Establishment of the Central Bank of Ireland and Dissolution of the Currency Commission.
Establishment of the Bank.
5.—(1) On the appointed day there shall be and is hereby established in accordance with this Act a body to be called and known as Banc Ceannais na hEireann or, in the English language, the Central Bank of Ireland, to fulfil the functions assigned to it by this Act.
(2) The Bank shall be a body corporate with perpetual succession and an official seal (which shall be judicially noticed) and power to sue and be sued in its corporate name and to hold and dispose of land.
(3) The Bank shall be conducted and managed in accordance with this Act by a Board of Directors consisting of—
(a) a Governor, and
(b) three Directors to be known and in this Act referred to as banking Directors, and
(c) such number of other Directors (not exceeding five and not including at any one time more than two service Directors) as the Minister shall from time to time determine.
(4) The functions, powers, and duties of the Bank shall be exercised and performed by the Board of Directors for and in the name of the Bank.
(5) It shall be lawful for the Board to do, by regulations made by the Board, all or any of the following things, that is to say:—
(a) authorise the setting up of committees of the Board consisting of one or more members of the Board either solely or together with one or more officers of the Bank;
(b) regulate the procedure and define the functions, powers, and duties of any committee so set up;
(c) delegate to any such committee the exercise and performance of any one or more of the functions, powers, and duties of the Bank or of the Board;
(d) delegate to the Governor (including the Deputy Governor) or to any Director or to any two or more members of the Board or to any one or more officers of the Bank the exercise and performance of any one or more of the functions, powers, and duties of the Bank or of the Board;
(e) impose conditions, limitations, or restrictions on the exercise and performance by any such committee or persons or person of the functions, powers, and duties delegated to them or him under this sub-section;
(f) provide in appropriate cases for the review by the Board of decisions taken or things done by any such committee or persons or person in the exercise or performance of any function, power, or duty delegated to them or him under this sub-section.