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Anglo Irish Bank Corporation Act 2009

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Number 1 of 2009


ANGLO IRISH BANK CORPORATION ACT 2009


ARRANGEMENT OF SECTIONS

Section

1. Definitions.

2. Functions performed in the public interest.

3. Relationship framework between the Minister and Anglo Irish Bank.

4. Effect of this Act.

5. Acquisition of shares in Anglo Irish Bank.

6. Effect of acquisition of shares.

7. General exercise of Minister’s rights as shareholder.

8. Minister’s power to transfer shares to nominee.

9. Effect on certain other rights.

10. Extinguishment of certain rights in relation to shares.

11. Equitable interests in shares.

12. De-listing.

13. Disapplication, etc., of certain provisions of Central Bank Acts.

14. Disapplication, etc., of certain laws relating to companies.

15. Disapplication of certain provisions of Competition Act 2002 and Credit Institutions (Financial Support) Act 2008.

16. Disapplication of certain requirements in relation to notice of acquisition of shares.

17. Suspension, etc., of articles of Anglo Irish Bank.

18. Minister may alter financial year of Anglo Irish Bank.

19. Removal of directors, etc., of Anglo Irish Bank.

20. Appointment of directors, etc., of Anglo Irish Bank.

21. No shadow or de facto directorship.

22. Appointment of Assessor.

23. Expenses, etc., of Assessor and engagement of staff.

24. Submissions to Assessor.

25. Determination of fair and reasonable aggregate value.

26. Circulation of draft report for comment.

27. Report by Assessor.

28. Compensation Scheme.

29. Claims for compensation.

30. Amount payable as compensation.

31. Review of determination of compensation, etc.

32. Limitation of judicial review of the Assessor’s determination.

33. Expenses, etc., of Minister.

34. Minister may issue securities, etc.

35. Offences under this Act.

36. Regulations — facilitation of performance of functions.

37. Regulations — general implementation of this Act.

38. Amendment of other Acts.

39. Short title.

SCHEDULE

Powers to Require Persons to Give Evidence or Produce Documents


Acts Referred to

Asset Covered Securities Acts 2001 and 2007

Central Bank Act 1942

1942, No. 22

Central Bank Act 1971

1971, No. 24

Central Bank Act 1989

1989, No. 16

Central Bank Act 1997

1997, No. 8

Central Bank and Financial Services Authority of Ireland Act 2003

2003, No. 12

Central Bank and Financial Services Authority of Ireland Act 2004

2004, No. 21

Companies Act 1963

1963, No. 33

Companies (Amendment) Act 1983

1983, No. 13

Companies Act 1990

1990, No. 33

Companies Acts

Competition Act 2002

2002, No. 14

Consumer Protection Act 2007

2007, No. 19

Credit Institutions (Financial Support) Act 2008

2008, No. 18

European Communities Act 1972

1972, No. 27

Finance Act 1970

1970, No. 14

Investment Funds, Companies and Miscellaneous Provisions Act 2006

2006, No. 41

Irish Takeover Panel Act 1997

1997, No. 5

Local Government Act 2001

2001, No. 37

National Treasury Management Agency Act 1990

1990, No. 18

Statutory Instruments Act 1947

1947, No. 44

Unfair Dismissals Acts 1977 to 2007

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Number 1 of 2009


ANGLO IRISH BANK CORPORATION ACT 2009


AN ACT TO PROVIDE, IN THE PUBLIC INTEREST, FOR MAINTAINING THE STABILITY OF THE FINANCIAL SYSTEM IN THE STATE, AND FOR THAT PURPOSE—

(A) TO PROVIDE FOR THE TRANSFER TO THE MINISTER FOR FINANCE OR THE MINISTER’S NOMINEE OF ALL THE SHARES IN ANGLO IRISH BANK CORPORATION PUBLIC LIMITED COMPANY,

(B) TO EXTINGUISH CERTAIN RIGHTS IN ANGLO IRISH BANK,

(C) TO DISAPPLY CERTAIN PROVISIONS OF THE COMPANIES ACTS AND OTHER ENACTMENTS IN SO FAR AS THEY RELATE TO ANGLO IRISH BANK,

(D) TO PROVIDE FOR THE REMOVAL OF PERSONS FROM CERTAIN OFFICES, POSITIONS OR EMPLOYMENT WITH ANGLO IRISH BANK AND THE APPOINTMENT OF PERSONS TO THOSE OFFICES OR POSITIONS OR THAT EMPLOYMENT,

(E) TO PROVIDE FOR THE APPOINTMENT OF AN ASSESSOR TO ASSESS WHETHER COMPENSATION SHOULD BE PAID TO PERSONS WHOSE SHARES WERE TRANSFERRED TO THE MINISTER FOR FINANCE OR WHOSE RIGHTS WERE EXTINGUISHED, AND IF SO TO DETERMINE THE FAIR AND REASONABLE AMOUNT PAYABLE AS SUCH COMPENSATION,

(F) TO PROVIDE FOR THE PAYMENT OF ANY SUCH COMPENSATION,

(G) TO MAKE CONSEQUENTIAL AMENDMENTS TO CERTAIN OTHER ENACTMENTS, AND

(H) TO PROVIDE FOR CONNECTED MATTERS.

[21st January, 2009]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: