Investment Limited Partnerships Act 1994

Register.

13

13.F45[(1) The general partner shall maintain or cause to be maintained at the registered office of the investment limited partnership the following:

(a) a register of the name and address of each partner of the investment limited partnership, the date on which a person became a limited partner and the date on which a person ceased to be a limited partner;

(b) a register of

(i) the amounts and dates of the one or more contributions of each partner, and the dates on which those amounts were undertaken, and

(ii) the one or more amounts undertaken to be contributed by each partner, and the dates on which those amounts were undertaken to be contributed, and the amounts and dates of any payments representing a return of any part of the contribution of any partner.

(2) Except where otherwise provided for in the partnership agreement

(a) the register referred to in subsection (1)(a), shall be open to the inspection of any partner or depositary of the investment limited partnership, or any other person with the consent of the general partner, during business hours, and

(b) the register referred to in subsection (1)(b) shall be open to the inspection of any person during business hours with the consent of the general partner.]

F46[(2A) Each of the registers referred to in subsection (1)(a) and (b) shall also be open to the inspection of

(a) the Bank, or

(b) any other statutory body the performance by which of its functions in a proper and effective manner reasonably requires that the general partner of the partnership concerned permit the inspection by it of that register.

(2B) In subsection (2A) "statutory body" means a body established by or under an enactment (other than the Companies Act 2014 or a former enactment relating to companies within the meaning of section 5 of that Act).]

(3) F47[Each of the registers referred to in subsection (1)(a) and (b)] shall be prima facie evidence of the matters which are by subsection (1) directed to be inserted therein.

F48[(4) If default is made in compliance with any of the requirements of this section, each general partner of the investment limited partnership concerned shall be guilty of an offence and shall be liable, on summary conviction, to a class A fine and shall indemnify any person who thereby suffers any loss.]

F49[(5) If the contravention in respect of which a person is convicted of an offence under subsection (4) is continued after the conviction, the person shall be guilty of a further offence on every day on which the contravention continues and for each such offence the person shall be liable, on summary conviction, to a class D fine.

(6) If

(a) the name of any person is, without sufficient cause, entered in, or omitted from, the register referred to in paragraph (a) of subsection (1) in contravention of that subsection, or

(b) default is made as to the specification of the correct particulars made in any entry on the register referred to in paragraph (a) or (b) of subsection (1) in contravention of that subsection,

the person aggrieved, or any partner of the investment limited partnership concerned or the investment limited partnership itself, may apply to the High Court for rectification of the register referred to in paragraph (a) or, as the case may be, paragraph (b) of subsection (1) (the "register concerned").

(7) Where an application is made under subsection (6), the High Court may either refuse the application or may order rectification of the register concerned and, unless an application under section 42A(2) has been made or is pending in respect of the contravention concerned, may order payment by the investment limited partnership concerned of compensation for any loss sustained by any party aggrieved.

(8) The High Court when making an order for the rectification of the register concerned shall by its order direct, if appropriate, notice of the rectification to be given to the Bank.]

Annotations:

Amendments:

F45

Substituted (1.02.2021) by Investment Limited Partnerships (Amendment) Act 2020 (31/2020), s. 16, S.I. No. 19 of 2021.

F46

Inserted (1.02.2021) by Investment Limited Partnerships (Amendment) Act 2020 (31/2020), s. 16, S.I. No. 19 of 2021.

F47

Substituted (1.02.2021) by Investment Limited Partnerships (Amendment) Act 2020 (31/2020), s. 17(a), S.I. No. 19 of 2021.

F48

Substituted (1.02.2021) by Investment Limited Partnerships (Amendment) Act 2020 (31/2020), s. 17(b), S.I. No. 19 of 2021. A class A fine means a fine not greater than €5,000 as provided (4.01.2011) by Fines Act 2010 (8/2010), ss. 3, 4(3), S.I. No. 662 of 2010.

F49

Inserted (1.02.2021) by Investment Limited Partnerships (Amendment) Act 2020 (31/2020), s. 17(b), S.I. No. 19 of 2021. A class D fine means a fine not greater than €1,000 as provided (4.01.2011) by Fines Act 2010 (8/2010), ss. 3, 7(1), S.I. No. 662 of 2010.