Unit Trusts Act, 1990

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Interpretation.

1.—(1) In this Act, unless the context otherwise requires—

“the Act of 1972” means the Unit Trusts Act, 1972 ;

“authorised unit trust scheme” means a unit trust scheme which is authorised by the Bank under section 4 and “authorisation”, in relation to a unit trust scheme, shall be construed accordingly;

“the Bank” means the Central Bank of Ireland;

“company” means a company within the meaning of the Companies Act, 1963 , or a company incorporated in the State by statute or charter;

“contravention” includes, in relation to any provision, a failure to comply with that provision, and “contravene” shall be construed accordingly;

“debentures” means any debentures, debenture stock or bonds of any body corporate, incorporated in or outside the State, whether constituting a charge on the assets of the body or not;

“the European Communities” has the same meaning as in section 1 of the European Communities Act, 1972 ;

“holding company” has the same meaning as in the Companies Act, 1963 ;

“the Minister” means the Minister for Industry and Commerce;

“the register” means the register established and maintained under section 3 ;

“securities” means—

(a) shares or debentures, or rights or interests (whether described as units or otherwise) in any shares or debentures, or

(b) securities of the Government or the government of any country or territory outside the State, or

(c) rights (whether actual or contingent) in respect of money lent to, or deposited with, any holder of a licence under section 9 of the Central Bank Act, 1971 , industrial and provident society, friendly society, building society, the Agricultural Credit Corporation public limited company, the company formed and registered by virtue of section 2 of the Industrial Credit Act, 1933 , the Post Office Savings Bank or any trustee savings bank (within the meaning of the Trustee Savings Banks Act, 1989 );

“shares” means shares in the share capital of a body corporate or stock of a body corporate;

“subsidiary” has the same meaning as in the Companies Act, 1963 ;

“trust deed” means the deed in which are expressed the trust or trusts created in pursuance of a unit trust scheme and references to the trust deed of a unit trust scheme shall be construed accordingly;

“the UCITS Regulations” means the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 1989 ( S.I. No. 78 of 1989 );

“unit-holder” means the holder of one or more units of a unit trust scheme and references to a unit-holder in such a scheme shall be construed accordingly;

“units”, in relation to a unit trust scheme, means any units (whether described as units or otherwise) into which are divided the beneficial interests in the assets subject to any trust created under the scheme;

“unit trust scheme” means any arrangement made for the purpose, or having the effect, of providing facilities for the participation by the public, as beneficiaries under a trust, in profits or income arising from the acquisition, holding, management or disposal of securities or any other property whatsoever.

(2) Any reference in this Act to a management company under a unit trust scheme or to a trustee under such a scheme shall be construed as a reference to the person in whom are vested the powers of management relating to property for the time being subject to any trust created in pursuance of the scheme or, as the case may be, to the person in whom such property is or may be vested in accordance with the terms of the trust.

(3) Any reference in this Act to an authorisation, in relation to a unit trust scheme, standing revoked under this Act shall be construed as a reference to an authorisation standing revoked under Regulation 102 (as adapted by section 15 ) of the UCITS Regulations.

(4) For the purposes of the adaptation by section 15 of certain provisions of the UCITS Regulations to unit trust schemes, the said provisions shall be construed as one with this Act.

(5) In this Act—

(a) a reference to a section is to a section of this Act and a reference to a subsection is to the subsection of the section in which the reference occurs, unless it is indicated that reference to some other provision is intended;

(b) a reference to any other enactment shall, unless the context otherwise requires, be construed as a reference to that enactment as amended or adapted by or under any other enactment, including this Act.