National Asset Management Agency Act 2009

No shadow or de facto directorship.

15.— (1) When discharging a function under this Act, none of the persons mentioned in subsection (2) shall be taken, only because of discharging that function, to be a shadow director (within the meaning given by section 27(1) of the Companies Act 1990 ) nor a de facto director nor a person discharging managerial responsibilities of—

(a) any participating institution,

(b) any person that is a debtor, guarantor or surety in relation to an acquired bank asset, or

(c) a person that is an associated debtor of a debtor referred to in paragraph (b).

(2) The persons are—

(a) the Minister,

(b) NAMA,

(c) any appointed member of the Board,

(d) the Chief Executive Officer of NAMA,

(e) an officer of NAMA,

(f) the NTMA,

(g) any employee of the NTMA,

(h) the Chief Executive of the NTMA,

(i) the Governor,

(j) a director of the Central Bank,

(k) an employee of the Central Bank,

(l) a member of the Regulatory Authority,

(m) a NAMA group entity,

(n) a director of a NAMA group entity, and

(o) an officer of, a consultant or adviser to, or a person employed by or under or acting on behalf of, any person, body or authority mentioned in paragraphs (a) to (n).

(3) For the purposes of this section, a de facto director is a person who is determined to have been a director of a company although not formally or validly appointed to the position.