National Asset Management Agency Act 2009
No shadow or de facto directorship.
15.— (1) When discharging a function under this Act, none of the persons mentioned in subsection (2) shall be taken, only because of discharging that function, to be a shadow director (within the meaning given by section 27(1) of the Companies Act 1990) nor a de facto director nor a person discharging managerial responsibilities of—
( a) any participating institution,
( b) any person that is a debtor, guarantor or surety in relation to an acquired bank asset, or
( c) a person that is an associated debtor of a debtor referred to in paragraph (b) .
(2) The persons are—
( a) the Minister,
( b) NAMA,
( c) any appointed member of the Board,
( d) the Chief Executive Officer of NAMA,
( e) an officer of NAMA,
( f) the NTMA,
( g) any employee of the NTMA,
( h) the Chief Executive of the NTMA,
( i) the Governor,
( j) a F10 [ member of the Commission ] of the Central Bank,
( k) an employee of the Central Bank,
( l) F11 [ … ]
( m) a NAMA group entity,
( n) a director of a NAMA group entity, and
( o) an officer of, a consultant or adviser to, or a person employed by or under or acting on behalf of, any person, body or authority mentioned in paragraphs (a) to (n) .
(3) For the purposes of this section, a de facto director is a person who is determined to have been a director of a company although not formally or validly appointed to the position.