Industrial and Provident Societies (Amendment) Act, 1978

Prohibition on acceptance of deposits by investment trust companies.

36.—(1) An investment trust company shall not accept or hold deposits.

(2) Notwithstanding subsection (1), an investment trust company incorporated before the 4th day of October, 1978, and which on or before that date had accepted or held deposits shall not hold deposits after the end of the period of two years commencing at the passing of this Act.

(3) In this section “investment trust company” has the same meaning as in the Central Bank Act, 1971 .