplied by 50 as stated in the article but rateable valuation multiplied by 25. Rateable valuation multiplied by 50 applies only to Land Registry business. ICh.D. 105, Bowen, L. J., says at page 116 :— "Negotiation, I should have thought in the ordinary meaning of the English language, is that which passes be tween parties or their agents in the course of or incident to the making of the contract and if the negotiation is brought to such a close as leaves the principal at liberty to say, 'I accept the offer', then the agent has done all the negotiating an agent can do, and within the rule he has arranged the sale, the sale afterwards being effected." He also referred to other passages from the judgements in that case in support of his case. CONDITIONS OF SALE The Society have caused a new issue of the above and of the agreement for sale (Private Contract) to be printed. There is a slight difference in the 1968 edition as opposed to that issued in 1965. Condition 28 (2) of the Auction form is altered to provide that if the vendor has suffered no real loss in the transaction the purchaser will get back his deposit, but if the vendor suffers heavy loss the purchaser looses it. This is considered reason able and protects the vendor's solicitor. In the case of Condition 26 (2) of the Private Treaty form, a new clause has been substituted which in most cases of Private Treaty Sales would result in the purchaser getting back the greater part of his deposit. 5/-By Post 5/9 NEGOTIATION FEE In MacGowan v. Murray (1891)