PART 3

Courts

Chapter 1

Funds of Suitors

33. —In this Chapter—

“accounts” means—

(a) the general cash account,

(b) the dormant account of the funds of suitors of the High Court,

(c) the ledger account, and

(d) the special account for small balances;

“Accountant” means the Accountant of the Courts of Justice as provided for in section 16 of the Court Officers Act 1926 ;

“dormant account of the funds of suitors of the High Court” means the general ledger account for dormant balance maintained in accordance with Order 77 of the Rules of the Superior Courts, containing the balances of funds standing to the credit of ledger accounts carried over to the said ledger account by the Accountant together with the interest and dividends accruing thereon;

“financial institution” means the person with which the accounts are maintained, being—

(a) a person in respect of whom a licence under section 9 of the Central Bank Act 1971 is in force, or

(b) a building society within the meaning of the Building Societies Act 1989 ;

“fully indemnified” means, in relation to a person—

(a) that, in the case of funds in the form of money, the person has been paid the amount standing to his or her credit on the date that the funds were paid into the dormant account of the funds of suitors of the High Court and any interest accruing from that date, and

(b) that, in the case of funds other than in the form of money, the person has been paid the amount standing to his or her credit on the date of their realisation and any interest accruing thereon from that date;

“general cash account” means the general cash account of the funds of suitors held with the financial institution in the name of the Accountant;

“ledger account” means an account opened in the name of the Accountant under—

(a) an order of the High Court or Supreme Court, or

(b) an Act of the Oireachtas,

into which any funds of suitors have been paid;

“small balances” means such moneys as, in accordance with rule 88 of Order 77 of the Rules of the Superior Courts, are carried over to the special account for small balances;

“special account for small balances” means the special account for small balances maintained for the purposes of the said rule 88.

34. —(1) The Chief Justice shall, as soon as may be after the commencement of this Chapter, order the Accountant to realise all of the investments of the dormant account of the funds of suitors of the High Court.

(2) The Chief Justice shall, not later than 3 months after—

(a) the expiration of 5 years from the making of an order under subsection (1), and

(b) the expiration of each subsequent period of 5 years from the date on which an order under this section is made,

order the Accountant to realise all of the investments of the dormant account of the funds of suitors of the High Court.

(3) The Accountant shall comply with an order of the Chief Justice under this section.

(4) In this section “investments” means, in relation to the dormant account of the funds of suitors, assets other than cash.

35. —(1) The financial institution shall pay out of the general cash account to the Exchequer such sums as the Chief Justice, from time to time, directs, not exceeding 97.5 per cent of the aggregate of the amounts in the form of money standing in the dormant account of the funds of suitors of the High Court and the special account for small balances, as may be required for the purposes of subsection (2).

(2) The sums paid to the Exchequer pursuant to an order under subsection (1) may be applied from time to time, by the Minister, with the consent of the Minister for Finance, for the purposes of defraying the costs of providing, managing and maintaining court buildings under section 5(d) of the Courts Service Act 1998 .

36. —Where, by virtue of the compliance by the financial institution with a direction under section 35 , the funds of suitors are not sufficient to enable suitors to be fully indemnified, the Minister for Finance shall, for the purpose of enabling them to be so indemnified, advance out of the Central Fund or the growing produce thereof such sum as he or she considers necessary.

37. —(1) The Accountant shall, not later than 3 months after the compliance by the financial institution concerned with a direction under section 35 —

(a) first given after the passing of this Act, and

(b) each subsequent such direction where the sums paid to the Exchequer pursuant thereto exceed €100,000,

cause a notice of the payment of the sums to the Exchequer pursuant to the direction to be published in Iris Oifigiúil, the Law Society Gazette, two national daily newspapers and by such other means (if any) as he or she considers appropriate.

(2) The accountant shall, upon compliance by a financial institution with a direction under section 35 , make all reasonable efforts to serve a notice in writing of the payment of the sums to the Exchequer pursuant to such a direction on such persons as have an entitlement to any of the funds for the time being standing to the credit of the dormant account of the funds of suitors of the High Court.

(3) The expenses incurred by the Accountant in complying with this section may where the Chief Justice so consents be paid out of funds standing for the time being in the dormant account of the funds of suitors of the High Court.

38. —(1) The Accountant shall establish and maintain a register of funds of suitors of the High Court (in this section referred to as the “register”).

(2) The register shall contain the following particulars—

(a) the title of the proceedings to which the funds to which Order 77 of the Rules of the Superior Courts applies relate,

(b) the names of the parties to those proceedings and the addresses at which they ordinarily reside,

(c) the ledger account number,

(d) the value of the investments realised in accordance with section 34 on the date of their realisation,

(e) the date on which those funds were paid into the dormant account of the funds of suitors of the High Court,

(f) if those funds were repaid to the ledger account, the date on which they were so repaid,

(g) the account number of the special account for small balances,

(h) the moneys paid over to the special account for small balances, and

(i) such other matters as are provided for by rules of court or the President of the High Court directs.