Investment Intermediaries Act, 1995

Limitation on validity of certain acquiring transactions.

43.—Subject to section 41 of this Act, an acquiring transaction shall only be valid if it is entered into within—

(a) 12 months of a supervisory authority giving its approval in writing to the transaction, or

(b) 12 months of the end of the three month period referred to in section 40 of this Act,

and, accordingly, any purported acquiring transaction which does not comply with either paragraph (a) or (b) of this section shall be invalid and—

(i) titles to any shares or other interest shall not pass, and

(ii) any consequential purported exercise of powers relating to such shares or other interest shall be invalid.