(1)The Ministry is hereby authorised to enter into an agreement (in this Act referred to as the vesting agreement) with the Minister and the Irish Society in the terms of the draft set out in the Second Schedule to this Act.
(2)On the date of execution of the vesting agreement this sub-section shall operate to vest in the Ministry and the Minister an absolute and indefeasible title to the fee simple in possession of all rights of fishing in the tidal portions of the Lough and River Foyle and of its tributary, the River Faughan, freed and discharged from all estates, titles, interests, incumbrances, rights, liberties and privileges whatsoever by whomsoever held, used, exercised or enjoyed, except the rentcharges referred to in the vesting agreement but indemnified therefrom as therein provided.
(3)Sub-section (2) of this section shall not apply to a right vested, immediately before the date of execution of the vesting agreement, in any person, other than the Irish Society, to use a fixed engine under certificate granted under section six of the Salmon Fishery (Ireland) Act, 1863 [1863 c.114] .
(4)On the date of execution of the vesting agreement this sub-section shall operate to extinguish all the estate, right, title and interest of the Irish Society in and to the tidal portions of the Lough and River Foyle and of its tributary, the River Faughan, and the ground, soil and foreshore of those tidal portions.
(5)The vesting agreement shall operate, without further assurance, to convey, assign and transfer, on the date of the making thereof, to the Ministry and the Minister all the property thereby agreed to be sold, other than rights of fishing to which sub-section (2) of this section applies.
(6)The Irish Society shall, notwithstanding any limitations on its powers, have power to enter into the vesting agreement without the consent of any person.
(7)It shall be the duty of the Ministry and the Irish Society, and each such party is hereby empowered, to carry out the vesting agreement so far as the provisions thereof are to be performed by such party.
Subs. (8)(9) spent
(1)Section twelve of the Finance Act, 1895 [1895 c.16] , shall not operate to require the delivery to the Ministry of Finance of a copy of this Act or the payment of stamp duty under that section on any copy of this Act.
(2)Stamp duty shall not be chargeable on the vesting agreement or on any instrument executed in pursuance thereof.
(3)Section nine of the Finance Act (Northern Ireland), 1936 [1936 c.33] , shall not apply to the vesting agreement or to any instrument executed in pursuance thereof.