Companies Act 2014

919.

Reserve fund

919. (1) The reserve fund established under section 15(1) of the Act of 2003 shall continue in being and continue to be maintained by the Supervisory Authority but subject to any limit specified by the Minister under that provision or that limit as it may stand amended under subsection (2).

(2) The Minister may amend the limit referred to in subsection (1).

(3) In each financial year of the Supervisory Authority, the Supervisory Authority shall set aside for the reserve fund such portion of the revenue received or to be received under sections 914(2) and 916 for that financial year as it considers to be appropriate.

(4) In each financial year of the Supervisory Authority, the Supervisory Authority shall pay into the reserve fund—

(a) the amount set aside under subsection (3) or, if that amount is amended through an amendment under section 911(3) to the annual programme of expenditure, F314 [ the amended amount, and ]

(b) F315 [ ]

F316 [ (c) any amounts paid to the Supervisory Authority under section 933(6) or (7) or 934(8) or (10) , and

(d) any amounts paid to the Supervisory Authority under section 934C(2)(g) . ]

(5) The Supervisory Authority shall promptly inform the Minister if, in any financial year, the total amount in the reserve fund is likely to exceed any limit standing specified in relation to the fund by the Minister.

(6) F317 [ ]

Annotations

Amendments:

F314

Substituted (9.06.2017) by Companies (Accounting) Act 2017 (9/2017), s. 71(a), S.I. No. 246 of 2017, art. 3, subject to transitional provision in art. 4.

F315

Deleted (9.06.2017) by Companies (Accounting) Act 2017 (9/2017), s. 71(b), S.I. No. 246 of 2017, art. 3, subject to transitional provision in art. 4.

F316

Substituted (21.09.2018) by Companies (Statutory Audits) Act 2018 (22/2018), s. 25(a), S.I. No. 366 of 2018.

F317

Deleted (21.09.2018) by Companies (Statutory Audits) Act 2018 (22/2018), s. 25(b), S.I. No. 366 of 2018.

Editorial Notes:

E113

Previous affecting provision: subs. (4)(c), (d) amended and inserted and subs. (6) inserted (17.06.2016) by European Union (Statutory Audits) (Directive 2006/43/EC, as amended by Directive 2014/56/EU, and Regulation (EU) No 537/2014) Regulations 2016 (S.I. No. 312 of 2016), reg. 20(b), in effect as per regs. 1(2), 3 and subject to transitional provision in reg. 143; substituted and deleted as per F-note above.