LegalizeICC Bank Act 2000
1 Interpretation.
1.—(1) In this Act—
“ICC” means ICC Bank public limited company;
“Minister” means Minister for Finance.
(2) In this Act—
(a) a reference to a section or the Schedule is a reference to a section of, or Schedule to, this Act, unless it is indicated that reference to some other enactment is intended,
(b) a reference to a subsection or paragraph is a reference to a subsection or paragraph of the provision in which the reference occurs, unless it is indicated that reference to some other provision is intended, and
(c) a reference to any enactment is a reference to that enactment as amended, adapted or extended by or under any subsequent enactment.
2 Expenses of Minister.
2.—The expenses incurred by the Minister in the administration of this Act shall be paid out of moneys provided by the Oireachtas.
3 Amendment of section 3 of ICC Bank (Amendment) Act, 1997.
3.—Section 3 of the ICC Bank (Amendment) Act, 1997, is amended by the substitution for “£40,000,000” of “£80,000,000”.
4 Disposal of shares in ICC Bank.
4.—(1) Subject to this section, the Minister may, subject to subsection (2), sell, exchange, transfer or otherwise dispose of any or all of the shares held by the Minister in ICC in such manner and upon and subject to such terms and conditions as he or she may determine and may, for the purposes aforesaid, enter into agreements and arrangements.
(2) The Minister shall obtain a motion of approval from Dáil éireann prior to making a disposal under subsection (1).
(3) This section does not apply to a sale or transfer under section 2(2) of the ICC Bank Act, 1999, of shares held by the Minister.
5 Provisions in relation to guarantees of Minister under section 3 of Industrial Credit (Amendment) Act, 1958.
5.—(1) Notwithstanding the repeal of the ICC Bank Acts, 1933 to 1997, but subject to subsection (2), a guarantee given by the Minister under section 3 of the Industrial Credit (Amendment) Act, 1958, that is in force on the commencement of this subsection shall continue in force upon the terms and conditions upon and subject to which it was given until—
(a) the repayment by ICC of the principal amount on such commencement of the moneys borrowed by, or deposited with, it to which the guarantee relates, the payment by ICC of the interest on any such moneys and the payment by ICC of any other amounts to which the guarantee relates,
(b) the payment by the Minister of the amount, or the amount remaining, to which the guarantee relates,
(c) the Minister otherwise ceases to be under any actual or contingent liability under the guarantee, or
(d) the giving of a guarantee, acceptable to the lender or depositor concerned, by another person for the due repayment by ICC of the moneys aforesaid and for the payment by ICC of the interest aforesaid and of the other amounts (if any) aforesaid.
(2) ICC shall not, and shall ensure that no person acting on its behalf shall, after the commencement of subsection (1), borrow or raise any moneys, or solicit or accept a deposit of moneys (including a renewal of such a deposit), on terms that all or part of the moneys borrowed, raised or deposited or moneys representing the interest thereon or any moneys connected therewith are or will be the subject of a guarantee under section 3 of the Industrial Credit (Amendment) Act, 1958, and shall, if and whenever so required by the Minister, give, in such form and manner as the Minister may determine, notice to this effect and notice of any termination by the Minister (which shall be subject to subsection (1)) of guarantees under the said section 3.
(3) The Minister shall, as soon as may be after the expiration of every financial year, lay before each House of the Oireachtas a statement setting out with respect to each guarantee referred to in subsection (1) that is in force upon such expiration—
(a) particulars of the guarantee,
(b) in case any payment has been made by the Minister under the guarantee during that year, the amount of the payment and the amount (if any) repaid to the Minister in respect of the payment,
(c) the amount of the principal covered by the guarantee which was outstanding at the end of that year.
(4) An amount equal to the amount of any moneys paid by the Minister under a guarantee referred to in subsection (1) shall be repaid to the Minister by ICC (with, if the Minister so requires, the payment to him or her by ICC of interest thereon at such rate as the Minister appoints) within such period and upon such terms and conditions as the Minister may determine.
(5) Where the whole or any part of moneys required by subsection (4) to be repaid to the Minister has not been repaid in accordance with that subsection, the amount remaining outstanding shall be repaid to the Central Fund out of moneys provided by the Oireachtas.
(6) Notwithstanding the provision of moneys under subsection (5) to repay an amount to the Central Fund, ICC shall remain liable to the Minister in respect of that amount and that amount (with, if the Minister so requires, interest thereon at such rates as the Minister appoints) shall be repaid to the Minister by ICC at such times and in such instalments as the Minister appoints and, in default of repayment as aforesaid and without prejudice to any other method of recovery, shall be recoverable by the Minister as a simple contract debt in any court of competent jurisdiction and on a winding-up of ICC shall, notwithstanding anything contained in any agreement or any enactment, rank pari passu with the debts of all other unsecured creditors of ICC.
(7) Moneys repaid by ICC to the Minister, or recovered from ICC by the Minister, under this section shall be paid into or disposed of for the benefit of the Exchequer.
(8) All moneys from time to time required by the Minister to meet sums which may become payable by him or her under this section shall be advanced out of the Central Fund or the growing produce thereof.
(9) A notice under this section may be given by registered post or in any other manner.
6 Alteration of memorandum and articles of association of ICC Bank plc.
6.—ICC shall take such steps under the Companies Acts, 1963 to 1999, as may be necessary to alter its memorandum and articles of association to make them consistent with this Act.
7 Repeals and revocations.
7.—(1) The enactments mentioned in column (2) of Part 1 of the Schedule are repealed to the extent mentioned in column (3) of that Part.
(2) The statutory instruments mentioned in column (2) of Part 2 of the Schedule are revoked to the extent mentioned in column (3) of that Part.
8 Short title and commencement.
8.—(1) This Act may be cited as the ICC Bank Act, 2000.
(2) This Act shall come into operation on such day or days as, by order or orders made by the Minister under this section, may be fixed therefor either generally or with reference to any particular purpose or provision, and different days may be so fixed for different purposes and different provisions (including the application of section 7 to different enactments and statutory instruments specified in the Schedule and to different provisions of those enactments and instruments).
SCHEDULE Repeals and Revocations
PART I Enactments Repealed
| Year and Chapter or Number and Year | Title of Act | Extent of Repeal |
|---|---|---|
| (1) | (2) | (3) |
| 1879, c.11 | Bankers’ Books Evidence Act, 1879 | Section 9(1)(g). |
| 1882, c.61 | Bills of Exchange Act, 1882 | In section 2, in the definition of “Banker”, paragraph (d). |
| No. 25 of 1933 | Industrial Credit Act, 1933 | The whole Act. |
| No. 39 of 1934 | Agricultural Co-operative Societies (Debentures) Act, 1934 | Section 2(1)(d) |
| No. 28 of 1935 | Finance Act, 1935 | In section 33(6), in the definition of “banker”, the words “the Industrial Credit Company, Limited,”. |
| No. 10 of 1958 | Industrial Credit (Amendment) Act, 1958 | The whole Act. |
| No. 24 of 1959 | Industrial Credit (Amendment) Act, 1959 | The whole Act. |
| No. 24 of 1963 | Superannuation and Pensions Act, 1963 | Section 28(7) (d)(ii), in section 28(7)(e) the words “and the salary payable to him as managing director of the Industrial Credit Company, Limited”, section 28(14)(a) and section 28(14)(b). |
| No. 9 of 1971 | Industrial Credit (Amendment) Act, 1971 | The whole Act. |
| No. 24 of 1971 | Central Bank Act, 1971 | In section 7(4)(a)(ii), the words “the company formed and registered by virtue of section 2 of the Industrial Credit Act, 1933,” and the words “ICC Investment Bank Limited”. |
| No. 20 of 1974 | Industrial Credit (Amendment) Act, 1974 | The whole Act. |
| No. 8 of 1976 | Capital Acquisitions Tax Act, 1976 | In section 61(7), in the definition of “banker”, the words “the Industrial Credit Company Limited,”. |
| No. 20 of 1977 | Industrial Credit (Amendment) Act, 1977 | The whole Act. |
| No. 30 of 1978 | Insurance (Amendment) Act, 1978 | Paragraphs (b), (i)(II) and (ii)(II) of section 2(1). |
| No. 19 of 1979 | European Assembly (Irish Representatives) Act, 1979 | In the Schedule, the words “The Industrial Credit Company Limited”. |
| No. 39 of 1979 | Industrial Credit (Amendment) Act, 1979 | The whole Act. |
| No. 26 of 1980 | Ombudsman Act, 1980 | In the Second Schedule, the words “The Industrial Credit Company, Limited”. |
| No. 7 of 1983 | Industrial Credit (Amendment) Act, 1983 | The whole Act. |
| No. 25 of 1986 | Companies (Amendment) Act, 1986 | Section 2(2)(g). |
| No. 12 of 1988 | Finance Act, 1988 | In section 75(b), the words “under section 3 of the Industrial Credit (Amendment) Act, 1958, the repayment of any money raised or borrowed by the Industrial Credit Corporation plc,” and the words “, and the Industrial Credit Corporation plc”. |
| No. 15 of 1990 | Industrial Credit (Amendment) Act, 1990 | The whole Act. |
| No. 33 of 1990 | Companies Act, 1990 | Paragraph (v) in section 3(2)(b) as inserted by the Companies (Amendment) Act, 1999. |
| In section 78(4)(a)(iii), the words “or Industrial Credit Corporation, plc”. | ||
| No. 37 of 1990 | Unit Trusts Act, 1990 | In section 1(1), in the definition of “securities”, the words “the company formed and registered by virtue of section 2 of the Industrial Credit Act, 1933,”. |
| No. 11 of 1992 | Financial Transactions of Certain Companies and Other Bodies Act, 1992 | In section 2, the words “and the Industrial Credit Corporation plc” in subsections (1)(a) and (3). |
| No. 21 of 1992 | ICC Bank Act, 1992 | The whole Act. |
| No. 8 of 1993 | Comptroller and Auditor General (Amendment) Act, 1993 | In the Second Schedule, the words “Industrial Credit Corporation public limited company”. |
| No. 15 of 1994 | Criminal Justice Act, 1994 | Section 32(1)(i). |
| No. 9 of 1995 | Stock Exchange Act, 1995 | In section 3(1), in paragraph (b) of the definition of “statutory functions”, the words “the ICC Bank Act, 1992 (Section 3) Regulations, 1993 (S.I. No. 24 of 1993),”. |
| No. 11 of 1995 | Investment Intermediaries Act, 1995 | In section 2(1), in paragraph (b) of the definition of “statutory functions”, the words “the ICC Bank Act, 1992 (Section 3) Regulations, 1993 (S.I. No. 24 of 1993),”. |
| No. 24 of 1995 | Consumer Credit Act, 1995 | In section 2(1), in the definition of “credit institution”, paragraph (f). |
| No. 8 of 1997 | Central Bank Act, 1997 | In section 2(1), in paragraph (b) of the definition of “statutory functions”, the words “the ICC Bank Act, 1992 (Section 3) Regulations, 1993 (S.I. No. 24 of 1993),”. |
| Section 82. | ||
| No. 31 of 1997 | Prompt Payment of Accounts Act, 1997 | In the Schedule, the words “I.C.C. Bank plc”. |
| No. 32 of 1997 | ICC Bank (Amendment) Act, 1997 | The whole Act. |
| No. 39 of 1997 | Taxes Consolidation Act, 1997 | In section 37, in the Table, the words “securities issued on or after the 24th day of May, 1989, by ICC Bank plc.”, as respects securities issued after the commencement of this repeal. |
| In section 256(1), in the definition of “relevant deposit taker”, paragraphs (e) and (f). | ||
| In section 519C(1), in the definition of “qualifying savings institution”, paragraphs (e) and (f). | ||
| In section 607(1)(d), the words “ICC Bank plc”, as respects debentures, debenture stock, certificates of charge or other forms of security issued after the commencement of this repeal. | ||
| Section 784A(1)(a), in the definition of “qualifying fund manager”, paragraphs (e) and (f). | ||
| In section 838(1)(a), in paragraph (ii) of the definition of “securities”, the words “ICC Bank plc”, as respects securities issued after the commencement of this repeal. | ||
| In Schedule 13, item number 50. | ||
| No. 52 of 1998 | Jurisdiction of Courts and Enforcement of Judgments Act, 1998 | In section 11(4), in the definition of “authorised institution”, paragraph (f). |
| No. 29 of 1999 | ICC Bank Act, 1999 | Sections 3, 4, 5 and 7. |
| No. 31 of 1999 | Stamp Duties Consolidation Act, 1999 | In section 86, in paragraph (b), the words “ICC Bank public limited company” as respects loan stock issued after the commencement of this repeal. |
| In section 103(1), in the definition of “appropriate person”, paragraph (c). | ||
| In section 123(1), in the definition of “bank”, paragraph (c). |
PART II Statutory Instruments Revoked
| Number and Year | Title of Instrument | Extent of Revocation |
|---|---|---|
| (1) | (2) | (3) |
| No. 437 of 1986 | European Communities (Life Assurance Accounts, Statements and Valuations) Regulations, 1986 | In Regulation 37(1), in the definition of “approved financial institution”, paragraph (h). |
| In Regulation 37(1), in the definition of “approved securities”, in paragraph (c), the words “and Industrial Credit Corporation plc”. | ||
| No. 191 of 1990 | Insurance (Bonding of Intermediaries) Regulations, 1990 | Regulation 3(2)(c). |
| No. 59 of 1991 | European Communities (Road Passenger Transport) Regulations, 1991 | In Regulation 2(1), in the definition of “bank or other suitably qualified establishment”, the words “the Industrial Credit Corporation p.l.c.,”. |
| No. 60 of 1991 | European Communities (Merchandise Road Transport) Regulations, 1991 | In Regulation 2(1), in the definition of “bank or other suitably qualified establishment”, the words “the Industrial Credit Corporation p.l.c.,”. |
| No. 201 of 1992 | European Communities (Companies: Group Accounts) Regulations, 1992 | Regulation 6(2)(f). |
| No. 328 of 1992 | Central Bank Act, 1971 (Section 7(4)) Order, 1992 | The whole instrument. |
| No. 395 of 1992 | European Communities (Licensing and Supervision of Credit Institutions) Regulations, 1992 | In Regulation 2(1), in the definition of “supervisory enactments”, the words “the ICC Bank Act, 1992 (No. 21 of 1992),”. |
| No. 24 of 1993 | ICC Bank Act, 1992 (Section 3) Regulations, 1993 | The whole instrument. |
| No. 168 of 1995 | European Communities (Deposit Guarantee Schemes) Regulations, 1995 | In Regulation 3(1), in the definition of “supervisory enactments”, the words “the ICC Bank Act, 1992 (No. 21 of 1992),”. |
| No. 32 of 1997 | Ethics in Public Office (Prescribed Public Body, Designated Directorships and Designated Positions in Public Bodies) Regulations, 1997 | In the Second Schedule, item number 42. |
This document does not substitute the official text published in the Irish Statute Book. We accept no responsibility for any inaccuracies arising from the transcription of the original into this format.