PART IV.

Deposits.

14. —The following provisions shall have effect in relation to a deposit in the High Court made in pursuance of this Act:—

(a) the deposit shall be of the value of two thousand pounds;

(b) the deposit shall be under the control of the High Court;

(c) the Accountant of the Courts of Justice shall issue free of charge on request to the person proposing to make the deposit the forms requisite for that purpose;

(d) the deposit may, in lieu of being made in money, be made by—

(i) the deposit of securities authorised by rules of court for the investment of moneys under the control of the High Court, or

(ii) the deposit of a guarantee bond issued by a licensed assurance company in a form approved by the Minister whereby the company guarantees, in favour of the President of the High Court, up to a limit of two thousand pounds the due performance by the depositor of the obligations incurred by him as a licensed auctioneer or licensed house agent in relation to the receipt and payment of money and the safe custody of property;

(e) where the deposit is made or held in money, the money or a specified part thereof shall, on the request and at the cost of the depositor, be invested in securities authorised as aforesaid and specified by the depositor;

(f) the income derived from the securities of which the deposit is wholly or partly composed shall be paid to the depositor;

(g) the said securities or any of them shall, at the request and cost of the depositor, be varied into other securities authorised as aforesaid and specified by the depositor;

(h) the Accountant of the Courts of Justice shall issue free of charge on request to the depositor a certificate addressed to the Revenue Commissioners that the depositor maintains a deposit of a specified value or a guarantee bond for a specified sum in accordance with this section.

15. —(1) Whenever a person (in this subsection referred to as the plaintiff) obtains in any proceedings a judgment, order or decree against any other person (in this subsection referred to as the defendant) for the payment of money in discharge of a liability incurred by the defendant as a licensed auctioneer or licensed house agent in relation to the receipt or payment of money or the safe custody of property, the High Court may, on the application in a summary manner of the plaintiff, order such money (with or with out the costs of the application) to be paid to him out of the deposit maintained by the defendant, or, if the deposit consists of a guarantee bond and notice of the institution of the proceedings has been served before the hearing of the proceedings on the assurance company concerned, to be paid to the Accountant of the Courts of Justice by the assurance company, on behalf of the plaintiff.

(2) Whenever a person (in this subsection referred to as the plaintiff) institutes proceedings against any other person (in this subsection referred to as the defendant) involving a claim for payment of money in discharge of a liability alleged to have been incurred by the defendant as a licensed auctioneer or licensed house agent in relation to the receipt or payment of money or the safe custody of property, the High Court may, on the application of the plaintiff, by order direct that the deposit maintained by the defendant or some specified portion thereof be not released pending the termination of the proceedings or during such other period as to the Court may seem proper, and the Court may discharge or vary the said order.

(3) Whenever an order is made by the Court under this section for the payment of money out of a deposit or by an assurance company, the following provisions shall have effect:—

(a) the Accountant of the Courts of Justice shall, on making any payment under the order, forthwith notify the Revenue Commissioners and the depositor thereof and of the value of the balance remaining of his deposit or the balance secured by the guarantee of the assurance company, as the case may be;

(b) if the value of the said balance falls short of two thousand pounds, and if the depositor does not, within fifteen days after the date of such notification, produce to the Revenue Commissioners a certificate of the said Accountant that he has deposited in accordance with section 14 of this Act an amount equal to the amount of the deficiency or a guarantee bond for that amount, the Revenue Commissioners shall forthwith cancel the auctioneer's licence or house agent's licence held by the depositor and every auction permit granted to him and to any person to conduct auctions on his behalf.

16. —(1) If the depositor desires to apply for the release of a deposit he shall cause to be inserted, at least fifty-six days before making the intended application, in a newspaper circulating in the district court area in which the depositor has or last had his principal place of business as auctioneer or house agent (as the case may be), notice of his intention to make the application.

(2) Where the depositor, having complied with subsection (1) of this section, applies for the release of a deposit, the following provisions shall have effect:—

(a) in case the depositor does not hold, and has not, at any time during the period of fifty-six days preceding the date of the application, held a licence the deposit shall, subject to section 15 of this Act, be released;

(b) in any other case, the deposit shall not be released.

(3) This section applies to an application by the liquidator, personal representative, assignee or other successor in title of a depositor in the same manner as it applies to an application by a depositor.

17. —(1) The Accountant of the Courts of Justice shall keep a register (in this section referred to as the register of depositors) of persons maintaining deposits.

(2) The register of depositors shall contain in respect of each person maintaining a deposit—

(a) the name of the depositor and the name under which he carries on or proposes to carry on the business of auctioneer or house agent,

(b) the address of his principal or proposed principal place of business in the State,

(c) if the deposit is being maintained by means of a guarantee bond, the name and address of the assurance company concerned.

(3) The register of depositors shall be kept in the office of the Accountant of the Courts of Justice and may be inspected by any person, on payment of such fee (if any) as may be prescribed under section 65 of the Courts of Justice Act, 1936 (No. 48 of 1936) at any time at which the said office is open for the transaction of public business.

(4) A certificate, purporting to be signed by the Accountant of the Courts of Justice, that on a particular day a named person was not registered in the register of depositors or that he was so registered and was maintaining a specified deposit, shall be prima facie evidence of the facts so certified and it shall not be necessary to prove the signature of the said Accountant or that he is the Accountant of the Courts of Justice.

(5) The Accountant of the Courts of Justice may issue to any person such certificate as is mentioned in subsection (4) of this section, on payment of such fee (if any) as may be prescribed under section 65 of the Courts of Justice Act, 1936 (No. 48 of 1936).