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Chapter 2
Creation of ICAVs and carrying on of business
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Creation of ICAV with limited liability
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5. (1) This Act enables by means of—
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(a) the furnishing of an instrument of incorporation, and certain other information, to the Bank, and
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(b) compliance with the other requirements imposed by or under this Act or any other enactment,
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a body corporate, of a type to be known as an Irish collective asset-management vehicle, to be formed and registered and, subject to its obtaining the relevant authorisation, to carry on business as an authorised ICAV.
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(2) The sole object of an ICAV shall be the collective investment of its funds in property and giving members the benefit of the results of the management of its funds.
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(3) The liability of the members of an ICAV shall be limited to the amount, if any, unpaid on the shares respectively held by them.
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(4) Subsection (3) is without prejudice to any other liability to which a member may be subject as provided by or under this Act.
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