ICC Bank Act, 2000
|
Provisions in relation to guarantees of Minister under section 3 of Industrial Credit (Amendment) Act, 1958. |
5.—(1) Notwithstanding the repeal of the ICC Bank Acts, 1933 to 1997, but subject to subsection (2), a guarantee given by the Minister under section 3 of the Industrial Credit (Amendment) Act, 1958 , that is in force on the commencement of this subsection shall continue in force upon the terms and conditions upon and subject to which it was given until— | |
(a) the repayment by ICC of the principal amount on such commencement of the moneys borrowed by, or deposited with, it to which the guarantee relates, the payment by ICC of the interest on any such moneys and the payment by ICC of any other amounts to which the guarantee relates, | ||
(b) the payment by the Minister of the amount, or the amount remaining, to which the guarantee relates, | ||
(c) the Minister otherwise ceases to be under any actual or contingent liability under the guarantee, or | ||
(d) the giving of a guarantee, acceptable to the lender or depositor concerned, by another person for the due repayment by ICC of the moneys aforesaid and for the payment by ICC of the interest aforesaid and of the other amounts (if any) aforesaid. | ||
(2) ICC shall not, and shall ensure that no person acting on its behalf shall, after the commencement of subsection (1), borrow or raise any moneys, or solicit or accept a deposit of moneys (including a renewal of such a deposit), on terms that all or part of the moneys borrowed, raised or deposited or moneys representing the interest thereon or any moneys connected therewith are or will be the subject of a guarantee under section 3 of the Industrial Credit (Amendment) Act, 1958 , and shall, if and whenever so required by the Minister, give, in such form and manner as the Minister may determine, notice to this effect and notice of any termination by the Minister (which shall be subject to subsection (1)) of guarantees under the said section 3. | ||
(3) The Minister shall, as soon as may be after the expiration of every financial year, lay before each House of the Oireachtas a statement setting out with respect to each guarantee referred to in subsection (1) that is in force upon such expiration— | ||
(a) particulars of the guarantee, | ||
(b) in case any payment has been made by the Minister under the guarantee during that year, the amount of the payment and the amount (if any) repaid to the Minister in respect of the payment, | ||
(c) the amount of the principal covered by the guarantee which was outstanding at the end of that year. | ||
(4) An amount equal to the amount of any moneys paid by the Minister under a guarantee referred to in subsection (1) shall be repaid to the Minister by ICC (with, if the Minister so requires, the payment to him or her by ICC of interest thereon at such rate as the Minister appoints) within such period and upon such terms and conditions as the Minister may determine. | ||
(5) Where the whole or any part of moneys required by subsection (4) to be repaid to the Minister has not been repaid in accordance with that subsection, the amount remaining outstanding shall be repaid to the Central Fund out of moneys provided by the Oireachtas. | ||
(6) Notwithstanding the provision of moneys under subsection (5) to repay an amount to the Central Fund, ICC shall remain liable to the Minister in respect of that amount and that amount (with, if the Minister so requires, interest thereon at such rates as the Minister appoints) shall be repaid to the Minister by ICC at such times and in such instalments as the Minister appoints and, in default of repayment as aforesaid and without prejudice to any other method of recovery, shall be recoverable by the Minister as a simple contract debt in any court of competent jurisdiction and on a winding-up of ICC shall, notwithstanding anything contained in any agreement or any enactment, rank pari passu with the debts of all other unsecured creditors of ICC. | ||
(7) Moneys repaid by ICC to the Minister, or recovered from ICC by the Minister, under this section shall be paid into or disposed of for the benefit of the Exchequer. | ||
(8) All moneys from time to time required by the Minister to meet sums which may become payable by him or her under this section shall be advanced out of the Central Fund or the growing produce thereof. | ||
(9) A notice under this section may be given by registered post or in any other manner. |