Insurance Act, 1936

Forfeiture of assurance licence.


(a) an assurance licence is granted to a Saorstát Eireann company under a provision of this Act whereby the Minister is required to grant such licence if, but only if, certain conditions are complied with by such company, and

(b) one of those conditions is that the issued shares of such company are, to an extent not less than two-thirds (in nominal value) thereof and carrying voting rights (whether immediate or to arise in certain future circumstances), in the beneficial ownership of a person who is or of two or more persons all of whom are citizens of Saorstát Eireann,

then and in every such case the condition set forth in the foregoing paragraph (b) shall be deemed to be a continuing condition attached to such licence, and, if such company ceases at any time while such licence remains in force to comply with the said condition, such licence shall forthwith become and be forfeited and void.