Strategic Banking Corporation of Ireland Act 2014

6.

Formation of group entities

6. (1) The SBCI may, with the consent of the Minister, and subject to any conditions of either of them, either by itself or with other persons, promote, take part in the formation of, or acquire a shareholding in, an SBCI group entity.

(2) The memorandum and articles of association of an SBCI group entity shall be in such form as is in conformity with this Act and as may be approved of by the SBCI.

(3) An SBCI group entity shall make such reports to the SBCI as the SBCI may require.

(4) An SBCI group entity may enter into joint ventures with other persons.

(5) An SBCI group entity shall not guarantee the borrowings or liabilities of any of its subsidiaries without the approval of the Minister.

(6) An SBCI group entity may, with the consent of the Minister, and subject to any conditions as the SBCI or the Minister may determine, wind up any of its subsidiaries.