Insurance (No. 2) Act, 1983


12.—The following provisions of the Insurance Act, 1936 , are hereby repealed:

(a) paragraphs (b) and (c) of subsection (6) of section 12,

(b) the words “the issued shares of such company are, to an extent not less than two-thirds (in nominal value) thereof and carrying voting rights (whether immediate or to arise in certain future circumstances), in the beneficial ownership of a person who is or of two or more persons all of whom are citizens of Saorstat Éireann, and the majority of the directors (other than a managing director giving the whole of his time to his duties as such director) are citizens of Saorstat Éireann, and” in subsection (11) (b) of the said section 12, and

(c) section 19.