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Investment Limited Partnerships Act, 1994

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Number 24 of 1994


INVESTMENT LIMITED PARTNERSHIPS ACT, 1994


ARRANGEMENT OF SECTIONS

PART I

Preliminary

Section

1.

Short title.

2.

Commencement.

3.

Interpretation.

4.

Savings and disapplications of laws and enactments.

PART II

Constitution

5.

Constitution of investment limited partnership.

6.

Modification of general law and liability of limited partner for debts of investment limited partnership.

PART III

Formation

7.

Conditions for authorisation.

8.

Application for, and grant of, authorisation.

9.

Notification of refusal of authorisation and application to court.

10.

Records of investment limited partnership and statements filed.

PART IV

Administration

11.

Variation of partnership agreement and change in general partner or custodian.

12.

Registered office and name.

13.

Register.

14.

Prospectus.

15.

Accounts.

16.

Annual report and duty of auditor.

17.

Debts and obligations incurred by general partner.

18.

Admission of limited partners and assignment of interest.

19.

Differences as to business of investment limited partnership, inspection of books and contracts with partners.

20.

Return of capital.

21.

Assignment.

22.

Cessation of limited partner on assignment.

23.

Bankruptcy Act, 1988.

24.

Obligations of custodian.

PART V

Powers of the Bank

25.

Maintenance of records and powers of authorised persons.

26.

Appointment and powers of inspectors.

27.

Obligation of general partner and custodian to furnish information.

28.

Change in particulars.

29.

Revocation of authorisation.

30.

Replacement of general partner and custodian.

31.

Notification by Bank of revocation or replacement.

32.

Application to court in case of refusal of authorisation, revocation of authorisation or replacement of general partner or custodian.

33.

Directions by the Bank.

34.

Power of court in case of failure to comply with requirement or condition.

35.

Personal liability of officers of general partner where failure to keep proper books or records.

36.

Authorisation not a warranty by the Bank.

PART VI

Dissolution

37.

Investment limited partnership not terminated by change in limited partners.

38.

Notice of dissolution.

PART VII

Miscellaneous

39.

Offences.

40.

Penalties.

41.

Offence by body corporate and bringing of proceedings.

42.

Hearing of proceedings other than in public.

43.

Law of other states.

44.

Report by Bank.

45.

Expenses.

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Number 24 of 1994


INVESTMENT LIMITED PARTNERSHIPS ACT, 1994


AN ACT TO PROVIDE IN THE PUBLIC INTEREST AND IN THE INTERESTS OF INVESTORS FOR THE ESTABLISHMENT, AUTHORISATION AND REGULATION OF INVESTMENT LIMITED PARTNERSHIPS AND FOR RELATED MATTERS. [12th July, 1994]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: