Central Bank Act, 1989.

Amendment of Trustee (Authorised Investments) Act, 1958.

138.—(1) Where—

(a) the Minister proposes to make an order under section 2 of the Trustee (Authorised Investments) Act, 1958 , for the purpose of varying the investments specified in section 1 of the Trustee Act, 1893 (as amended by or under the said Act of 1958) by the deletion therefrom of an interest bearing deposit account with any body (whether incorporated or not) specified therein (hereinafter in this section referred to as “the relevant body”), and

(b) the Minister has, if relevant, consulted and received the consent to the making of an order of any supervisory authority concerned, and

(c) at least one of the events specified in subsection (2) has occurred in respect of the relevant body,

then the provisions of subsections (2) and (3) of section 2 of the said Act of 1958 shall not apply.

(2) The events to which subsection (1) (c) relates are that in respect of a relevant body—

(a) where the carrying on of any business involving interest bearing deposit accounts requires the relevant body to be licensed by, registered with or the holder of some other form of authorisation from a supervisory authority, and the licence, registration or other authorisation has been revoked, withdrawn or otherwise ceases to subsist,

(b) it has become insolvent or suspends any payments lawfully due,

(c) it is being wound up,

(d) it has become subject to an order of a court concerning—

(i) the taking of deposits,

(ii) the making of payments,

(iii) its management, or

(iv) the control of its management,

(e) it has been convicted on indictment of an offence under the Acts regulating it or of an offence involving fraud, dishonesty or breach of trust,

(f) where the relevant body is not a body corporate, any of its officers have—

(i) become subject to an order of a court concerning the taking of deposits or the making of payments in respect of, or relating to the management or control of the management of, the relevant body, or

(ii) been convicted on indictment of an offence under the Acts regulating the relevant body or of an offence concerning it involving fraud, dishonesty or breach of trust,

(g) where the relevant body is incorporated outside the State, then in respect of that body any of the events specified in paragraphs (a) to (e) or any event in the place of incorporation which, in the opinion of the Minister, corresponds to an event so specified.

(3) Every order made, by virtue of this section, under subsection (1) of section 2 of the Trustee (Authorised Investments) Act, 1958 , shall be laid before each House of the Oireachtas as soon as may be after it is made and if either such House, within the next subsequent 21 days on which it has sat after such order is laid before it, passes a resolution annulling such order, such order shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.

(4) In this section “supervisory authority” means, in respect of a relevant body—

(a) where the carrying on of any business, involving (either in whole or in part) interest bearing deposit accounts, requires the relevant body to be licensed by, registered with or the holder of some other form of authorisation from—

(i) the Government,

(ii) a Minister of the Government or his Department, or

(iii) any other person,

by virtue of any enactment, the Government or such Minister of the Government or his Department or other person, as the case may be, or

(b) where the carrying on of any business by or in respect of the relevant body includes business relating to interest bearing deposit accounts which is subject to supervision by—

(i) the Government,

(ii) a Minister of the Government or his Department, or

(iii) any other person,

by virtue of any enactment, the Government or such Minister of the Government or his Department or other person, as the case may be.