Irish Collective Asset-Management Vehicles Act 2015

67.

Entitlement to notify Bank of changes if section 65(6) contravened

67. (1) This section applies if an ICAV fails to send, in accordance with section 65(6) , a notification, in the specified form, to the Bank of the fact of a person’s having ceased, for whatever reason, to be a director or secretary of the ICAV and of the date on which that event occurred.

(2) The former director or secretary may serve on the ICAV a notice—

(a) requesting it to send forthwith the notification of that matter in the specified form to the Bank, and

(b) stating that, if the ICAV fails to comply with that request within 21 days after the date of the service of the notice on it, he or she will forward to the Bank and to every person who, to his or her knowledge, is an officer of the ICAV a copy of any notice of resignation by him or her as a director or secretary of the ICAV or any other documentary proof of his or her having ceased to be such a director or secretary together with what is required to be forwarded by subsection (3) .

(3) This subsection requires to be forwarded—

(a) to the Bank, such additional information as may be specified by the Bank (which may include a statutory declaration made by the former director or secretary stating the names of the persons who, to his or her knowledge, are officers of the ICAV), and

(b) to every other person who, to his or her knowledge, is an officer of the ICAV, a written request of the person that he or she take such steps as will ensure that the failure of the ICAV to comply with the notice continues no further.

(4) If an ICAV fails to comply with a request made of it under a notice referred to in subsection (2) the person who served the notice may forward to the Bank and to every person who, to his or her knowledge, is an officer of the ICAV a copy of the notice of resignation or other documentary proof referred to in subsection (2)(b) if, but only if, there is forwarded together with that notice or proof—

(a) in the case of the Bank, the additional information referred to in subsection (3)(a), and

(b) in the case of every other such person, the written request referred to in subsection (3)(b).

(5) No notice of resignation or other documentary proof of a person’s having ceased to be a director or secretary of an ICAV which is forwarded to the Bank by that person (other than such a notice or other proof which is forwarded under this section) shall be considered by the Bank.

(6) No additional information referred to in subsection (3)(a) that is—

(a) included in a notice of resignation or other documentary proof referred to in this section, and

(b) forwarded, under and in accordance with this section, to the Bank,

shall, of itself, be regarded as constituting defamatory matter.