Maureen O'Sullivan (Dublin Central, Independent)
Link to this: Individually | In context | Oireachtas source

197. To ask the Minister for Public Expenditure and Reform if he will arrange for the transfer to the dormant accounts fund of any monetary assets of dissolved companies held by his Department for upwards of 20 years on foot of section 28 of the State Property Act 1954; and if he will make a statement on the matter. [38084/16]

Paschal Donohoe (Dublin Central, Fine Gael)
Link to this: Individually | In context | Oireachtas source

Under Section 28 (2) of the State Property Act 1954, the Minister for Finance assumes responsibility for all personal property and land vested in or held in trust for a body corporate (other than personal property or land held by such body in trust for another person) immediately prior to its dissolution. Upon the dissolution of the body corporate, such property becomes State property. The effect of Section 28 is that the Minister does not hold the assets of dissolved companies as beneficial owner. He holds them in trust.

The title which the Minister acquires under this Section has been described as a defeasible title since, if the dissolved company is restored to the Register of Companies within twenty years of the date of its dissolution, its property is automatically restored to it.

While the monetary assets are vested in the Minister at this point, it remains open to such persons as the Minister thinks proper, to seek a waiver after 20 years.

I have no proposals to make amendments to State Property legislation at the present time.