Anglo Irish Bank Corporation Act 2009

6.

Effect of acquisition of shares.

6.— (1) On the commencement of this Act, the Minister—

( a) is to be taken to be entered in the register of members of Anglo Irish Bank as the holder of the transferred shares, and

( b) becomes a member of Anglo Irish Bank.

(2) On the commencement of this Act—

( a) Anglo Irish Bank becomes a private company limited by shares, under the name of “Anglo Irish Bank Corporation Limited”,

( b) its memorandum is to be taken to have been amended to reflect its status as a private company limited by shares,

( c) its objects clause is to be taken to provide for, as objects, the doing of anything required by or authorised by this Act, and acting in support of, connection with and furtherance of the purposes of this Act,

( d) its articles are to be taken to have been amended to comply with section 33 of the Companies Act 1963 and are to be construed accordingly, and

( e) the registrar of companies shall issue to it a certificate of incorporation appropriate to a private company limited by shares.

(3) A share certificate issued before the commencement of this Act in relation to shares in Anglo Irish Bank is not evidence of the ownership, at a time after that commencement, of the shares (other than for the purposes of establishing an entitlement to compensation).

(4) Anglo Irish Bank may not make a call to pay up any outstanding amounts due in respect of any of the shares at any time while the Minister or the Minister’s nominee holds those shares. However, a person who is, at the commencement of this Act, liable to pay to Anglo Irish Bank an amount due in respect of any of those shares remains so liable notwithstanding anything in this subsection.

(5) Publication of this Act is to be taken to satisfy the requirement under the European Communities (Single-Member Private Limited Companies) Regulations 1994 ( S.I. No. 275 of 1994)) to give notice of Anglo Irish Bank’s becoming a single-member private limited company (within the meaning of those Regulations) as a result of the transfer of its shares to the Minister under this Act.