Solicitors (Amendment) Act, 1994

Extension of list of approved institutions.

75.—(1) For the purposes of Part VII (as amended by this Act) of the Principal Act and section 73 of this Act and regulations made thereunder, “bank” means—

(a) a bank which is the holder of a licence under section 9 (1) of the Central Bank Act, 1971 ,

(b) any financial institution referred to in subsection (4) (a) (ii) and (iii) of section 7 (as inserted by the Central Bank Act, 1989) of the Central Bank Act, 1971 , and

(c) a bank or financial institution standing designated by order of the Minister under subsection (2) of this section,

and cognate words shall be construed accordingly:

Provided that such bank or financial institution, or the relevant branch thereof, is situate in the State.

(2) The Minister, after consultation with the Minister for Finance, may by order designate banks or financial institutions under subsection (1) (c) of this section.

(3) A solicitor may open and keep a client account only at a bank within the meaning of subsection (1) of this section.

(4) For the purposes of sections 7, 8 and 20 (as respectively substituted by the Solicitors (Amendment) Act, 1994) of the Act of 1960, relating to the powers of the Society or the High Court in matters concerning the protection of clients or the disciplining of solicitors, “bank” shall include a bank within the meaning of subsection (1) of this section and shall also include any person or body corporate carrying on business as a bank or other financial institution, whether in the State or outside the State, and cognate words shall be construed accordingly.

(5) The Minister may by order amend or revoke an order made under subsection (2) of this section.

(6) Every order made under this section shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the order is passed by either such House within the next 21 days on which that House has sat after the order is laid before it, the order shall be annulled accordingly but without prejudice to the validity of anything previously done thereunder.