National Asset Management Agency Act 2009

• (b) while an officer of NAMA or a staff member of the NTMA or otherwise performing duties on behalf of NAMA or the NTMA,

• (c) as a result of a disclosure to him or her permitted by subsection (5) (d) or section 199 (3), or

• (d) in the course of the provision (including the provision by another person) of a service to NAMA or the NTMA.

• (3) A reference in subsection (2) to the disclosure or use of information includes the disclosure or use of a document containing the information.

• (4) For the purposes of this section, it shall be presumed, unless the contrary is shown, that a person knew that information was confidential information, if that person reasonably ought to have known that it was confidential information.

• (5) Nothing in subsection (2) prevents the disclosure of information—

• (a) to NAMA or a NAMA group entity, the NTMA or the Minister,

• (b) in the course of giving evidence before a court or tribunal having the power to examine witnesses on oath,

• (c) in the course of giving evidence before a House of the Oireachtas or a Committee of either or both such Houses, or

• (d) to an agent of NAMA, a NAMA group entity, the NTMA or the Minister.

• (6) Notwithstanding subsection (2), it is not an offence for a person, acting in good faith, to disclose confidential information to—

• (a) the Garda Síochána,

• (b) the Revenue Commissioners,

• (c) the Director of Corporate Enforcement,

• (d) the Competition Authority,

• F21[(e) the Central Bank,]

• (f) any other body (whether within the State or not) responsible for the detection or investigation of criminal offences, or

• (g) any other body (whether within the State or not) responsible for the detection or investigation of contraventions of law (whether of the State or not) relating to taxation, companies, the regulation of financial services, or competition,

where that information gives rise to a reasonable suspicion that a participating institution, an employee or agent of a participating institution, a debtor in respect of a bank asset acquired by NAMA or a NAMA group entity or an employee or agent of such a debtor may have—

• (i) committed a criminal offence, or

• (ii) contravened a law relating to taxation, companies, the regulation of financial services, or competition.

203. Obligation to pass certain information to law-enforcement authorities.

203.— Where NAMA has reason to suspect that—

• (a) a participating institution may have committed a criminal offence, or

• (b) a participating institution may have contravened a law relating to taxation, companies, the regulation of financial services, or competition,

then NAMA shall report the information that leads it to form that suspicion to—

• (i) the Garda Síochána,

• (ii) the Revenue Commissioners,

• (iii) the Director of Corporate Enforcement,

• (iv) the Competition Authority,

• F22[(v) the Central Bank,]

• (vi) any other body (whether within the State or not) responsible for the detection or investigation of criminal offences, or

• (vii) any other body (whether within the State or not) responsible for the detection or investigation of contraventions of law (whether of the State or not) relating to taxation, companies, the regulation of financial services, or competition,

as the case appears to it to require.

204. Provision of information to Revenue Commissioners.

204.— (1) In this section—

“relevant person” means a debtor, associated debtor, guarantor, surety or chargor and includes a connected person (within the meaning given by section 10 of the Taxes Consolidation Act 1997) in relation to a debtor, associated debtor, guarantor, surety or chargor;

“tax” has the meaning given by section 960A of the Taxes Consolidation Act 1997.

• F23[(2) Notwithstanding any provision of this Act or any other enactment—

• (a) NAMA shall make available to the Revenue Commissioners details of each eligible bank asset,

• (b) where the Revenue Commissioners require any information or documents, relating to any eligible bank asset or such other matters as may be necessary for the purposes of the performance of their duties, then they may require NAMA to provide such information as is in the possession or control of NAMA or of which it has knowledge, and such documents as are in the possession or control of NAMA or to make such documents available for inspection,

• (c) the Revenue Commissioners may, for the purposes of the performance of their functions under Part 42 of the Taxes Consolidation Act 1997 and any regulations made under that Part, seek from NAMA information in relation to a named relevant person, and

• (d) where NAMA is in possession of, or has knowledge of, information or has possession or control of documents referred to in paragraph (b) or (c), NAMA shall provide such information and documents to, or make such documents available for inspection by, the Revenue Commissioners.]

• (3) Notwithstanding any other enactment, the Revenue Commissioners shall disclose to NAMA information in relation to a named relevant person that, in the opinion of the Revenue Commissioners or of NAMA, is required by NAMA for the purposes of the performance of its functions under this Act, and that is in the possession of the Revenue Commissioners, or of which the Revenue Commissioners have knowledge.

205. Disclosure by regulatory authorities.

205.— (1) The Minister, the Governor and the F24[Central Bank] may, in accordance with applicable law, disclose to each other any information that any of them receives concerning a participating institution or any of its subsidiaries. The recipient shall treat any information disclosed pursuant to this section as confidential.

• (2) Disclosure under subsection (1) is subject to the requirements of—

• (a) the treaties governing the European Communities, and

• (b) the ESCB Statute.

• (3) In subsection (1) “information” includes information relating to a period before the participating institution concerned was designated under section 67 as a participating institution.

• (4) The Governor and the F25[Central Bank] may use information disclosed to either of them under subsection (1) in the performance of their functions.

PART 12 Conduct of Participating Institutions

206. Directions in relation to conduct of participating institutions.

206.— (1) The F26[Central Bank], may, with the approval of the Minister, give a direction to a participating institution in order to achieve the purposes of this Act, as specified in section 2.

• (2) A direction under subsection (1) may—

• (a) restrict balance sheet growth,

• (b) restrict the institution’s ability to take over other credit institutions,

• (c) require balance sheet reduction, or

• (d) restrict or require consolidation and merger of participating institutions.

207. Reporting by participating institutions.

207.— (1) The F27[Central Bank] may direct a participating institution in writing to make any report that the F27[Central Bank] considers necessary to monitor the institution’s compliance with its obligations under or by virtue of this Part.

• (2) A direction under subsection (1) shall specify the information to be provided in the report and the period within which the report shall be submitted to the F27[Central Bank].

• (3) A participating institution that is directed to make a report under subsection (1) shall comply with the direction.

• (4) The Minister may direct the F27[Central Bank] to require such other reports from a participating institution as the Minister considers necessary.

• (5) The Minister may make regulations providing for the making by participating institutions of periodic reports, the frequency and form of such reports and the matters that such reports shall address.

• (6) If the Minister makes regulations under subsection (5), the matters prescribed may include liquidity requirements, capital ratios, asset quality, risk exposures and funding costs.

208. Restructuring plans.

208.— (1) The Minister, after consultation with the Governor and the F28[Central Bank], may direct a participating institution to draw up or amend, within a specified period, a restructuring plan for the purposes of this Act.

• (2) A participating institution that is given a direction under subsection (1) shall submit a draft of the restructuring plan for the Minister’s approval within the period specified in the direction.

• (3) The Minister, after consultation with the Governor and the F28[Central Bank], may direct a participating institution to amend a draft restructuring plan in a specified respect. The direction shall specify a period within which the participating institution is required to do so.

• (4) A participating institution that is directed under subsection (3) to amend a draft restructuring plan shall do so within the period specified in the direction.

• (5) If the Minister approves a draft restructuring plan, the participating institution concerned shall put the plan into effect in accordance with a timetable directed by the Minister.

• (6) The Minister, after consultation with the Governor and the F28[Central Bank], may direct a participating institution to submit to the Minister a business plan in accordance with this section.

• (7) A participating institution that is given a direction under subsection (6) shall submit a draft of the business plan for the Minister’s approval within the period specified in the direction.

• (8) The Minister, after consulting with the Governor and the F28[Central Bank], may direct a participating institution to amend a draft business plan submitted to the Minister under subsection (7) in accordance with the direction.

• (9) A participating institution that is directed to amend a draft business plan under subsection (8) shall comply with the direction within the period specified in the direction.

• (10) A participating institution shall take all reasonable steps to ensure that any draft business plan submitted to the Minister accurately contains all relevant information. If the Minister approves a draft business plan, the participating institution shall take all reasonable steps to implement that plan.

• (11) The Minister shall not approve a restructuring plan or business plan that does not comply with the law of the State and of the European Communities relating to competition and with the laws of the European Communities governing State aid.

209. Compliance with directions.

209.— (1) Where the F29[Central Bank] is of the opinion that a participating institution has not complied with a direction under this Part, the F29[Central Bank] may apply to the Court for an order that the institution comply with the direction.

• (2) On hearing an application under subsection (1), the Court may order the participating institution concerned to comply with the relevant direction or refuse the application, as it thinks fit.

• (3) An application under subsection (1) shall be made summarily.

• (4) When dealing with an application under subsection (1) the Court may make any interim or interlocutory order it considers appropriate.

• (5) The Court shall not deny interim or interlocutory relief referred to in subsection (4) solely on the basis that the F29[Central Bank] would not suffer any damage if the relief were not granted pending conclusion of the proceedings.

• (6) If the Court is satisfied that for reasons of commercial confidentiality a hearing under this section should be conducted otherwise than in public, the Court may so order.

210. Guidelines regarding lending practices.

210. F30[…]

PART 13 Miscellaneous

211. Avoidance of certain transactions.

211.— (1) Where, on the application of NAMA or a NAMA group entity, it is shown to the satisfaction of the Court that—

• (a) an asset of a debtor or associated debtor, guarantor or surety was disposed of, and

• (b) the effect of the disposition was to defeat, delay or hinder the acquisition by NAMA or a NAMA group entity of an eligible bank asset, or to impair the value of an eligible bank asset or any rights (including a right to damages or any other remedy, a right to enforce a judgment and a priority) that NAMA or the NAMA group entity would have acquired or increased a liability or obligation but for that disposition,

the Court may declare the disposition to be void if in the Court’s opinion it is just and equitable to do so.

• (2) In deciding whether it is just and equitable to make a declaration under subsection (1), the Court shall have regard to the rights of any person who has in good faith and for value acquired an interest in the asset the subject of the disposition.

• (3) Nothing in this section affects the operation of section 14 of the Conveyancing Act 1634 or section 74(4)(a) of the Land and Conveyancing Law Reform Act 2009.

212. Provision of tax information to NAMA.

212.— (1) In this section “the Capital Gains Tax Acts” and “the Corporation Tax Acts” have the respective meanings given by section 1(2) of the Taxes Consolidation Act 1997.

• (2) Where shares in a company are acquired by—

• (a) NAMA,

• (b) a company referred to in section 616(1)(g) of the Taxes Consolidation Act 1997, or

• (c) a NAMA group entity,

and, as a consequence of the acquisition, the provisions of the Capital Gains Tax Acts, the Corporation Tax Acts or the Stamp Duties Consolidation Act 1999 as amended or extended impose a charge to tax or duty on the company by virtue of a clawback of a relief, the person from whom the shares are acquired shall inform NAMA, the acquiring company or the NAMA group entity of the charge and the amount of tax or duty due.

213. NAMA, etc., not to make payments in certain circumstances.

213.— (1) In this section—

“the Acts” has the meaning given by section 1095 of the Taxes Consolidation Act 1997;

“Collector-General” has the meaning given by section 2(1) of the Taxes Consolidation Act 1997;

“outstanding tax”, in relation to a relevant person, means any obligation on the relevant person arising under the Acts in relation to the payment or remittance of any taxes, interest or penalties required to be paid or remitted under the Acts;

“relevant person” means a debtor, associated debtor, guarantor, surety or chargor and includes a connected person (within the meaning given by section 10 of the Taxes Consolidation Act 1997) in relation to a debtor, associated debtor, guarantor, surety or chargor.

• (2) This section applies where in the exercise of any of its functions under this Act, NAMA or a NAMA group entity is obliged to pay an amount of money to a relevant person.

• (3) Where this section applies, NAMA or the NAMA group entity concerned shall not make any payment to a relevant person until—

• (a) the relevant person delivers to NAMA, or to a person authorised by NAMA, a valid tax clearance certificate issued to the relevant person by the Collector-General, or

• (b) the Collector-General has confirmed to NAMA, following a request from NAMA, that it has no objection to the making of a payment to the relevant person.

• (4) Where a relevant person is unable to produce a valid tax clearance certificate to NAMA because of any outstanding tax and NAMA or a NAMA group entity is obliged to pay an amount of money to the relevant person, the relevant person may issue a notice in writing to NAMA or the NAMA group entity directing it to forward to the Collector-General—

• (a) where the amount of money is greater than the outstanding tax, an amount of money equal to the amount of the outstanding tax, or

• (b) where the amount of money is equal to or less than the outstanding tax, that amount of money.

• (5) On receipt by the Collector-General of an amount of money paid by NAMA or a NAMA group entity pursuant to subsection (4), the Collector-General shall notify the relevant person.

214. NAMA exempt from certain taxes.

214.— Income and gains arising to NAMA shall be exempt from income tax, corporation tax and capital gains tax.

215. Disapplication of certain provisions of Competition Act 2002 and Credit Institutions (Financial Support) Act 2008.

215.— (1) Parts 2 and 3 of the Competition Act 2002 do not apply with respect to the acquisition of bank assets under this Act.

• (2) Section 7 of the Credit Institutions (Financial Support) Act 2008 does not apply with respect to the acquisition of bank assets under this Act.

216. NAMA, etc., not to be taken to be carrying on banking business, etc.

216.— (1) Except pursuant to the provisions mentioned or referred to in subsection (2), neither NAMA nor a NAMA group entity shall be taken to be providing a service or carrying on an activity which would require it to be authorised or regulated by the Central Bank.

• (2) The provisions referred to in subsection (1) are:

• (a) Irish market abuse law, as defined in section 29(1) of the Investment Funds, Companies and Miscellaneous Provisions Act 2005;

• (b) Irish prospectus law, as defined in section 38(1) of the Investment Funds, Companies and Miscellaneous Provisions Act 2005;

• (c) transparency (regulated markets) law, as defined in section 19(1) of the Investment Funds, Companies and Miscellaneous Provisions Act 2006;

• (d) regulations made under section 6A of the Markets in Financial Instruments and Miscellaneous Provisions Act 2007 if in those regulations the Minister declares that those regulations apply for the purposes of this section;

• (e) any other provision that the Minister by regulation from time to time declares to apply to NAMA or a NAMA group entity.

217. Application of laws in relation to netting agreements, etc.

217.— Nothing in this Act affects the operation of—

• (a) the Netting of Financial Contracts Act 1995,

• (b) the European Communities (Settlement Finality) Regulations 2008 (S.I. No. 88 of 2008),

• (c) the European Communities (Financial Collateral Arrangements) Regulations 2004 (S.I. No. 1 of 2004), or

• (d) regulation 30 of the European Communities (Reorganisation and Winding-Up of Credit Institutions) Regulations 2004 (S.I. No. 198 of 2004),

in relation to an agreement to which a participating institution is a party.

218. Certain bank assets not invalidated.

218.— (1) An acquired bank asset is not invalidated or rendered void or voidable as against NAMA or a NAMA group entity or their successors in title—

• (a) by section 60, 99, 100, 101, 111, 286 or 288 of the Companies Act 1963,

• (b) by section 29, 31 or 139 of the Companies Act 1990,

• (c) on the grounds that it was ultra vires,

• (d) by reason that the provider may not have been able to pay its debts as they fell due at the time the security was given or that the directors of that provider ceased to have the power to create that security,

• (e) by reason that the grant of the security may not have been duly authorised by the grantor or may not have been for the benefit of the grantor, or

• (f) by reason that the consent of a party required for the creation of the security may not have been obtained.

• (2) Notwithstanding section 127(4) of the Stamp Duties Consolidation Act 1999, a charge or security that secures an acquired bank asset that is required to be stamped but has not been stamped or is insufficiently stamped is not rendered inadmissible in evidence or unenforceable only by reason that it is unstamped or insufficiently stamped.

• (3) Subsection (1) shall not affect the existing priority of any other charge.

219. Nothing done under Act to be reorganisation or winding-up measure.

219.— Nothing done under this Act constitutes a reorganisation or winding-up measure for the purposes of—

• (a) the European Communities (Reorganisation and Winding-Up of Credit Institutions) Regulations 2004 (S.I. No. 198 of 2004), or

• (b) the European Communities (Reorganisation and Winding-Up of Insurance Undertakings) Regulations 2003 (S.I. No. 168 of 2003).

220. Operation of certain provisions of Land Registration Rules 1972 to 2008.

220.— (1) Notwithstanding anything in the Land Registration Rules 1972 to 2008, an officer of NAMA, an adviser acting on behalf of NAMA or a person nominated in writing by the Chief Executive Officer of NAMA may inspect and take copies of any document filed in the Land Registry on a dealing or transaction with the property of any person.

• (2) This section applies only to documents relevant to an acquired bank asset.

• (3) A person who seeks to inspect or take a copy of a document pursuant to subsection (1) shall produce to the Property Registration Authority evidence that he or she is a person authorised under that subsection to do so.

221. Offence of lobbying NAMA, etc.

221.— (1) Subject to subsections (3) and (4), if a person communicates, on behalf of another person, with NAMA, a NAMA group entity or a person providing services or advice to NAMA or a NAMA group entity with the intention of influencing the making of a decision in relation to the performance of the functions of NAMA or the NAMA group entity, the person commits an offence.

• (2) Without prejudice to the generality of subsection (1), a reference in that subsection to a decision relating to the performance of the functions of NAMA includes a decision relating to—

• (a) the lending of money,

• (b) the initiation of legal proceedings,

• (c) legal proceedings in being,

• (d) the engagement of the services of an expert adviser or other service provider,

• (e) any other matter that could give rise to an advantage or benefit to a person other than NAMA,

• (f) a tender, or

• (g) the purchase or sale of property.

• (3) It is not an offence pursuant to subsection (1) if the communication concerned—

• (a) is made public at the time of the communication,

• (b) is made without an intention to benefit, or confer an advantage on, any specific person, or

• (c) is made in the public interest.

• (4) It is not an offence pursuant to subsection (1) if the person who makes the communication concerned—

• (a) is acting in his or her professional capacity or in the course of his or her employment, and

• (b) does so in that capacity.

• (5) A person who believes that he or she has been communicated with in contravention of subsection (1) shall, as soon as may be, report—

• (a) that the communication was made,

• (b) the details of the communication made, and

• (c) the name of the person who communicated with him or her,

to a member of the Garda Síochána.

• (6) A person who fails to comply with subsection (5) commits an offence.

• (7) A person who commits an offence under this section is liable on summary conviction to a fine not exceeding €1,000 or imprisonment for a term not exceeding 6 months or both.

222. Protection from civil liability of persons who report certain misconduct.

222.— (1) Where a person who is an employee of a participating institution or an officer of NAMA or a director or employee of a NAMA group entity communicates his or her opinion, whether in writing or otherwise, to a member of the Garda Síochána or a member of the Board that—

• (a) an offence under this Act or any other enactment has been or is being committed,

• (b) any provision of this Act or any other enactment or rule of law has been or is being contravened, or

• (c) there has been other serious wrongdoing in relation to NAMA or a NAMA group entity,

then, unless the person acts in bad faith, he or she shall not be regarded as having committed any breach of duty towards any other person, and no person shall have a cause of action against the first-mentioned person in respect of that communication.

• (2) Where a person who is an employee of a participating institution, an officer of NAMA or a director or employee of a NAMA group entity communicates his or her opinion, whether in writing or otherwise, to the Minister that a direction given by the Minister under this Act has been or is being contravened, then, unless the person acts in bad faith, he or she shall not be regarded as having committed any breach of duty towards any other person, and no person shall have a cause of action against the first-mentioned person in respect of that communication.

• (3) This section applies to a communication—

• (a) that would, but for this section, constitute a breach of duty by the person who made it, or

• (b) in respect of which another person would, but for this section, have a cause of action against the person who made it.

• F31[(4) This section does not apply to a communication that is a protected disclosure within the meaning of the Protected Disclosures Act 2014.]

223. Prohibition on penalisation.

223.— (1) In this section and in Schedule 2:

“employee” means—

• (a) an employee of a participating institution,

• (b) an officer of NAMA, or

• (c) an employee of a NAMA group entity;

“employer” means—

• (a) a participating institution,

• (b) in relation to an officer of NAMA, both NAMA and the NTMA, or

• (c) a NAMA group entity;

“penalisation” includes any act or omission by an employer or a person acting on behalf of an employer that affects an employee to his or her detriment with respect to any term or condition of his or her employment, and in particular includes—

• (a) suspension, lay-off or dismissal (including a dismissal within the meaning of the Unfair Dismissals Acts 1977 to 2005), or the threat of suspension, lay-off or dismissal,

• (b) demotion or loss of opportunity for promotion,

• (c) transfer of duties, change of location of place of work, reduction in wages or change in working hours,

• (d) the imposition or administering of any discipline, reprimand or other penalty (including a financial penalty), and

• (e) coercion or intimidation.

• (2) To avoid doubt, this section and Schedule 2 have effect in relation to a person who is an officer of NAMA as if both NAMA and the NTMA were employers of the person.

• (3) An employer shall not penalise or threaten penalisation against an employee for—

• (a) making a complaint to a member of the Garda Síochána or the Minister that a provision of this Act is not being complied with,

• (b) giving evidence in any proceedings under this Act, or

• (c) giving notice of his or her intention to do any of the things referred to in paragraph (a) or (b).

• F32[(3A) Subsection (3) does not apply to the making of a complaint that is a protected disclosure within the meaning of the Protected Disclosures Act 2014.]

• (4) Schedule 2 has effect in relation to an alleged contravention of subsection (3) and matters consequential on such a contravention.

• (5) If a penalisation of an employee, in contravention of subsection (3), constitutes a dismissal of the employee within the meaning of the Unfair Dismissals Acts 1977 to 2005, relief may not be granted to the employee in respect of that penalisation both under Schedule 2 and under those Acts.

224. False statements.

224.— (1) A person who states to a member of the Garda Síochána or a member of the Board that—

• (a) an offence under this Act or any other enactment has been or is being committed,

• (b) a provision of this Act, a provision of any other enactment or any rule of law has been or is being contravened, or

• (c) there has been serious wrongdoing by any person in relation to NAMA or a NAMA group entity,

knowing the statement to be false commits an offence.

• F33[(1A) Subsection (1) does not apply to the making of a statement that is a protected disclosure within the meaning of the Protected Disclosures Act 2014.]

• (2) A person guilty of an offence under this section is liable—

• (a) on summary conviction to a fine not exceeding €5,000 or imprisonment for a term not exceeding 12 months or both, or

• (b) on conviction on indictment to a fine not exceeding €100,000 or imprisonment for a term not exceeding 3 years or both.

225. Surcharge on participating institutions.

225.— (1) In this section:

“accounting period” shall be construed in accordance with section 27 of the Taxes Consolidation Act 1997;

“surcharge” means the tax referred to in subsection (3);

“underlying loss” means the amount, if any, by which the aggregate of losses incurred by NAMA (including NAMA group entities) exceeds the aggregate of the profits arising to NAMA (including those entities) in the period from the date of its establishment to the date referred to in the direction under subsection (2) or the date of the occurrence of the event so referred to.

• (2) If—

• (a) the Minister decides under section 227 (3) (b) that the continuation of NAMA is unnecessary having regard to the purposes of this Act, the Minister shall, or

• (b) (i) 10 years have elapsed since the establishment of NAMA, or

• (ii) the Minister proposes to publish or has published a Bill for NAMA’s dissolution, restructuring or material alteration,

the Minister may,

direct NAMA to prepare a report and accounts as at a date specified by the Minister or as at the date of the occurrence of an event so specified—

• (I) showing the aggregate profits and losses arising to and incurred by NAMA (including NAMA group entities), respectively, from its activities in the period from the date of its establishment to the date or the occurrence of the event so specified, and

• (II) duly certified by the Comptroller and Auditor General,

and NAMA shall send such report and accounts so certified to the Minister.

• (3) Where—

• (a) the report and accounts sent to the Minister under subsection (2) disclose an underlying loss has been incurred by NAMA (including NAMA group entities), and

• (b) the Minister is of the opinion that such underlying loss is unlikely to be otherwise made good,

then the Minister may cause—

• (i) a provision to be included in a Money Bill, or

• (ii) a provision to like effect to be included in any other Bill initiated in Dáil Éireann,

providing for the imposition of a special tax by way of a surcharge on participating institutions in accordance with subsection (4).

• (4) The aggregate tax by way of a surcharge to be imposed on participating institutions on their respective profits (within the meaning of section 4 of the Taxes Consolidation Act, 1997) if any—

• (a) shall not exceed the amount of the underlying loss, if any, incurred by NAMA (including NAMA group entities),

• (b) shall be apportioned to each participating institution on the basis of the book value of the bank assets acquired from each participating institution concerned as a proportion of the total book value of the bank assets acquired from all of the participating institutions,

and the surcharge so apportioned shall be imposed on each institution accordingly and paid by each of them over such period and at such times as provided for by the subsequent Act giving effect to this section and to which subsection (3) relates.

• (5) Any surcharge due to be paid by a participating institution in accordance with subsection (4) may not exceed 100 per cent of the corporation tax, if any, due and payable by that participating institution for the accounting period or periods as the case may be, falling within the period referred to in that subsection.

• (6) No surcharge shall become payable until either—

• (a) 10 years after the passing of this Act, or

• (b) NAMA is dissolved or restructured, or there is a material alteration of NAMA’s functions,

whichever last occurs.

PART 14 Review of NAMA

226. Triennial review of NAMA’s progress.

226.— (1) As soon as may be after 31 December 2012, and every 3 years after that while NAMA continues in existence, the Comptroller and Auditor General shall assess the extent to which NAMA has made progress toward achieving its overall objectives.

• (2) The Comptroller and Auditor General shall present a copy of that report to the Minister as soon as may be and the Minister shall cause a copy of the report to be laid before each House of the Oireachtas.

227. Review of achievement of NAMA’s purposes.

227.— (1) The Minister may at any time require NAMA to report to him or her regarding progress with regard to the achievement of NAMA’s purposes.

• (2) The Minister shall lay a copy of a report under subsection (1) before each House of the Oireachtas as soon as reasonably practicable.

• (3) As soon as may be after 31 December 2012, and every 5 years after that while NAMA continues in existence, the Minister—

• (a) shall assess the extent to which NAMA has made progress toward achieving its overall objectives, and

• (b) shall decide whether continuation of NAMA is necessary having regard to the purposes of this Act.

PART 15 Amendment and Modification of other Enactments

228. Operation of certain provisions of Companies Act 1963.

228.— (1) A reference to a company in section 60(1) or 72(1) of the Companies Act 1963 shall be taken not to include a NAMA group entity.

• (2) Section 286 of the Companies Act 1963 shall not be taken to invalidate or render void a payment made to NAMA or to another person at NAMA’s direction.

229. Operation of certain provisions of Companies (Amendment) Act 1983.

229.— A reference to a company in section 41(1), or subsection (1) or (3) of section 45, of the Companies (Amendment) Act 1983 shall be taken not to include a NAMA group entity.

230. Disapplication of section 7 of Official Languages Act 2003.

230.— Section 7 of the Official Languages Act 2003 does not apply in relation to this Act. The text of this Act shall be made available electronically in each of the official languages as soon as practicable after its enactment.

231. Amendment of Building Societies Act 1989.

231.— The Building Societies Act 1989 is amended as specified in Part 1 of Schedule 3.

232. Amendment of Central Bank Act 1942.

232.— The Central Bank Act 1942 is amended as specified in Part 2 of Schedule 3.

233. Amendment of Companies Act 1963.

233.— The Companies Act 1963 is amended as specified in Part 3 of Schedule 3.

234. Amendment of Companies (Amendment) Act 1990.

234.— The Companies (Amendment) Act 1990 is amended as specified in Part 4 of Schedule 3.

235. Amendment of Finance Act 1970.

235.— Section 54 of the Finance Act 1970 is amended as specified in Part 5 of Schedule 3.

236. Amendment of Landlord and Tenant (Amendment) Act 1980.

236.— The Landlord and Tenant (Amendment) Act 1980 is amended as specified in Part 6 of Schedule 3.

237. Amendment of National Treasury Management Agency Act 1990.

237.— The National Treasury Management Agency Act 1990 is amended as specified in Part 7 of Schedule 3.

238. Amendment of Planning and Development Act 2000.

238.— The Planning and Development Act 2000 is amended as specified in Part 8 of Schedule 3.

239. Amendment of Stamp Duties Consolidation Act 1999.

239.— The Stamp Duties Consolidation Act 1999 is amended as specified in Part 9 of Schedule 3.

240. Amendment of Taxes Consolidation Act 1997.

240.— The Taxes Consolidation Act 1997 is amended as specified in Part 10 of Schedule 3.

241. Amendment of Value-Added Tax Act 1972.

241.—F34[…]

SCHEDULE 1 Powers of Statutory Receivers

Section 148.

SCHEDULE 2 Redress for Contravention of section 223 (3)

F35[Decision under section 41 of Workplace Relations Act 2015]

F35[1. A decision of an adjudication officer under section 41 of the Workplace Relations Act 2015 in relation to a complaint of a contravention of section 223(3) shall do one or more of the following, namely—

• (a) declare that the complaint was or, as the case may be, was not well founded,

• (b) require the employer to take a specified course of action, or

• (c) require the employer to pay to the employee compensation of such amount (if any) as the adjudication officer considers just and equitable having regard to all the circumstances. ]

F35[Decision of Labour Court on appeal from decision referred to in paragraph 1]

F35[2. A decision of the Labour Court under section 44 of the Workplace Relations Act 2015, on appeal from a decision of an adjudication officer referred to in paragraph 1, shall affirm, vary or set aside the decision of the adjudication officer.]

Paragraphs 1 and 2: supplemental provisions

3.—F36[…]

Enforcement of determinations of Labour Court

4.—F36[…]

Provisions relating to winding up and bankruptcy

SCHEDULE 3 Amendments of Other Acts

Section 231.

PART 1 Amendment of Building Societies Act 1989

Item	Provision amended	Amendment
1	Section 2(1)	After the definition of “society”, insert— “ ‘special investment shares’ shall be construed in accordance with section 18(1A);”.
2	Section 14(6)	Substitute “With the exception of any alteration to the rules that make changes necessary to or consequential on the issue of special investment shares, an alteration” for “An alteration”.
3	Section 17(3)	After paragraph (a), insert— “(aa) the acceptance of payments by way of subscription for special investment shares;”.
4	Section 18(1)(b)(i)	After “deferred”, insert “, special investment”.
5	Section 18(1)	After subsection (1), insert— “(1A) Special investment shares shall be issued only to the Minister for Finance or to such other person as he or she may nominate, and that Minister may specify the terms and conditions on which special investment shares may be issued, including terms and conditions— (a) that entitle the holder of the shares to such voting rights on resolutions as the terms of issue provide in accordance with section 69(3A), (b) that entitle the holder of the shares to appoint such number of directors of the society as the terms of issue provide in accordance with section 50(18), and (c) that the Minister for Finance considers necessary in the context of the Minister’s agreement to subscribe for such shares and for the purposes of the Credit Institutions (Financial Support) Act 2008, including terms and conditions relating to— (i) the capital status and priority of the shares, (ii) the redemption, repurchase or other realisation of the shares, (iii) the dividends, if any, to be paid on the shares, and (iv) the transferability of the shares, but nothing in this Act or the society’s rules shall be construed as limiting or affecting such terms and conditions, or the enforceability of, or rights arising from, such terms and conditions.”.
6		After section 18, insert— “Relationship framework. 18A.—(1)(a) The Minister for Finance may from time to time— (i) specify in writing a relationship framework to govern the relationship between a building society that issues one or more special investment shares to the Minister for Finance or that Minister’s nominee, and that Minister or nominee, and (ii) amend or revoke any such relationship framework. (b) Such a relationship framework shall recognise the separation of the building society concerned from that Minister or nominee and limit the extent of any intervention by that Minister or nominee in the conduct of the building society’s business to that necessary to protect the public interest. (c) The relationship framework shall at all times comply with regulatory requirements. (2) The building society concerned, the Minister for Finance and any nominee of that Minister shall act in accordance with any relationship framework specified under subsection (1). (3) Parts 2 and 3 of the Competition Act 2002 shall not apply to the issue to the Minister for Finance, or that Minister’s nominee, of one or more special investment shares. (4) Section 7 of the Credit Institutions (Financial Support) Act 2008 shall not apply to the issue to the Minister for Finance, or that Minister’s nominee, of one or more special investment shares.”.
7	Section 50(1)	Substitute “subsections (11), (16) and (18) and section 69(3A)(c)” for “subsections (11) and (16)”.
8	Section 50	Insert after subsection (17)— “(18) Where the terms and conditions of issue so provide, a member who holds special investment shares shall be entitled, from time to time, by notice in writing to the society, to appoint such number of directors of the society as may be specified in the terms of issue of such shares, to remove any director so appointed and to replace the person removed with another person. (19) A provision in the memorandum or rules of a society shall not operate to— (a) prevent the appointment of directors pursuant to subsection (18), or (b) have the effect of requiring a director appointed by a member holding special investment shares to be a member of the society, to hold shares in or a deposit with the society or to resign or retire from office other than in accordance with subsection (18). (20) Where the terms and conditions of issue so provide, a member who holds special investment shares shall be entitled, by ordinary resolution, to remove a director before the expiration of his or her period of office notwithstanding anything in the rules or in any agreement between the society and the director.”.
9	Section 69(1)(a)	Substitute— “(a) on a resolution other than a conversion resolution— (i) all the members who at the end of the last financial year of the society before the date of the meeting or the postal ballot, as the case may be, had held continuously shares to the value of not less than €125 for the preceding period of 6 months and continue to hold such shares on the voting date, and (ii) any member holding special investment shares; and”.
10	Section 69(3)	Substitute “Subject to subsection (3A), on” for “On”.
11	Section 69	After subsection (3), insert— “(3A) At any time when special investment shares are in issue and their terms so provide— (a) no resolution may be passed without the consent in writing of the member holding such shares, (b) where the member holding such shares votes in favour of a resolution, that resolution shall be treated for all purposes as having been passed by a majority of the members entitled to vote on such resolution, and (c) notwithstanding any other provision of this Act or any provision of the society’s rules— (i) a resolution in writing signed by the member holding such shares shall be as valid and effective for all purposes as if the resolution had been passed at a general meeting of the society duly convened and held, and (ii) a resolution mentioned in subparagraph (i), if described as a special resolution or conversion resolution, shall be deemed to be such a resolution.”.
12	Section 70(2)	Substitute “Subject to section 69(3A), a resolution” for “A resolution”.
13	Section 71(1)	Substitute “Subject to section 69(3A), a resolution” for “A resolution”.
14		After section 71, insert— “Resolutions for special investment shares. 71A.—(1) Where a building society proposes to issue special investment shares and its board of directors in good faith forms the opinion that the issue of such shares will assist in securing the financial position of the building society, the board of directors may, notwithstanding any provision in the society’s rules, propose a resolution to approve of the issue of such shares and a special resolution to alter the society’s memorandum and rules to give effect to all necessary and consequential changes relating to the issue of such shares. (2) Where the resolution and special resolution mentioned in subsection (1) are to be considered at a meeting, then, notwithstanding any other provision of this Act or any provision of the rules, the board of directors of the society concerned may reduce the period of notice otherwise required to be given for the meeting to a period not shorter than 5 days, if that board is of the view that the circumstances warrant it. (3) Where the resolution and special resolution mentioned in subsection (1) are to be voted on by postal ballot, then, notwithstanding any other provision of this Act or any provision of the rules, the board of directors of the society concerned may reduce the period of notice otherwise required to a period not shorter than 5 days before the date which the board specifies as the date for the postal ballot, if that board is of the view that the circumstances warrant it.”.
15	Section 73(1)(b)	Substitute— “(b) of making ineffective a demand for a poll on any such question which is made by— (i) not less than 10 members having the right to vote at the meeting, or (ii) a member holding special investment shares.”.

PART 2 Amendment of Central Bank Act 1942

Section 232.