Irish Collective Asset-Management Vehicles Act 2015

74.

Section 73: anti-avoidance

74. (1) In any case where—

(a) a person is or is to be employed with an ICAV under an agreement which cannot be terminated by the ICAV by notice or can be so terminated only in specified circumstances, and

(b) more than 6 months before the end of the period for which the person is or is to be so employed, the ICAV enters into a further agreement (otherwise than in pursuance of a right conferred by or by virtue of the original agreement on the other party to it) under which the person is to be employed with the ICAV or, where the person is a director of a holding company, within the group,

the definition of “relevant term” in section 73 shall apply as if to the period for which the person is to be employed under that further agreement there were added a further period equal to the unexpired period of the original agreement.

(2) Where subsection (1) has effect in relation to the definition of “relevant term” in section 73 , subsection (5) of that section has effect as if “and the agreement and the original agreement shall each be deemed to contain a term entitling the ICAV to terminate it at any time by the giving of reasonable notice” were substituted for “and that agreement shall be deemed to contain a term entitling the ICAV to terminate it at any time by the giving of reasonable notice”.