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Trust funds in respect of existing embankments.
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19.—(1) Where, on the issue of a certificate of completion, a trust fund, whether vested in the Public Trustee, the Irish Land Commission or trustees, exists for the maintenance (whether permanently or during a specified period or otherwise) of an existing embankment (either alone or in conjunction with other works), being an embankment the necessity for which or part of which has been obviated by the works to which the certificate of completion relates, such of the following provisions as are applicable shall have effect:
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(a) if the necessity for the whole of the existing embankment has been obviated and the trust fund relates to the existing embankment alone, the trust fund shall, as soon as may be after the issue of the certificate of completion, be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance directs;
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(b) if the necessity for part only of the existing embankment has been obviated and the trust fund relates to the existing embankment alone, the Judicial Commissioner of the Irish Land Commission shall, on the application of the Commissioners and on notice to all parties concerned and having given those parties an opportunity of being heard, apportion the trust fund as between the part of the existing embankment the necessity for which has been obviated and the residue of the existing embankment, and thereupon the portion of the trust fund which is so apportioned to the part of the existing embankment the necessity for which has been obviated shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance directs;
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(c) if the necessity for the whole of the existing embankment has been obviated and the trust fund relates to the existing embankment and also to other works, the Judicial Commissioner of the Irish Land Commission shall, on the application of the Commissioners and on notice to all parties concerned and having given those parties an opportunity of being heard, apportion the trust fund as between the existing embankment and the other works, and thereupon the portion of the trust fund which is so apportioned to the existing embankment shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance directs;
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(d) if the necessity for part only of the existing embankment has been obviated and the trust fund relates to the existing embankment and also to other works, the Judicial Commissioner of the Irish Land Commission shall on the application of the Commissioners and on notice to all parties concerned and having given those parties an opportunity of being heard, apportion the trust fund as between, on the one hand, the part of the existing embankment the necessity for which has been obviated and, on the other hand, the residue of the existing embankment and the other works, and thereupon the portion of the trust fund which is so apportioned to the part of the existing embankment the necessity for which has been obviated shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance directs;
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(e) where the trust fund or part thereof is required by any of the foregoing provisions of this subsection to be paid into or disposed of for the benefit of the Exchequer, it shall be lawful for the Public Trustee, the Irish Land Commission or the trustees (as the case may be) to sell, for the purpose of making the payment or disposition, the whole or so much as may be necessary of the investments (if any) then representing the trust fund;
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(f) where under any of the foregoing provisions of this subsection the whole of the trust fund is required to be paid into or disposed of for the benefit of the Exchequer, whichever of them, the Public Trustee, the Irish Land Commission or the trustees, the trust fund was vested in immediately before the payment or disposal shall, immediately upon the payment or disposal, be discharged by virtue of this Act from the trusts and duties upon which they so held the trust fund (whether by virtue of a deed of trust, a scheme, or otherwise), and any other persons who were, immediately before the payment or disposal, in a fiduciary capacity in relation to the trust fund shall similarly be discharged from the trusts and duties imposed on them by virtue of that capacity;
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(g) where under any of the foregoing provisions of this subsection a portion only of the trust fund is required to be paid into or disposed of for the benefit of the Exchequer, paragraph (f) of this subsection shall apply and have effect in relation to that portion of the trust fund as if it were the whole of the trust fund, but nothing in this Act shall operate to relieve or discharge in respect of the residue of the trust fund the Public Trustee, the Irish Land Commission or the trustees (as the case may be) or any other person from any trust or duty for the time being imposed on them or him (whether by deed of trust, scheme, or otherwise) in respect of the trust fund so far as the trust or duty relates to the residue of the existing embankment.
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(2) In this section—
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“embankment” means an artificial watercourse, drain, embankment or other work constructed for the protection of land, and includes all sluices, sluice-gates, pumps, weirs, watercourses and other works forming part of or essential to the effective operation of any such embankment or work;
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“existing embankment” means an embankment constructed (whether before or after the passing of this Act) for the protection of land purchased under the Land Purchase Acts or the subject of proceedings under those Acts, whether the embankment was constructed before or after such purchase or the institution of proceedings therefor and whether it was constructed by a former landlord or other person or by or under the supervision of the Irish Land Commission.
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