(1) That three Trustees be appointed annually by An Dáil.
(a) Each Trustee on acceptance of his appointment shall nominate a substitute with full power to act on his behalf. Such substitute shall be sanctioned by the Ministry.
(2) That all funds required by An Dáil by way of loan, subscription, or legacy, or in any way whatsoever, shall in the first instance be handed to the Trustees for the time being.
(3) The duties of the Trustees shall be:—
(a) The safekeeping of the funds.
(b) Disbursing them as provided for hereinafter.
(a)Safekeeping.—The Trustees shall, at their own discretion, lodge in any Bank or Society in their own names, or in any other names, or invest or keep in bulk the whole or any portion of the funds in their keeping.
(b)Disbursement.—(1) As long as a sufficient number of the Members of An Dáil to form a quorum are available, and able to meet, money shall be disbursed by the Trustees only in accordance with a Vote or Resolution of An Dáil, such Vote or Resolution to be conveyed to the Trustees in writing, and signed by the President for the time being and the Minister of Finance, and payment shall be made to the Minister of Finance or to the Acting Minister of Finance. (2) When a quorum of An Dáil is not available, or when for any cause An Dáil is unable to meet, the Trustees shall act on a Vote of the Ministry conveyed as before, in writing, and duly signed by the Acting President and the Acting Minister of Finance, and payment shall be made to the Acting Minister of Finance. (3) When neither a quorum of An Dáil is available nor the Ministry able to meet, it shall devolve on the Trustees alone or on such of them as may be free to act, to receive, dispose of, and disburse the funds on their own authority and at their own discretion to and from such person or persons as they may think fit. They shall, however, as far as possible, and where necessary or advisable, disburse sufficient money to keep the ordinary services going. In regard to extraordinary demands made upon them or where the question of some unusual expenditure arises, during such a time, the Trustees or Trustee available will act in accordance with their own or his own judgment.
(4) The Trustees are guaranteed and are to be indemnified against all financial loss or liability in the discharge of their office, unless such loss shall arise owing to their wilful neglect or default, and under no circumstances are the Trustees to be directly responsible for the payment of money to any person or persons whatever, their functions being limited to the safekeeping of the monies entrusted to them and their disbursement as provided for in Article 3.
(5) They shall present annually (or more frequently) to the Minister of Finance a complete statement of Accounts showing:—
(a) The amount received.
(b) The amount paid since last statement.
(c) The amount in hand.
(6) The Minister of Finance shall, on making each requisition, give at the same time to the Trustees a written Statement of Expenditure, showing in detail the manner in which the amount granted on the previous requisition has been expended and the amount in hand.
(7) The Trustees shall be at liberty to employ a Secretary or Secretaries and to meet other necessary expenses in the discharge of their duties, provided that they furnish a Statement of such expenditure to the Minister of Finance. Before the appointment of such Secretary or Secretaries takes effect the Minister of Finance shall obtain the sanction of the Ministry.
(8) The Trustees or any of them may be superseded or changed at any time by simple Resolution of An Dáil. On the expiry of each year's term of office, they shall be eligible for re-election.
(9) The Trustees may depute one of their number to receive and examine all Statements of Expenditure furnished by the Minister of Finance in pursuance of Article 6, and the Certificate of the Trustee so appointed shall relieve the remaining Trustees from all responsibility in connection with Statements certified by him to be correct.
The following are hereby elected Trustees of Dáil Eireann Funds for the year 1919-1920; as from 1st July, 1919:—
His Lordship,
Bishop of Killaloe,
Craig Liath,
Greystones, Cc. Wicklow.
In the absence of the Finance Minister, Mr. O'MARA (Kilkenny S.) moved, and the ACTING-PRESIDENT seconded:—
"That the Dáil do approve of the Draft of the Trustee Deed."
Question put and agreed to on the understanding that Clause 4 would be referred back to the Solicitor to improve, if possible, the safeguard afforded to the Trustees.
J. O'MARA (Kilkenny S.) moved, and the ACTING-PRESIDENT seconded:—
"That the Dáil do approve of the following Loan Prospectus, as amended by the deletion from Clause 5 of the words ‘1st June, 1919,' and the addition of the words ‘For deposit with the Trustees' to the same clause:—