Central Bank Act 1942

PART II.

Establishment of the Central Bank of Ireland and Dissolution of the Currency Commission.

Constitution, functions and powers of the Bank

5

F62 [ Establishment of Central Bank of Ireland.

5. (1) The body corporate formerly called the Central Bank and Financial Services Authority of Ireland is continued in existence under the name Central Bank of Ireland .

(2) The Bank

( a ) has perpetual succession, and

( b ) may take legal proceedings and be proceeded against in its corporate name.

(3) The Bank is required to have a seal. The seal shall be judicially noticed.

(4) Except as expressly provided by this Act, the affairs and activities of the Bank are to be managed and controlled by the Central Bank Commission. ]

Annotations:

Amendments:

F62

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14 and sch. 1, pt. 1, item 20, S.I. No. 469 of 2010.

Editorial Notes:

E26

Previous affecting provision: section substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 4, S.I. No. 160 of 2003; substituted as per F-note above.

E27

Previous affecting provision: subs. (4) substituted (23.05.2002) by Central Bank Act 1998 (2/1998), s.3, S.I. No. 338 of 2002; substituted as per F-note above.

E28

Previous affecting provision: subs. (3) amended (1.09.1971) by Central Bank Act 1971 (24/1971), s. 53(1), S.I. No. 228 of 1971 and (12.07.1989) by Central Bank Act 1989 (16/1989), s. 14(1)(a), S.I. No. 176 of 1989, subject to transitional provisions in s.14(3); substituted as per F-note above.