asked the Minister for Lands and Agriculture when the accounts of the Drumsna (County Leitrim) Loan Fund Society were last audited; the reason for the delay in paying to Messrs. Charles and William McWeeney (debenture holders) of Annaghkeenty, the amount of their deposits in the Fund; what steps it is intended to take to expedite the payment of all such sums upon demand; and if this Society is now in a position to meet its obligations to depositors.
CEISTEANNA—QUESTIONS. ORAL ANSWERS. - DRUMSNA (LEITRIM) LOAN FUND SOCIETY.
Mr. HOLT
MINISTER for LANDS and AGRICULTURE (Mr. Hogan)
The books of the Society in question were audited by an accountant in June, 1926. As a result of the unsatisfactory position disclosed, the Department proposed to the Treasurer and Trustees that a general meeting should be called with a view to the voluntary winding-up of the Society. Notwithstanding continuous pressure from the Department, including a further inspection of the accounts in June, 1927, the adoption of the course suggested to the Society has been delayed, mainly on the ground that the winding-up would increase the difficulty of collecting certain outstanding loans. In these circumstances, and in view of the further serious irregularities in the local management of the Society disclosed at a further investigation this month by an officer of the Department, the Department, in consultation with their legal advisers, have at present under consideration the question of the action which may best be taken in the interest of the debenture holders. The question of repayments to debenture holders in a Loan Fund Society is, of course, one for the Committee of the Society, and not for the Department.