I beg to move the Second Stage of the Bodies Corporate (Executors) Bill. The intention of the Bill is to put corporate bodies in the same position as individuals for the purpose of extracting probate, and, therefore, to facilitate the appointment of corporations as executors. In order to explain to the House the real object of this Bill it will be necessary to refer to the custom which is steadily growing of naming banks or other corporations as executors and trustees of a will. In some cases the corporate body is appointed solely, and in other cases jointly, with an individual, and this practice has spread very widely in the United States of America, and is now becoming pretty general in Great Britain. Its advantages have not yet become widely known in Ireland, but several of the Irish banks have departments which are specially equipped for the administration of estates and are ready to act as executors or trustees. The duties of executors have become, owing to gradual changes in the law, more onerous, with the result that testators have been more reluctant to ask their personal friends to undertake the duties, and their personal friends on the other hand have been much less willing to assume the responsibility. The reason why many persons are naming corporate bodies may be summed up briefly as follows:—It does away with the necessity of persuading friends to accept the responsibilities and anxieties of acting as executors. It provides an executor who is sure to act and who does not require changing. No new appointment of trustees is necessary on account of death or otherwise. New appointments involve expense. It provides against the possibility of any loss by fraud or investment in unauthorised securities. Where the corporate body appointed is a bank secrecy is secured for all transactions. The bank is always accessible, and the whole resources of the bank are security for the due performance of the work. As the law stands at present in the Saorstát it is quite possible for a bank or other corporate body to act as executor or trustee by appointing a representative to act for them, and, as I have already pointed out, this is being done, and will continue even if this Bill should fail to become law.
As the law now stands, however, there are no provisions enabling a corporate body, whether alone or jointly with an individual, to obtain a grant of probate, with the result that where a corporation is named executor in a will, administration with the will annexed must be granted to a syndic or nominee. This is an unsatisfactory proceeding which this Bill seeks to remedy by enabling corporations to act as executors either alone or jointly with individuals. This was done in Great Britain by the Administration of Justice Act, 1920, which does not apply to Ireland.
I have endeavoured to obtain the best legal advice in drafting this Bill, and the Bill has been submitted to the Attorney-General and has his personal approval. He hopes it will pass. The Rules of Court in the appendix were prepared in consultation with the probate officials, and I understand have their approval. I have not yet met anyone who was opposed to the principle of the Bill, and I trust it will have the unanimous approval of this House. I have, however, heard a fear expressed that where banks are acting as executors they will rely solely on their own solicitors and not have the advice of family or other solicitors in the administration of the estate. This is perhaps irrelevant, and does not strictly arise on this Bill, but I would like to say that as far as the Irish banks are concerned this fear is groundless, and in every case the banks advise the appointment of an outside solicitor. There is no danger whatever of the banks in any way ignoring solicitors in this matter, and I know it is their desire to act in close co-operation with the legal profession. In conclusion, I would like to emphasise the fact that the only object of this Bill is to simplify the law, and it does not give any power whatever to any bank or other corporate body to act as executor except where it has been explicitly named in the Bill. I beg to move that the Bodies Corporate (Executors) Bill do pass its Second Stage.
