Trustee Savings Banks (Amendment) Act, 2001

Amendment of Schedule 12 to the Taxes Consolidation Act, 1997 .

3.—Schedule 12 to the Taxes Consolidation Act, 1997 , is amended—

(a) in paragraph 6 by the insertion after subparagraph (2) of the following subparagraph:

“(3) Nothing in subparagraph (2) shall prohibit a company into which a trustee savings bank has been reorganised under section 57 of the Trustee Savings Banks Act, 1989 , from establishing the trust at a time when the company is controlled by another company.”,

and

(b) in paragraph 14 by the substitution for subparagraph (5) of the following subparagraph:

“(5) The trust deed shall provide that shares in the founding company may not be acquired by the trustees at a time when that company is controlled by another company, other than where the founding company is a company into which a trustee savings bank has been reorganised under section 57 of the Trustee Savings Banks Act, 1989 .”.