10.— (1) Subject to subsections (2) and (3) and Part 1 of the Schedule, Part VI of the Act of 1963 applies to IBRC together with any necessary additional modifications.

(2) The following provisions of the Act of 1963 do not apply to IBRC:

(a) sections 205A and 206(1);

(b) sections 212 to 217;

(c) sections 220 to 223;

(d) sections 225 to 228;

(e) subsections (3) and (4) of section 231;

(f) sections 232 to 234;

(g) sections 239, 244 and 246;

(h) sections 251 to 279;

(i) subsections (3) and (4) of section 280;

(j) sections 282 to 282D;

(k) sections 301A, 306, 308, 309, 311, 311A, 312 and 313A.

(3) The provisions of Part VI of the Act of 1963 that apply to IBRC shall, in their application, be construed—

(a) as if any reference in those provisions to a company being wound up by the Court, however expressed, were a reference to IBRC being wound up by reason of the making of the Special Liquidation Order,

(b) as if any other reference in those provisions to winding up by the Court, however expressed, were a reference to the winding up of IBRC by reason of the making of the Special Liquidation Order,

(c) as if any reference in those provisions to a winding up order, however expressed, were a reference to the Special Liquidation Order,

(d) as if any reference in those provisions to a liquidator, however expressed, were a reference to a special liquidator, and

(e) as if those provisions had been modified in the manner set out in Part 1 of the Schedule.

(4) Parts VI and VII of the Act of 1990 apply to IBRC subject to the following modifications and any necessary additional modifications—

(a) sections 141, 144, 145, 148 and 149, as if IBRC were a company being wound up by court and as if any reference in those provisions to a liquidator, however expressed, were a reference to a special liquidator;

(b) sections 139 and 140, as if those sections had been modified in the manner set out in Part 2 of the Schedule;

(c) sections 150 to 168, as if any reference in those provisions to a liquidator, however expressed, were a reference to a special liquidator.

(5) If the Minister is of the opinion that it is necessary for the achievement of any of the purposes of this Act to do so, he or she may by order provide that, notwithstanding anything in this section, any provision of the Companies Acts specified in this section shall apply to IBRC without modification.

(6) An order made by the Minister under subsection (5) shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the order is passed by either such House within the next 21 days on which that House has sat after the order is laid before it, the order shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.