Insurance Act, 1981
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Power of Irish Life Assurance Company Limited to alter its memorandum of association. |
1.—(1) In this section “the Permanent Company” means Irish Life Assurance Company Limited. | |
(2) Notwithstanding anything contained in section 14 (2) of the Insurance (Amendment) Act, 1938 , or in clause 7 (b) of the Agreement set out in the Schedule to that Act (and referred to in that Act as “the Scheduled Agreement”), the Permanent Company may alter its memorandum of association so as to provide for— | ||
(a) the carrying on of business in any of the classes of insurance referred to in the Annex to Council Directive 79/267/EEC11 by the Permanent Company, or by a subsidiary company or subsidiary companies of the Permanent Company not authorised to carry on business in any of the classes of insurance referred to in the Annex to Council Directive 73/239/EEC22 , | ||
(b) the promotion or acquisition by the Permanent Company of a company formed and registered in the State or a company, or companies, formed and registered outside the State for the purpose of carrying on business in any or all of the classes of insurance referred to in the Annex to Council Directive 73/239/EEC2, and | ||
(c) the deletion from the memorandum of association of the provisions complying with clauses 7 (b) (ii) to 7 (b) (iv) of that Schedule. | ||