Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Act 2009
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Directions about investments, etc. |
8.— The Principal Act is amended by inserting after section 19— | |
“Directions to make certain investments, etc. | ||
19A.— (1) The Minister has, in the public interest, the functions provided for under subsection (2) where, after consulting the Governor of the Bank and the Regulatory Authority, the Minister is of the opinion that the performance of those functions is necessary, in the public interest, for either or both of the following purposes— | ||
(a) to remedy a serious disturbance in the economy of the State; | ||
(b) to prevent potential serious damage to the financial system in the State and ensure the continued stability of that system. | ||
(2) For either or both of the purposes mentioned in subsection (1), the Minister may give a direction in writing to the Commission— | ||
(a) to invest, on terms and conditions specified in the direction, in specified securities of a listed credit institution, or | ||
(b) to underwrite or otherwise support, on terms and conditions specified in the direction, the issue of any kind of securities of a listed credit institution. | ||
(3) The terms and conditions that the Minister may specify in a direction under subsection (2) may include terms or conditions requiring the Commission to impose specified terms or conditions in relation to the investment or underwriting or on the credit institution in which the investment is to be made or of which the securities are to be issued. | ||
(4) The Commission shall comply with a direction under subsection (2) and may do so either directly or through a Commission investment vehicle. | ||
(5) In this section ‘Governor’ and ‘Regulatory Authority’ have the same respective meanings as in the Central Bank Act 1942 . | ||
Directions in relation to management of certain investments. | ||
19B.— (1) The Minister may give a direction in writing to the Commission in relation to— | ||
(a) the holding and management, on terms and conditions specified in the direction, of a directed investment, | ||
(b) the exercise, on terms and conditions specified in the direction, of any voting or other rights attaching to such an investment, or | ||
(c) the disposal, on terms and conditions specified in the direction, of such an investment. | ||
(2) The Commission shall comply with a direction under subsection (1). | ||
Certain persons not to be shadow directors. | ||
19C.— (1) Unless otherwise appointed as a director, none of the persons mentioned in subsection (2) is to be taken to be a shadow director (within the meaning given by section 27 (1) of the Companies Act 1990 ) nor what is known as a de facto director nor as a person discharging managerial responsibilities of— | ||
(a) a company in which the Commission or a Commission investment vehicle has a directed investment, | ||
(b) any subsidiary or subsidiary undertaking of such a company. | ||
(2) The persons are the following: | ||
(a) the Minister; | ||
(b) the Commission; | ||
(c) a Commissioner; | ||
(d) the Manager and any member of the staff of the Manager. | ||
(3) In this section: | ||
‘subsidiary’, in relation to a company, has the same meaning as in section 155 of the Companies Act 1963; | ||
‘subsidiary undertaking’, in relation to a company, has the same meaning as in the European Communities (Companies: Group Accounts) Regulations 1992 ( S.I. No. 201 of 1992 ).”. |