Investment Limited Partnerships Act 1994
Number 24 of 1994
INVESTMENT LIMITED PARTNERSHIPS ACT 1994
REVISED
Updated to 7 December 2022
This Revised Act is an administrative consolidation of the Investment Limited Partnerships Act 1994. 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 the Water Services (Amendment) Act 2022 (39/2022), enacted 7 December 2022, and all statutory instruments up to and including the Industrial and Provident Societies Act 1893 (Section 14A(1)) (Covid-19) (No. 2) Order 2022 (S.I. No. 649 of 2022), made 7 December 2022, 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 24 of 1994
INVESTMENT LIMITED PARTNERSHIPS ACT 1994
REVISED
Updated to 7 December 2022
Introduction
This Revised Act presents the text of the Act as it has been amended since enactment, and preserves the format in which it was passed.
Related legislation
Investment Limited Partnerships Acts 1994 and 2020: this Act is one of a group of Acts included in this collective citation, to be construed together as one (Investment Limited Partnerships (Amendment) Act 2020 (31/2020), s. 2(1)). The Acts in this group are:
• Investment Limited Partnerships Act 1994 (24/1994)
• Investment Limited Partnerships (Amendment) Act 2020 (31/2020), Part 2
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Where other legislation is amended by this Act, those amendments may have been superseded by other amendments in other legislation, or the amended legislation may have been repealed or revoked.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 1972, 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
• Investment Limited Partnerships (Amendment) Act 2020 (31/2020)
• Central Bank (Supervision and Enforcement) Act 2013 (26/2013)
• Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012)
• Criminal Justice Act 2011 (22/2011)
• Central Bank Reform Act 2010 (23/2010)
• Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004)
• Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003)
• Companies (Amendment) (No. 2) Act 1999 (30/1999)
All Acts up to and including Water Services (Amendment) Act 2022 (39/2022), enacted 7 December 2022, were considered in the preparation of this revision.
Statutory instruments which affect or previously affected this revision
• Criminal Justice (Forensic Evidence and DNA Database System) Act 2014 (Section 11) Order 2015 (S.I. No. 527 of 2015)
• Central Bank Act 1942 (Service of Notices and Other Documents) Regulations 2013 (S.I. No. 300 of 2013)
• European Union (Alternative Investment Fund Managers) Regulations 2013 (S.I. No. 257 of 2013)
• Criminal Justice Act, 1994 (Section 32 (10) (B)) (No. 2) Regulations 1995 (S.I. No. 324 of 1995)
• Investment Limited Partnerships Act, 1994 (Authorisation Fee) Regulations 1994 (S.I. No. 402 of 1994)
• Investment Limited Partnerships Act, 1994 (Commencement) Order 1994 (S.I. No. 213 of 1994)
All statutory instruments up to and including Industrial and Provident Societies Act 1893 (Section 14A(1)) (Covid-19) (No. 2) Order 2022 (S.I. No. 649 of 2022), made 7 December 2022, were considered in the preparation of this revision.
Number 24 of 1994
INVESTMENT LIMITED PARTNERSHIPS ACT 1994
REVISED
Updated to 7 December 2022
ARRANGEMENT OF SECTIONS
Preliminary
Section |
|
Constitution
Formation
Notification of refusal of authorisation and application to court. |
|
Records of investment limited partnership and statements filed. |
Administration
Variation of partnership agreement and change in general partner or depositary. |
|
Capital contributions by limited partners and liability of limited partners for partnership debts. |
|
Powers of the Bank
Dissolution
Investment limited partnership not terminated by change in limited partners. |
|
Miscellaneous
Migration-in and Migration-out of Investment Limited Partnerships
Chapter 1
Migration-in to become an investment limited partnership
Chapter 2
Revocation of authorisation following migration-out
Chapter 3
Declaration of solvency
Umbrella Investment Limited Partnerships
Acts Referred to |
|
1988, No. 27 |
|
1971, No. 24 |
|
Central Bank Acts, 1942 to 1989 |
|
1963, No. 33 |
|
Companies Acts, 1963 to 1990 |
|
Limited Partnerships Act, 1907 |
|
Partnership Act, 1890 |
|
Petty Sessions (Ireland) Act, 1851 |
Number 24 of 1994
INVESTMENT LIMITED PARTNERSHIPS ACT 1994
REVISED
Updated to 7 December 2022
AN ACT TO PROVIDE IN THE PUBLIC INTEREST AND IN THE INTERESTS OF INVESTORS FOR THE ESTABLISHMENT, AUTHORISATION AND REGULATION OF INVESTMENT LIMITED PARTNERSHIPS AND FOR RELATED MATTERS. [12th July, 1994]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
Annotations:
Editorial Notes:
E1
Offences under this Act excluded from application of Criminal Justice (Forensic Evidence and DNA Database System) Act 2014 (11/2014), s. 11(1) (20.11.2015) by Criminal Justice (Forensic Evidence and DNA Database System) Act 2014 (Section 11) Order 2015 (S.I. No. 527 of 2015), regs. 3, 4 and sch., in effect as per reg. 1(2).
E2
This Act is a designated enactment for the purposes of Central Bank Act 1942 (22/1942) by virtue of the definition in s. 2(1) thereof (as substituted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 5 and sch. 2 part 1 item 1(a), S.I. No. 287 of 2013) and sch. 2 part 1 item 19 (as substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1 part 1 item 82, S.I. No. 469 of 2010).
E3
The purchase or sale of units or shares of collective investment schemes authorised under Act are prescribed as activities to which Criminal Justice Act 1994 (15/1994), s. 32(2) applies (measures to prevent money laundering) as provided (4.12.1995) by Criminal Justice Act, 1994 (Section 32 (10) (B)) (No. 2) Regulations 1995 (S.I. No. 324 of 1995).