Companies Act 2014

1087F

F402 [ Irrevocable power of attorney

1087F. (1) An irrevocable power of attorney shall be granted where—

(a) the terms of an offer by an offeror for any or all shares of a relevant issuer provide that a person accepting the offer creates an irrevocable power of attorney in favour of the offeror, and

(b) acceptance of that offer is communicated by way of dematerialised instructions.

(2) In subsection (1)

‘dematerialised instructions’ mean instructions that are sent or received by means of a securities settlement system of a central securities depository in accordance with the procedures of that settlement system;

‘offeror’ includes a person nominated by the offeror. ]

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Amendments:

F402

Inserted (15.03.2021) by Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Act 2020 (23/2020), s. 12, S.I. No. 98 of 2021.