8.—F25[(1) The Bank shall not authorise an investment limited partnership—

(a) unless either—

(i) the proposed general partners or any one of them under the partnership agreement is authorised by the Bank under Part 2 of the European Union (Alternative Investment Fund Managers) Regulations 2013 or by the competent authority in its home Member State in accordance with Chapter II of Directive 2011/61/EC of the European Parliament and of the Council of 8 June 2011 or in its Member State of reference in accordance with that Chapter II; or

(ii) the proposed general partners or any one of them under the partnership agreement satisfies the Bank as to their competence and probity,

(b) save where the proposed general partners or any one of them under the partnership agreement is or are authorised as mentioned in paragraph (a)(i) if, in the opinion of the Bank, they are not of sufficiently good repute or lack the experience required for the performance of their duties; and

(c) unless the proposed F26[depositary] is a depositary as specified in Regulation 22(3) of the European Union (Alternative Investment Fund Managers) Regulations 2013.]

(2) No single person shall act as both general partner and F26[depositary].

(3) The application by a partnership for authorisation as an investment limited partnership shall be made in writing by the person proposed as general partner under the partnership agreement to the Bank subject to subsection (5).

F27[(4) The application must be in a form approved or provided by the Bank and be accompanied by—

F28[(a) the fee prescribed under section 32E of the Central Bank Act 1942 for the purposes of this subsection, and]

(b) a copy of the partnership agreement, and

(c) subject to subsection (5), a statement signed by or on behalf of a person proposed as a general partner under the partnership agreement containing the particulars specified in subsection (4A), and

(d) such further particulars or information as the Bank may specify for the purposes of determining the application, and

(e) such additional information as the Bank may specify in the course of determining the application.]

F29[(4A) The following particulars are specified F30[for the purposes of subsection (4)(c)]:

F31[(a) the name and, if any, the alternative foreign name (and, in the case of the latter, a translation of it into the English language) of the investment limited partnership;]

(b) a statement of the general nature of the investment objectives of that partnership;

(c) the address in the State of the registered office and the principal place of business in the State of that partnership;

(d) the period for which that partnership is entered into or, if no period is specified, a statement to the effect that that partnership is entered for an unlimited period and specifying the date of its commencement;

(e) the full name and address of the person proposed under the partnership agreement as a general partner and, if more than one, of each of them, specifying each of them as a general partner, and if a general partner is a body corporate not incorporated under the laws of the State, F32[a statement, if applicable, that the proposed general partner has complied with the requirements of section 1302 of the Companies Act 2014, and its registration number];

(f) the full name F33[…] of the proposed F26[depositary] appointed under the terms of the partnership agreement in whom the assets of that partnership are required to be entrusted for safe keeping.]

F34[(4B) The reference in subsection (4A)(a) to an alternative foreign name is a reference to a particular name that is specified in the application to be such a name in respect of the investment limited partnership and this subsection confers power on an investment limited partnership to have such a name and the following apply to the name so specified:

(a) the name, as regards any territory, district or place not situate in the State, may be used, instead of the first-mentioned name in subsection (4A)(a), in relation to any act (by or in respect of the partnership), whether that act is performed within or outside the State;

(b) the name may consist of any letters, characters, script, accents or other diacritical marks that do not utilise the Roman alphabet, and does not need to be a translation or transliteration of the first mentioned name in subsection (4A)(a).]

(5) If a person required by subsection (4) hereof to execute and deliver a statement fails to do so, any other partner, and any assignee of a partnership interest, who is or may be affected by the failure or refusal, may petition the court to direct such person as the court sees fit, to sign the statement and deliver the same on behalf of the person in default.

(6) Upon receipt of these particulars and such other matters as required by the Bank, the Bank may issue a certificate of authorisation for the time being of the investment limited partnership, and a certificate so issued shall be conclusive evidence of compliance with all the requirements of this Act in respect of the formation and authorisation of an investment limited partnership.

(7) No proposed limited partner of a partnership in relation to which an application for authorisation as an investment limited partnership has been made shall have the benefit of limited liability in relation to the debts of that partnership until the date of the issuing of the certificate of authorisation.

(8) The Bank may refuse to authorise an investment limited partnership by a name which is, in the opinion of the Bank, undesirable, but an appeal against a refusal so to authorise shall lie to the Court.

F35[(8A) In addition to the power to refuse to authorise an investment limited partnership under the preceding, or any other provision, of this section, the Bank may refuse to authorise an investment limited partnership if, in the opinion of the Bank, the name that is specified in the application to be an alternative foreign name in respect of the partnership is undesirable, but an appeal against a refusal so to authorise shall lie to the Court.]

(9) Upon application to the Bank in accordance with this section, the Bank may refuse to authorise the investment limited partnership if—

(a) the applicant fails to fulfil the requirements set down in this Act or set down by the Bank under this Act;

(b) the applicant has not satisfied the Bank that it will be in a position to comply with any conditions imposed by the Bank under this Act;

(c) the Bank is not satisfied that authorisation would be in the interests of the proper and orderly regulation of investment limited partnerships.