With regard to this clause, it raises acutely the point which was discussed under Clause 8, and I trust it will be received with the careful consideration of the Government before this Act finally becomes law. In Clause 8 you will remember when any statutory body was in existence, had jurisdiction and so on, the Executive Council might establish a Board of Commissioners to exercise those functions. There is not a railway company in this country which is not constituted by a Local and Personal Act, and it would appear to me under the construction of this Statute we are now passing, the day that it became law the Executive Council could, if they so thought fit, turn out the Board of Directors of every railway company and every private company that is working under a Private Act of Parliament and send in a Commissioner to do their job. I am perfectly certain that that was never in the contemplation of the Government, but I am almost as certain that that is the effect of this Bill as it now comes before the Dáil, and I do trust the matter will be re-considered. Now that this Bill has to go through many stages, not only here but elsewhere, there are abundant opportunities for correcting any oversight that may be made under the great pressure under which the Government are undoubtedly working. This matter ought certainly to receive very careful consideration.
ADAPTATION OF BRITISH ENACTMENTS BILL. - APPLICATION TO LOCAL AND PERSONAL ACTS.
I read Clause 16 along with the preceding Clause 12, and understood it was really to give an opportunity for nationalising the railways.
I have no hesitation in saying that the Act does not mean any more than we intended.
I think I gave the President perfect credit for that, but when it comes up before judges you do not know what will happen.
I move the substitution of "British Statute" for "Act of the British Parliament" in line 3 of the clause.
I move Clause 17, as follows:—
"Public Funds of the late United Kingdom, Great Britain, and Saorstát Eireann to be Trustee Investments.
(1) A trustee unless expressly forbidden by the instrument (if any) creating the trust may invest any trust funds in his hands whether at the time in a state of investment or not in:—
(a) Any of the existing Parliamentary Stocks or public funds or Government Securities of the late United Kingdom;
(b) any of the Parliamentary Stocks or public funds or Government Securities of Great Britain;
(c) any of the Parliamentary Stocks or public funds or Government Securities of Saorstát Eireann.
(2) In the foregoing sub-section the word "Parliamentary" is to be construed as referring in clause (a) to the Parliament of the late United Kingdom; in clause (b) to the Parliament of Great Britain, and in clause (c) to the Oireachtas.
I move an amendment: "To insert in line 30, after the word `may,' and before the word `invest,' the following: `In addition to any other mode of investment for the time being authorised.' "