Anglo Irish Bank Corporation Act 2009


Number 1 of 2009


ANGLO IRISH BANK CORPORATION ACT 2009

REVISED

Updated to 23 June 2016


This revised Act is an administrative consolidation of the Anglo Irish Bank Corporation Act 2009. It is prepared by the Law Reform Commission in accordance with its function under the Law Reform Commission Act 1975 (3/1975) to keep the law under review and to undertake revision and consolidation of statute law.

All Acts up to and including Criminal Justice (Spent Convictions and Certain Disclosures) Act 2016 (4/2016), enacted 11 February 2016, and all statutory instruments up to and including Broadcasting Act 2009 (Section 130 (1)(a)(iv) Designation) Order 2016 (S.I. No. 328 of 2016), made 23 June 2016, were considered in the preparation of this Revised Act.

Disclaimer: While every care has been taken in the preparation of this Revised Act, the Law Reform Commission can assume no responsibility for and give no guarantees, undertakings or warranties concerning the accuracy, completeness or up to date nature of the information provided and does not accept any liability whatsoever arising from any errors or omissions. Please notify any errors, omissions and comments by email to

revisedacts@lawreform.ie.


Number 1 of 2009


ANGLO IRISH BANK CORPORATION ACT 2009

REVISED

Updated to 23 June 2016


Introduction

This revision presents the text of the Act as it has been amended since enactment, and preserves the format in which it was first passed.

Related legislation

This Act is not collectively cited with any other Act.

Annotations

This Revised Act is annotated and includes textual and non-textual amendments, statutory instruments made pursuant to the Act and previous affecting provisions.

An explanation of how to read annotations is available at

www.lawreform.ie/annotations.

Material not updated in this revision

Where other legislation is amended by this Act, those amendments may have been superseded by other amendments in other legislation, or the amended legislation may have been repealed or revoked. This information is not represented in this revision but will be reflected in a revision of the amended legislation if one is available.

Where legislation or a fragment of legislation is referred to in annotations, changes to this legislation or fragment may not be reflected in this revision but will be reflected in a revision of the legislation referred to if one is available.

A list of legislative changes to any Act, and to statutory instruments from 1999, may be found linked from the page of the Act or statutory instrument at

www.irishstatutebook.ie.

Acts which affect or previously affected this revision

Central Bank Reform Act 2010 (23/2010)

Central Bank Act 1942 (22/1942)

All Acts up to and including Criminal Justice (Spent Convictions and Certain Disclosures) Act 2016 (4/2016), enacted 11 February 2016, were considered in the preparation of this revision.

Statutory instruments which affect or previously affected this revision

• None

All statutory instruments up to and including Broadcasting Act 2009 (Section 130 (1)(a)(iv) Designation) Order 2016 (S.I. No. 328 of 2016), made 23 June 2016, were considered in the preparation of this revision.


Number 1 of 2009


ANGLO IRISH BANK CORPORATION ACT 2009

REVISED

Updated to 23 June 2016


ARRANGEMENT OF SECTIONS

Section

1. Definitions.

2. Functions performed in the public interest.

3. Relationship framework between the Minister and Anglo Irish Bank.

4. Effect of this Act.

5. Acquisition of shares in Anglo Irish Bank.

6. Effect of acquisition of shares.

7. General exercise of Minister’s rights as shareholder.

8. Minister’s power to transfer shares to nominee.

9. Effect on certain other rights.

10. Extinguishment of certain rights in relation to shares.

11. Equitable interests in shares.

12. De-listing.

13. Disapplication, etc., of certain provisions of Central Bank Acts.

14. Disapplication, etc., of certain laws relating to companies.

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

16. Disapplication of certain requirements in relation to notice of acquisition of shares.

17. Suspension, etc., of articles of Anglo Irish Bank.

18. Minister may alter financial year of Anglo Irish Bank.

19. Removal of directors, etc., of Anglo Irish Bank.

20. Appointment of directors, etc., of Anglo Irish Bank.

21. No shadow or de facto directorship.

22. Appointment of Assessor.

23. Expenses, etc., of Assessor and engagement of staff.

24. Submissions to Assessor.

25. Determination of fair and reasonable aggregate value.

26. Circulation of draft report for comment.

27. Report by Assessor.

28. Compensation Scheme.

29. Claims for compensation.

30. Amount payable as compensation.

31. Review of determination of compensation, etc.

32. Limitation of judicial review of the Assessor’s determination.

33. Expenses, etc., of Minister.

34. Minister may issue securities, etc.

35. Offences under this Act.

36. Regulations — facilitation of performance of functions.

37. Regulations — general implementation of this Act.

38. Amendment of other Acts.

39. Short title.

SCHEDULE

Powers to Require Persons to Give Evidence or Produce Documents



Number 1 of 2009


ANGLO IRISH BANK CORPORATION ACT 2009

REVISED

Updated to 23 June 2016


AN ACT TO PROVIDE, IN THE PUBLIC INTEREST, FOR MAINTAINING THE STABILITY OF THE FINANCIAL SYSTEM IN THE STATE, AND FOR THAT PURPOSE—

(A) TO PROVIDE FOR THE TRANSFER TO THE MINISTER FOR FINANCE OR THE MINISTER’S NOMINEE OF ALL THE SHARES IN ANGLO IRISH BANK CORPORATION PUBLIC LIMITED COMPANY,

(B) TO EXTINGUISH CERTAIN RIGHTS IN ANGLO IRISH BANK,

(C) TO DISAPPLY CERTAIN PROVISIONS OF THE COMPANIES ACTS AND OTHER ENACTMENTS IN SO FAR AS THEY RELATE TO ANGLO IRISH BANK,

(D) TO PROVIDE FOR THE REMOVAL OF PERSONS FROM CERTAIN OFFICES, POSITIONS OR EMPLOYMENT WITH ANGLO IRISH BANK AND THE APPOINTMENT OF PERSONS TO THOSE OFFICES OR POSITIONS OR THAT EMPLOYMENT,

(E) TO PROVIDE FOR THE APPOINTMENT OF AN ASSESSOR TO ASSESS WHETHER COMPENSATION SHOULD BE PAID TO PERSONS WHOSE SHARES WERE TRANSFERRED TO THE MINISTER FOR FINANCE OR WHOSE RIGHTS WERE EXTINGUISHED, AND IF SO TO DETERMINE THE FAIR AND REASONABLE AMOUNT PAYABLE AS SUCH COMPENSATION,

(F) TO PROVIDE FOR THE PAYMENT OF ANY SUCH COMPENSATION,

(G) TO MAKE CONSEQUENTIAL AMENDMENTS TO CERTAIN OTHER ENACTMENTS, AND

(H) TO PROVIDE FOR CONNECTED MATTERS.

[21 st January, 2009]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

Annotations:

Editorial Notes:

E1

Act, other than s. 2, included in definition of "designated enactments" for purposes of Central Bank Act 1942 (22/1942) by Central Bank Act 1942 (22/1942), s. 2(1) and sch. 2 part 1 item 35, as substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1 part 1 items 6 and 82, S.I. No. 469 of 2010.