Investment Limited Partnerships (Amendment) Act 2020

PART 2

Amendment of Act of 1994

Amendment of section 3 of Act of 1994

4. Section 3 of the Act of 1994 is amended—

(a) by the insertion of the following definitions after the definition of “the Act of 1890”:

“ ‘Act of 2010’ means the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 ;

‘alternative foreign name’ shall be construed in accordance with section 8(4B);”,

(b) by the insertion of the following definitions after the definition of “the Bank”:

“ ‘beneficial owner’, in relation to an investment limited partnership, means any individual who—

(a) ultimately is entitled to or controls, whether the entitlement or control is direct or indirect, more than a 25 per cent share of the capital or profits of the partnership or more than 25 per cent of the voting rights in the partnership, or

(b) otherwise controls the partnership;

‘beneficial ownership register’ shall be construed in accordance with section 46(1);

‘central register’ shall be construed in accordance with section 50(1);

‘competent authority’ means a competent authority as that expression, by virtue of sections 60 and 61 of the Act of 2010, is to be construed for the purposes of Part 4 of that Act;

‘designated person’ has the meaning assigned to it by section 25 of the Act of 2010;”,

(c) by the substitution of the following definition for the definition of “custodian”:

“ ‘depositary’ means a person maintaining a place of business in the State, appointed pursuant to the partnership agreement, eligible to act as depositary in accordance with section 8 and discharging its functions in accordance with section 5(1)(c);”,

(d) by the insertion of the following definition after the definition of “general partner”:

“ ‘Higher Executive Officer’ means the position of Higher Executive Officer, or a position equivalent to it, in the public body concerned;”,

(e) by the substitution of the following definition for the definition of “limited partner”:

“ ‘limited partner’ means a person who has been admitted to an investment limited partnership as a limited partner (or as a category of such a partner) in accordance with the partnership agreement and who shall, as provided for in that agreement and at such time or times as are specified therein, contribute or undertake to contribute a stated amount to the capital of the partnership and as provided for in section 20(1)(c), but subject to the exceptions in sections 6, 12 and 38(4), shall not be liable for the debts or obligations of the investment limited partnership beyond the amount so contributed or undertaken;”,

(f) by the insertion of the following definition after the definition of “limited partner” (inserted by paragraph (e)):

“ ‘Member State’ means a Member State of the European Union and, where relevant, includes a contracting party to the Agreement on the European Economic Area signed at Oporto on 2 May 1992 (as adjusted by the Protocol signed at Brussels on 17 March 1993);”,

(g) in the definition of “partnership agreement”, by the deletion of “exclusive”,

(h) by the insertion of the following definitions after the definition of “partnership agreement”:

“ ‘PPS number’, in relation to an individual, means the individual’s Personal Public Service Number within the meaning of section 262 of the Social Welfare Consolidation Act 2005 ;

‘presenter’ shall be construed in accordance with section 53(1);

‘Principal Officer’ means the position of Principal Officer, or a position equivalent to it, in the public body concerned;

‘senior managing official’ includes a director and a chief executive officer;”,

and

(i) by the substitution of the following definition for the definition of “the Minister”:

“ ‘the Minister’ means the Minister for Finance.”.