Irish Collective Asset-Management Vehicles Act 2015

170.

Terms of High Court order on application under section 168

170. (1) In making an order under section 168 on the application of a member or an officer of the ICAV, the High Court shall, unless reason to the contrary is shown to the satisfaction of the High Court, make it a term of the order that the order shall not have effect unless, within a specified period, the ICAV appoints 2 directors and delivers to the Bank the notification and consent required by section 65 (6) and (8).

(2) For the avoidance of doubt, subsection (1) requires, unless reason to the contrary there mentioned is shown, the order of the High Court to specify that a thing set out in subsection (1) is to be done (save where it has already been done) notwithstanding that the ground on which the ICAV had been struck off the register of ICAVs did not relate to that thing.

(3) In making an order under section 168 on the application of a creditor of the ICAV, the High Court shall direct that, within a specified period (save where it has already been done) such specified members or officers take all reasonable steps to ensure that the ICAV appoints at least 2 directors and delivers to the Bank the notification and consent required by section 65(6) and (8).

(4) For the avoidance of doubt, subsection (3) requires the order of the High Court to specify that a thing set out in that subsection is to be done (save where it has already been done) notwithstanding that the ground on which the ICAV had been struck off the register of ICAVs did not relate to that thing.

(5) In making an order under section 168 on the application of a creditor of the ICAV, the High Court may award the applicant the costs of the application against the ICAV.