The Gazette 1995

GAZETTE

MAY/JUNE 1995

(b) Other words and phrases in these Regulations shall have the meanings assigned to them by the Solicitors Acts, 1954 to 1994. (c) The Interpretation Act, 1937 shall apply for the purpose of the interpretation of these

Solicitors (Interest on Clients' Moneys)

Landlord and Tenant (Amendment) Act 1994 Renunciation

Regulations, 1995 Statutory Instrument No 108 of 1995

THIS RENUNCIATION made the day of

The Law Society of Ireland, in exercise of the powers conferred on them by section 73 of the Solicitors (Amendment) Act, 1994 HEREBY MAKE the following Regulations:- 1. (a) These Regulations may be cited as the Solicitors (Interest on Clients' Moneys) Regulations, 1995. (b) These Regulations shall come into operation on the third day of May 1995. (c) On the coming into operation of these Regulations, the Solicitors Professional Practice,

Regulations as it applies for the purpose of the interpretation of an act of the Oireachtas, except insofar as it may be inconsistent with the Solicitors Acts, 1954 to 1994.

WHEREAS:-

1. I

(the Tenant)

of

have negotiated with

3. From the date of the coming into operation of these Regulations, a solicitor to whom regulations made under section 66 (as substituted by section 76 of the Solicitors (Amendment) Act, 1994) of the Solicitors Act, 1954 applies, shall, in respect of money received by him or his firm for or on account of a client:- (a) hold such money in a deposit account and shall account to the client for interest thereon while so held; or 4. Where money is received by a solicitor for or on account of a client, the client (without prejudice to any other legal remedy) may refer, or may require the solicitor to refer, any question relating to interest on such money to the Society, and the Society (after providing reasonable opportunity to the client and to the solicitor to make submissions to the Society on such question) shall determine such question and shall duly notify the client and the solicitor in writing of such determination. 5. A solicitor to whom Regulation 3 of these Regulations applies shall not be required to account to a client for interest on money received by the solicitor or his firm for or on account of the client, where the amount of interest would be less than £75 (seventy-five pounds). (b) shall account to the client for interest thereon.

(the Landlord) of to take a tenancy of the premises at which are a tenement within the meaning of the Landlord and Tenant Acts, for the term of years from the day of the terms of the proposed tenancy providing that the tenement shall be used wholly and exclusively as an office. 2. I have received independent legal advice in relation to this renunciation from 3. I have been advised that under the existing legislation I would, subject to the terms of that legislation, be entitled to a new tenancy in the premises at the expiry (or sooner determination) of the proposed tenancy. commencement of the proposed tenancy and under the provisions of Section 4 of the Landlord & Tenant (Amendment) Act 1994X>0 HEREBY RENOUNCE any entitlement which I may have under the provisions of the Landlord & Tenant Acts to a new tenancy in the tenement on the termination of the proposed tenancy. NOW I, prior to the

Conduct and Discipline Regulations, 1986 (S.I. No 405 of 1986) shall stand rescinded.

2. (a) In these Regulations:-

"deposit account" means a deposit account or a savings account or a deposit receipt account maintained in the name of a solicitor or his firm at a bank and designated as a client account of that solicitor or his firm; "interest" means, in relation to money received by a solicitor or his firm for or on account of a client, the amount of interest that would be earned if such money had been held as an individual amount in a deposit account of the solicitor's choosing at the bank (or, if more than one bank, the principal bank) to the practice of the solicitor for a period commencing seven days after the receipt by the solicitor or his firm of such money and ending when the solicitor or his firm actually pays out such money to, or on behalf of, such client.

SIGNED by the said

in the presence of:-

Conveyancing

Committee

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