No. 5/1923:

GRIFFITH SETTLEMENT ACT, 1923

ARRANGEMENT OF SECTIONS

1 Annuity of £1000 to be paid to Trustees.

2 Trusts of the Widows Share.

3 Trusts of the Son's Share.

4 Trusts of the Daughter's Share.

5 Trusts of the Sister's Share.

6 Appointment of Trustees.

7 Short Title.

AN ACT TO MAKE A SUITABLE PROVISION FOR THE WIDOW, CHILDREN AND SISTER OF THE LATE PRESIDENT ARTHUR GRIFFITH IN CONSIDERATION OF HIS EMINENT SERVICES TO THE NATION.

[16th March, 1923.]

WHEREAS Dáil Eireann, moved by the lifelong self-sacrifice and devotion of the late President Arthur Griffith to the people of Ireland and in consideration of the eminent services rendered by him to the Nation, and acknowledging it to be the duty of Saorstát Eireann to make suitable provision for his widow Mrs. Maud Griffith and for his son Naomhan Griffith and his daughter Ita Griffith and his sister Miss Frances Griffith has resolved that there shall be appropriated out of the public funds of Saorstát Eireann for the purpose of making such suitable provision for the said Mrs. Maud Griffith, Naomhan Griffith, Ita Griffith and Miss Frances Griffith a yearly sum of one thousand pounds to commence from the twelfth day of August 1922 and to continue as to one equal moiety thereof during the life of the said Mrs. Maud Griffith and as to one equal fifth part thereof until the said Naomhan Griffith shall either attain the age of twenty-five years or die before attaining that age, and as to one other equal fifth part until the said Ita Griffith shall either attain the age of twenty-five years or die before attaining that age and as to the remaining one equal tenth part thereof during the life of the said Miss Frances Griffith:

BE IT THEREFORE ENACTED BY THE OIREACHTAS OF SAORSTÁT EIREANN AS FOLLOWS:—

1.—(1) One annuity or yearly sum of one thousand pounds commencing on the twelfth day of August 1922 shall be charged upon and payable quarterly out of the Central Fund of Saorstát Eireann or the growing produce thereof to the Trustees appointed for the purposes of this Act during, the respective periods mentioned in this Section.

(2) The yearly sum of five hundred pounds (in this Act called "The Widow's Share") being one equal moiety of the said annuity of one thousand pounds shall be charged and payable as aforesaid during the life of the said Mrs. Maud Griffith.

(3) The yearly sum of two hundred pounds (in this Act called "The Son's Share") being one equal fifth part of the said annuity of one thousand pounds shall be charged and payable as aforesaid until the said Naomhan Griffith shall either attain the age of twenty-five years or die under that age.

(4) The yearly sum of two hundred pounds (in this Act called "The Daughter's Share") being one other equal fifth part of the said annuity of one thousand pounds shall be charged and payable as aforesaid until the said Ita Griffith shall either attain the age of twenty-five years or die under that age.

(5) The yearly sum of one hundred pounds (in this Act called "The Sister's Share") being the remaining one equal tenth part of the said annuity of one thousand pounds shall be charged and payable as aforesaid during the life of the said Miss Frances Griffith.

2.—The Trustees shall hold the Widow's Share upon trust to pay the same as and when received by the Trustees to the said Mrs. Maud Griffith for her separate use and so that she shall not have power to deprive herself thereof by anticipation.

3.—(1) The Trustees shall while the said Naomhan Griffith is under the age of twenty-five years hold the Son's Share upon trust in their absolute discretion to apply the whole or so much as they shall think fit of the Son's Share for the maintenance, education or benefit of the said Naomhan Griffith and may either themselves so apply the same or may pay the same for the purpose aforesaid to the said Mrs. Maud Griffith or other the guardian of the said Naomhan Griffith.

(2) The Trustees shall while the said Naomhan Griffith is under the age of twenty-one years accumulate so much of the Son's Share as is not applied under the foregoing sub-section by investing the same and the resulting income thereof from time to time in securities in which trustees are by law authorized to invest trust monies.

(3) The Trustees may at their absolute discretion at any time or times apply all or any part of the accumulations mentioned in the preceding sub-section as if the same were part of the Son's Share accruing in the then current year, and the Trustees shall pay and transfer to the said Naomhan Griffith on his attaining the age of twenty-one years so much of the said accumulations as is not applied by them in manner aforesaid but if the said Naomhan Griffith shall die before he attains the age of twenty-one years the Trustees shall on the death of the said Naomhan Griffith pay and transfer to the Exchequer of Saorstát Eireann so much as aforesaid of the said accumulations.

(4) From and after the said Naomhan Griffith attaining the age of twenty-one years the Trustees shall hold the Son's Share upon trust to pay the same as and when received by the Trustees to the said Naomhan Griffith.

4.—(1) The Trustees shall while the said Ita Griffith is under the age of twenty-one years and unmarried hold the Daughter's Share upon trust in their absolute discretion to apply the whole or so much as they shall think fit of the Daughter's Share for the maintenance, education or benefit of the said Ita Griffith and may either themselves so apply the same or may pay the same for the purpose aforesaid to the said Mrs. Maud Griffith or other the guardian of the said Ita Griffith.

(2) The Trustees shall while the said Ita Griffith is under the age of twenty-one years and unmarried accumulate so much of the Daughter's Share as is not applied under the foregoing sub-section by investing the same and the resulting income thereof from time to time in securities in which trustees are by law authorised to invest trust monies.

(3) The Trustees may at their absolute discretion at any time or times apply all or any part of the accumulations mentioned in the preceding sub-section as if the same were part of the Daughter's Share accruing in the then current year and the Trustees shall pay and transfer to the said Ita Griffith on her attaining the age of twenty-one years or marrying under that age so much of the said accumulations as is not applied by them in manner aforesaid but if the said Ita Griffith shall die under the age of twenty-one years and unmarried the Trustees shall on the death of the said Ita Griffith pay and transfer to the Exchequer of Saorstát Eireann so much as aforesaid of the said accumulations.

(4) From and after the said Ita Griffith attaining the age of twenty-one years or marrying under that age the Trustees shall hold the Daughter's Share upon trust to pay the same as and when received by the Trustees to the said Ita Griffith for her separate use and so that she shall not have power to deprive herself thereof by anticipation.

5.—The Trustees shall hold the Sister's Share upon trust to pay the same as and when received by the Trustees to the said Miss Frances Griffith for her separate use and so that she shall not have power to deprive herself thereof by anticipation.

6.—(1) The Trustees for the purposes of this Act shall be two in number and the first Trustees shall be appointed in writing by the Reverend Michael Sheehan, O.F.M., brother of the said Mrs. Maud Griffith.

(2) The power of appointing new Trustees for the purpose of this Act shall be vested in the said Reverend Michael Sheehan, O.F.M., during his life and from and after the death of the said Reverend Michael Sheehan, O.F.M., the power of appointing new Trustees for the purpose of this Act shall be vested in the Minister of Finance.

(3) No appointment of Trustees or a Trustee by the said Reverend Michael Sheehan, O.F.M., under this section shall be valid or effectual unless and until such appointment is approved of by the Minister of Finance.

7.—This Act may be cited as the Griffith Settlement Act, 1923 .