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.