Company Law Enforcement Act, 2001

Non-application of certain provisions concerning acquisition by subsidiary of shares in its holding company.

111.—(1) None of the following—

(a) section 32 or 60 of the Act of 1963,

(b) Part XI of the Act of 1990, or

(c) the European Communities (Public Limited Companies Subsidiaries) Regulations, 1997 ( S.I. No. 67 of 1997 ),

shall apply to the subscription by a subsidiary for, or the acquisition or holding by a subsidiary of, shares in its holding company if the subsidiary is a member of an approved stock exchange specified in section 17(2) of the Stock Exchange Act, 1995 , acting in its capacity as a professional dealer in securities in the normal course of its business.

(2) In addition to the meaning assigned to it by section 155 of the Act of 1963, “subsidiary” in this section means a company or other body corporate referred to in paragraph (2) of Regulation 4 of the European Communities (Public Limited Companies Subsidiaries) Regulations, 1997 ( S.I. No. 67 of 1997 ), which, by virtue of paragraph (1) of that Regulation, is deemed to be a subsidiary of a public limited company.