Irish Collective Asset-management Vehicles Act 2015

Registration pursuant to application for conversion

142. (1) Where the Bank receives an application under section 140 which complies with the requirements of that section, the Bank shall—

(a) issue a registration order in respect of the registration of the company as an ICAV, and

(b) enter in a register the details of charges and securities interests of the ICAV.

(2) The company shall then make an application to the Registrar in the form prescribed by the Minister for Jobs, Enterprise and Innovation to be de-registered as a company.

(3) On receipt of an application under subsection (2) the Registrar shall issue a certificate of de-registration of the company, shall enter in the register of companies that the company is de-registered and shall forthwith publish notice in the Companies Registration Office Gazette of the following matters:

(a) the date of the registration of the company as an ICAV under this section;

(b) the previous name of the company if different from the name under which it is registered as an ICAV.

(4) From the date of the registration of the company as an ICAV, the company shall become an ICAV, and shall cease to be a company, for all purposes but this section does not operate—

(a) to prejudice or affect the identity or continuity of the company as previously established and registered for the period for which it was established and registered in the State,

(b) to affect any contract made, resolution passed or any other act or thing done in relation to the company during the period that it was so established and registered,

(c) to affect the rights, authorities, functions and liabilities or obligations of the company or any other person, or

(d) to render defective any legal proceedings by or against the company.

(5) In particular—

(a) the failure of the company to send to the Bank the particulars of a charge or security interest created before the date of registration shall not prejudice any rights which any person, in whose favour the charge was made or security interest created, may have under it, and

(b) any legal proceedings that could have been continued or commenced by or against the company before its registration under subsection (1) as an ICAV may, despite the registration, be continued or commenced by or against it after registration.

(6) On the registration of an investment company as an ICAV, the Bank shall immediately authorise it to carry on business.

(7) On the registration of an UCITS as an ICAV, the UCITS shall continue to be authorised under the UCITS Regulations.

(8) Section 889 of the Companies Act 2014 has effect as if this section were a provision of that Act.