Investment Limited Partnerships Act 1994

Interpretation.

3

3.—In this Act unless the context otherwise requires—

the Act of 1890” means the Partnership Act, 1890;

F1["Act of 2010" means the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010;

"alternative foreign name" shall be construed in accordance with section 8(4B);]

F2["the Bank" means the F3[Central Bank of Ireland];]

F4["beneficial owner", in relation to an investment limited partnership, means any individual who

(a) ultimately is entitled to or controls, whether the entitlement or control is direct or indirect, more than a 25 per cent share of the capital or profits of the partnership or more than 25 per cent of the voting rights in the partnership, or

(b) otherwise controls the partnership;

"beneficial ownership register" shall be construed in accordance with section 46(1);

"central register" shall be construed in accordance with section 50(1);

"competent authority" means a competent authority as that expression, by virtue of sections 60 and 61 of the Act of 2010, is to be construed for the purposes of Part 4 of that Act;

"designated person" has the meaning assigned to it by section 25 of the Act of 2010;]

the court” means the High Court;

F5["depositary" means a person maintaining a place of business in the State, appointed pursuant to the partnership agreement, eligible to act as depositary in accordance with section 8 and discharging its functions in accordance with section 5(1)(c);]

general partner” means a person who has been admitted to an investment limited partnership as a general partner in accordance with the partnership agreement, and who shall be personally liable for the debts and obligations of the investment limited partnership;

F6["Higher Executive Officer" means the position of Higher Executive Officer, or a position equivalent to it, in the public body concerned;]

investment limited partnership” means a partnership which holds a certificate of authorisation issued in accordance with this Act;

F7["limited partner" means a person who has been admitted to an investment limited partnership as a limited partner (or as a category of such a partner) in accordance with the partnership agreement and who shall, as provided for in that agreement and at such time or times as are specified therein, contribute or undertake to contribute a stated amount to the capital of the partnership and as provided for in section 20(1)(c), but subject to the exceptions in sections 6, 12 and 38(4), shall not be liable for the debts or obligations of the investment limited partnership beyond the amount so contributed or undertaken;]

F8["Member State" means a Member State of the European Union and, where relevant, includes a contracting party to the Agreement on the European Economic Area signed at Oporto on 2 May 1992 (as adjusted by the Protocol signed at Brussels on 17 March 1993);]

partner” means a limited partner or a general partner;

partnership agreement” means any valid written agreement of the partners governed by the law of the State and subject to the F9[] jurisdiction of the courts of the State, as to the affairs of an investment limited partnership and the conduct of its business as may be amended, supplemented or restated from time to time;

F10["PPS number", in relation to an individual, means the individual’s Personal Public Service Number within the meaning of section 262 of the Social Welfare Consolidation Act 2005;

"presenter" shall be construed in accordance with section 53(1);

"Principal Officer" means the position of Principal Officer, or a position equivalent to it, in the public body concerned;

"senior managing official" includes a director and a chief executive officer;]

property” means real or personal property of whatever kind (including securities) and wherever located;

F11["the Minister" means the Minister for Finance.]

Annotations:

Amendments:

F1

Inserted (1.02.2021) by Investment Limited Partnerships (Amendment) Act 2020 (31/2020), s. 4(a), S.I. No. 19 of 2021.

F2

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 part 16 item 1, S.I. No. 160 of 2003.

F3

Substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 15(14) and sch. 2 part 14 para. 12, S.I. No. 469 of 2010.

F4

Inserted (1.02.2021) by Investment Limited Partnerships (Amendment) Act 2020 (31/2020), s. 4(b), S.I. No. 19 of 2021.

F5

Substituted (1.02.2021) by Investment Limited Partnerships (Amendment) Act 2020 (31/2020), s. 4(c), S.I. No. 19 of 2021.

F6

Inserted (1.02.2021) by Investment Limited Partnerships (Amendment) Act 2020 (31/2020), s. 4(d), S.I. No. 19 of 2021.

F7

Substituted (1.02.2021) by Investment Limited Partnerships (Amendment) Act 2020 (31/2020), s. 4(e), S.I. No. 19 of 2021.

F8

Inserted (1.02.2021) by Investment Limited Partnerships (Amendment) Act 2020 (31/2020), s. 4(f), S.I. No. 19 of 2021.

F9

Deleted (1.02.2021) by Investment Limited Partnerships (Amendment) Act 2020 (31/2020), s. 4(g), S.I. No. 19 of 2021.

F10

Inserted (1.02.2021) by Investment Limited Partnerships (Amendment) Act 2020 (31/2020), s. 4(h), S.I. No. 19 of 2021.

F11

Substituted (1.02.2021) by Investment Limited Partnerships (Amendment) Act 2020 (31/2020), s. 4(i), S.I. No. 19 of 2021.

Editorial Notes:

E5

Previous affecting provision: definition of "custodian" amended (16.07.2013) by European Union (Alternative Investment Fund Managers) Regulations 2013 (S.I. No. 257 of 2013), reg. 67(2); substituted (1.02.2021) by Investment Limited Partnerships (Amendment) Act 2020 (31/2020), s. 4(c), S.I. No. 19 of 2021.