5. (1) This Act enables by means of—

(a) the furnishing of an instrument of incorporation, and certain other information, to the Bank, and

(b) compliance with the other requirements imposed by or under this Act or any other enactment,

a body corporate, of a type to be known as an Irish collective asset-management vehicle, to be formed and registered and, subject to its obtaining the relevant authorisation, to carry on business as an authorised ICAV.

F4[(2) The sole object of an ICAV shall be the collective investment of its funds in property and giving members the benefit of the results of the management of its funds, but this is subject to subsection (2A).

(2A) Where an ICAV is authorised under the UCITS Regulations, the sole object of the ICAV shall be as set out in Regulation 4(3)(a) of those Regulations.

(2B) Section 6(6) makes provision, consequent on the enactment of subsection (2A), in relation to an ICAV formed before the commencement of section 44 of the Investment Limited Partnerships (Amendment) Act 2020 and which is authorised under the UCITS Regulations.]

(3) The liability of the members of an ICAV shall be limited to the amount, if any, unpaid on the shares respectively held by them.

(4) Subsection (3) is without prejudice to any other liability to which a member may be subject as provided by or under this Act.