The Gazette 1989

GAZETTE

JULY 1989

PRACTICE NOTES - Contd.

duced a significant change in the rules governing Clawback on Milk Quotas. The current position is as follows: Sales The 5% Clawback on sales has been abolished altogether. Lease Up to 50,000 gallons - no Clawback. Up to 75,000 gallons - 10% Clawback. Up to 100,000 gallons - 15% Clawback. Over 100,000 gallons - 25% Clawback. The Clawback is calculated on the total gallonage of the Lessee after the Lease is taken and the percentage clawback relates only to the number of gallons by which the minimum threshold (50,000) has been exceeded. For example, a farmer with a 75,000 gallon quota who takes a lease of land with a further 35,000 gallons attaching to it w i ll su f f er the f o l l ow i ng clawback: Own quota 75,000 gallons Leased quota 35,000 gallons Total 110,000 gallons Threshold 50,000 gallons Balance 60,000 gallons Clawback 15% 9,000 gallons The Clawback operates to trans- fer the appropriate gallonage to the National Reserve and is a permanent Clawback and not just for the duration of the Lease. Thus, in the example above, on the ter- mination of the Lease, the land will revert back to the Lessor with 26,000 gallons of a Quota (35,000 minus 9,000). Conveyancing Committee ISLE OF MAN Messrs Samuel McCleery Registered Legal Practitioners in the Isle of Man, of Derbyhaven House, Derbyhaven, will be pleased to accept instructions by their resident partner Mr. S. McCleery from Irish Solicitors in the formation and administration of resident and non-resident Isle of Man Companies.

Correction April Gazette - page 135. "People and Places" The caption appearing under a photograph of a presentation to His Honour Judge Thomas F. O'Higgins by a group of lawyers paying a visit to the European Court incorrectly referred to the European Court as being located in Brussels. The European Court of Justice is in Luxem- bourg and the mistake is regretted.

Undertakings The Law Society through the Conveyancing Committee has now agreed standard forms of Under- takings w i th the Irish Banks Standing Committee which were designed for use in all the normal circumstances in which Under- takings are usually given to a Bank. The wording of the forms has been agreed with the Banks after lengthy discussions and are considered to be reasonable and fair to both parties. It has been agreed that the wording of the forms shall not be subject to alteration and this should serve to eliminate the difficulties which have often occurred in the past with regard to acceptable wording for such undertakings. These forms may be put on a Word Processor. However, where title documents are being obtained from the Bank the Solicitor would not be in a position to complete the Schedule to the appropriate Under- taking. It is accordingly envisaged that in those circumstances the Solictor would apply to the Bank for the document and the Bank would issue the Undertaking with the Schedule of Documents duly com- pleted. The documents would be released to the Solicitor on the return of the signed Undertaking. If it is proposed to put the forms on a Word Processor the following paragraph should be added to the end of each Under-taking: "l/WE certify that this form of Undertaking is in the form agreed between the Irish Banks Standing Committee and the Incorporated Law Society of Ireland. If any discrepancy occurs between this form and the agreed form the text of the agreed form shall prevail". The Undertaking shall be signed by the Principal of the Firm or a Partner or by an Agent authorised in writing to do so by the Principal of the Firm. Attention is drawn to the words of caution at the bottom of the undertaking. •

LAW SOCIETY TIES

Colours available NAVY WINE DARK GREEN

100% SILK

Price £16 . 50 (incl. VAT & Post) Contact: Accounts Dept., Blackhall Place, Dublin 7.

Clawback on Leased Mi lk Quota Since the 1st April 1989, the Minister for Agriculture has intro-

IvM Offlc*

London OfHoot Tel: 01-831 7761 Telei: 297100 Fa. 01 831 7485

I0M OMw

26. South Frederick St . Dublin 2. Tel: 01 760760

Tel: 0624 822210 Tetei: 628285 Fat: 0624-823799

Far 01 764037

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