Anglo Irish Bank Corporation Act 2009

14.

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

14.— (1) Nothing done under this Act constitutes a re-organisation measure for the purposes of—

( a) the European Communities (Re-organisation 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).

(2) During the period of 90 days (or any longer period, up to 6 months, prescribed by the Minister by order) after any change that would, but for this subsection, require to be disclosed in the business letters and emails and on the website of Anglo Irish Bank, the provisions of the Companies Acts requiring such disclosure do not apply to it.

(3) Notice of the making of an order under subsection (2) shall be published as soon as is practicable in Iris Oifigiúil.

(4) The following provisions of the Companies Acts:

( a) sections 60(1), 72, 81 to 85 and 200(1) of the Companies Act 1963;

( b) sections 41 and 45 of the Companies (Amendment) Act 1983;

( c) section 26(6) and Part IV of the Companies Act 1990;

do not apply in relation to Anglo Irish Bank or its subsidiaries or subsidiary undertakings while the Minister or the Minister’s nominee is a member of Anglo Irish Bank.

(5) No other provision of law or of the memorandum or articles of Anglo Irish Bank that would otherwise prevent or restrict the Minister or the Minister’s nominee from exercising all of the powers, rights and entitlements of members of a company applies to it or to the membership of it by the Minister or the Minister’s nominee.

(6) Notwithstanding subsections (4) and (5), the Minister or the Minister’s nominee may, after consulting the directors of Anglo Irish Bank, act in accordance with any provision (in whole or in part) referred to in either of those subsections as if that provision continued to apply.

(7) A petition may not be brought for the winding up of Anglo Irish Bank under Part VI of the Companies Act 1963 without the leave of the Minister.

(8) The Minister may by order re-apply any provision referred to in subsection (4) in relation to Anglo Irish Bank or any of its subsidiaries or subsidiary undertakings.

(9) Notice of the making of an order under subsection (8) shall be published as soon as is practicable in Iris Oifigiúil.

(10) Nothing in this section has the effect of disapplying any requirement to keep records, or record resolutions, in an appropriate form.

(11) Nothing in this section has the effect of—

( a) rendering lawful any contravention of any provision referred to in this section that took place before the commencement of this Act,

( b) relieving any person from any obligation to comply, at any time before the commencement of this Act, with any such provision, or

( c) prejudicing any proceedings brought or to be brought in relation to a contravention, or the breach of an obligation, referred to in paragraph (a) or (b).