The Gazette 1982

april

1982

g a z e t t e

Minutes of the Half-Yearly General Meeting

T HE Half-Yearly General Meeting of the Society was held in Ashford Castle, Cong, Co. Mayo, on Friday, 7th May, 1982, at 10.00 a.m. Having called the Meeting to order, the President called on Mr Liam McHale, President of the Mayo Bar Associ- ation, to address the Meeting. In his address, Mr McHale emphasised the pleasure it was for him and for his col- leagues in the Mayo Bar Association to have the opportun- ity of welcoming the Members of the Profession to a Meet- ing in Mayo. He was particularly pleased that for the occasion, the Meeting should be presided over by a President of the Law Society, who practised in the neigh- bouring county, within the Province of Connaught. Con- cluding, he wished the Meeting every success. The President then extended a welcome to the Presi- dents and Secretaries of the neighbouring Law Societies, Mr Denis Marshall, President, and Mr John Bowron, Secretary-General, the Law Society, London, Prof. Philip Love, President, and Mr Kenneth Pritchard, Secretary, The Law Society of Scotland and Mr Roderick Campbell, President, and Mr Sydney Lomas, Secretary, The Incor- porated Law Society of Northern Ireland. Notice The adoption of the notice convening the Meeting was proposed by Mrs Quinlan, seconded by Mr F. O'Donnell, and agreed. The attendance at the Meeting was recorded in the Attendance Book. 70 Members attended. Minutes On the proposition of Mr Pigot, seconded by Mr Margetson, the Minutes of the Annual General Meeting, held in Blackhall Place, on 20th November, 1981, were taken as read, and signed by the President. Appointment of Scrutineers It was proposed by Mr Hickey and seconded by Mr Curran that the following be appointed as Scrutineers of the Ballot for Council, for the year 1982/83:-

Their appointments were agreed. The President expres- sed the Society's appreciation to the Scrutineers for their help to the Society. President's Address The President then addressed the Meeting. A copy of his address is filed with the Minutes.

Retirement Annuity Fund and Income Continuance Plan

Mr Curran, Chairman of the Finance Committee, presented a report on the Society's Retirement Annuity Fund and Income Continuance Plan. He reported that membership of the Fund had increased and that by the end of May, the Funds being managed would be in the region of £2m. As with other Funds, performance in the past year had not been as good as in previous years, due to the world recession, resulting in very depressed investment market conditions. During the year, the small percentage of the Fund in equities had been reduced further and nearly 50% of the Fund was now placed outside Ireland as a hedge against a possible devaluation of the £IR and also against the very high level of inflation obtaining in the country. The unit value as at 1 st March, 1982, showed an annual average gain, equivalent on cost price at inception, of some 23% per annum. This gain was effectively free of Tax. In the case of the I.P.T. Income Continuance Plan, Mr Curran reported that a 7 Yi% discount on rates which would apply to existing members ofthe Plan and new entrants, had been negotiated. Negotiations were proceeding with the Underwriters on increases in Medical Limits for the Plan and the result of these negotiations would be announced to members in due course. Mr Curran urged all members to take out this particular cover as soon as they could afford to pay the premium involved, since nobody had a guarantee of con- tinuing good health. Mr Brown, Westport, commended Mr Curran on the report on the Fund, and on the financial details which had been circulated to the Meeting. He asked that the question of providing borrow back facilities under the Fund, be considered and Mr Curran undertook to look into the matter. As there was no further business to discuss, the President declared the Meeting closed. • 111

Messrs L. Brannigan, E. McCarron, A. J. McDonald, R. T. Tierney, P. D. M. Prentice, J. R. C. Green, P. C. Moore and G. Doyle.