ACC Bank Act, 2001
What is this act about?
Baineann an dlí seo le ACC Bank public limited company, ag déanamh forálacha maidir lena scairchaipiteal, scaireanna, agus ráthaíochtaí ón Aire Airgeadais. Leasaíonn sé agus aisghairm sé achtanna eile a bhaineann le ACC Bank.
Who it applies to: ACC Bank public limited company agus a fochuideachtaí; An tAire Airgeadais.
At a glance
- Country
- Ireland
- Area of law
- Banking, insurance and financial markets
- Articles
- 13
- Source
- irishstatutebook.ie
- Text retrieved
- Explanation updated
What does this act regulate?
- Méadú ar scairchaipiteal údaraithe ACC Bank.
- Eisiúint agus diúscairt scaireanna i ACC, go háirithe i dtaca le hiontaobhas úinéireachta scaireanna d'fhostaithe.
- Diúscairt scaireanna atá i seilbh an Aire Airgeadais.
- Forálacha maidir le ráthaíochtaí ón Aire faoin Agricultural Credit Act, 1978.
Who does this act apply to?
- ACC Bank public limited company agus a fochuideachtaí.
- An tAire Airgeadais.
What are the key points?
- Is é £100,000,000 scairchaipiteal na Corparáide, roinnte ina scaireanna £1 an ceann.
- Féadfaidh ACC scaireanna nua a eisiúint i dtaca le hiontaobhas úinéireachta scaireanna d'fhostaithe.
- Féadfaidh an tAire scaireanna atá aige nó aici in ACC a dhíol, a mhalartú, a aistriú nó a dhiúscairt, ach ní mór dó nó di rún ceadaithe a fháil ó Dháil Éireann roimh dhiúscairt.
- Leanfaidh ráthaíochtaí ón Aire faoi alt 14 den Agricultural Credit Act, 1978, a bhí i bhfeidhm ar thosach feidhme an Achta seo, i bhfeidhm faoi choinníollacha áirithe.
Banking, insurance and financial markets
Banking, insurance and financial markets
Legal text
Legal text
ACC Bank Act, 2001 Skip to content Disclaimer Feedback Helpdesk Gaeilge Léim go dtí an t-ábhar Séanadh Aiseolas Deasc chabhrach English Gaeilge English Produced by the Office of the Attorney General Táirgthe ag Oifig an Ard-Aighne Home Legislation Acts of the Oireachtas Statutory Instruments Pre-1922 Legislation Constitution External Resources Bills (Houses of the Oireachtas) Iris Oifigiúil / Official Gazette Revised Acts (LRC) Classified List of Legislation (LRC) Translations (acts.ie) Translations (Houses of the Oireachtas) Government Publications for Sale EU Law (EUR-Lex) FAQ Disclaimer Feedback Helpdesk Search Baile Reachtaíocht Achtanna an Oireachtais Ionstraimí Reachtúla Reachtaíocht Réamh-1922 Bunreacht Acmhainní Seachtracha Billí (Tithe an Oireachtais) Iris Oifigiúil Achtanna Athbhreithnithe (CAD) (An Coimisiún um Athchóiriú an Dlí) Liosta Rangaithe Reachtaíochta Aistriúcháin (achtanna.ie) Aistriúcháin (Tithe an Oireachtais) Foilseacháin Rialtais ar Díol Dlí AE (EUR-Lex) CCanna (Ceisteanna Coitianta) Séanadh Aiseolas Deasc chabhrach Cuardach TitleTeideal Year(s) or rangeBliain nó blianta nó raon TypeCineál All Legislation Acts Statutory Instruments Advanced SearchCuardach Casta HomeBaile ActsAchtanna 2001 ACC Bank Act, 2001 ACC Bank Act, 2001 Permanent Page URL View by SectionAmharc de réir Ailt View Full ActAmharc ar an Acht Iomlán Bill History Stair Bille Commencement, Amendments, SIs made under the Act Tosach Feidhme, Leasuithe, IRí arna ndéanamh faoin Acht Open PDFOscail PDF Print Full ActPriontáil an tAcht Iomlán Number 12 of 2001 ACC BANK ACT, 2001 ARRANGEMENT OF SECTIONS Section
Section 1
Interpretation.
Section 2
Expenses of Minister.
Section 3
Amendment of section 11 of Agricultural Credit Act, 1978.
Section 4
Disposal and issue of shares in ACC in connection with a trust.
Section 5
Disposal of shares in ACC.
Section 6
Provisions in relation to guarantees of Minister under section 14 of Agricultural Credit Act, 1978.
Section 7
Alteration of memorandum and articles of association of ACC.
Section 8
Registration of Title Act, 1964.
Section 9
Chattel mortgages.
Section 10
Amendment of section 2 of Insurance (Amendment) Act, 1978.
Section 11
Amendment of section 3 of Companies (Amendment) Act, 1990.
Section 12
Repeals and revocations.
Section 13
Short title and commencement.
SCHEDULE Repeals and Revocations
PART 1
Enactments Repealed
PART 2
Statutory Instruments Revoked Acts Referred to ACC Bank Act, 1992 1992, No. 6 ACC Bank Acts, 1978 to 1999 Agricultural Credit Act, 1978 1978, No. 2 Building Societies Act, 1989 1989, No. 17 Central Bank Act, 1971 1971, No. 24 Central Bank Act, 1997 1997, No. 8 Companies Act, 1963 1963, No. 23 Companies Acts, 1963 to 1999 Companies (Amendment) Act, 1990 1990, No. 27 Companies (Amendment)(No. 2) Act, 1999 1999, No. 30 ICC Bank Act, 2000 2000, No. 32 Insurance (Amendment) Act, 1978 1978, No. 30 Registration of Title Act, 1964 1964, No. 16 Taxes Consolidation Act, 1997 1997, No. 39 Trustee Savings Banks Act, 1989 1989, No. 21 Number 12 of 2001 ACC BANK ACT, 2001 AN ACT TO MAKE PROVISION IN RELATION TO ACC BANK PUBLIC LIMITED COMPANY INCLUDING, INCREASING THE AUTHORISED SHARE CAPITAL OF THE BANK, THE ISSUE OF SHARES IN THE BANK IN CONNECTION WITH AN EMPLOYEE SHARE OWNERSHIP TRUST FOR THE BENEFIT OF ITS EMPLOYEES, THE DISPOSAL BY THE MINISTER FOR FINANCE OF SHARES IN THE BANK AND PROVISION IN RELATION TO CERTAIN GUARANTEES OF THE BANK'S BORROWING, TO PROVIDE FOR THE REPEAL TO THE EXTENT PROVIDED FOR OF THE ACC BANK ACTS, 1978 TO 1999, AND THE PROVISIONS OF CERTAIN OTHER ENACTMENTS AND THE REVOCATION OF CERTAIN STATUTORY INSTRUMENTS AND TO PROVIDE FOR RELATED MATTERS. [29th May, 2001] BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
Interpretation.
1.—(1) In this Act— “ACC” means ACC Bank public limited company; “holding company” and “subsidiary” means holding company and subsidiary (within the meaning of section 155 of the Companies Act, 1963 ) of ACC; “Minister” means Minister for Finance; “shares” means shares in ACC; “trust” means an employee share ownership trust to which section 519 of the Taxes Consolidation Act, 1997 , applies and which is a trust to acquire and hold shares, or shares in a holding company, for the benefit of employees of ACC or a subsidiary.
Expenses of Minister.
2.—The expenses incurred by the Minister in the administration of this Act shall be paid out of moneys provided by the Oireachtas.
Amendment of section 11 of Agricultural Credit Act, 1978.
3.—
Section 11
of the Agricultural Credit Act, 1978 , is amended by the substitution for subsection (1) (inserted by section 7 of the ACC Bank Act, 1992 ) of the following subsection: “(1) The share capital of the Corporation shall be £100,000,000 divided into shares of £1 each.”.
Disposal and issue of shares in ACC in connection with a trust.
4.—(1) Notwithstanding anything to the contrary in the ACC Bank Acts, 1978 to 1999, ACC may, in connection with a trust, issue such number of new shares, of such class or classes and upon and subject to such terms and conditions, as ACC may determine and may attach to any new shares any preferential, deferred, qualified or special rights, privileges, conditions or restrictions in accordance with the Companies Acts, 1963 to 1999.
(3)
Section 60
of the Companies Act, 1963 , shall not apply to the provision, whether directly or indirectly, by— (a) ACC or a subsidiary, or (b) a holding company or another subsidiary of a holding company, of money or financial assistance (including a loan or guarantee or the provision of security or otherwise) at any time in connection with the acquisition (whether by purchase or exchange) of or subscription for shares, or shares in a holding company, being an acquisition of or subscription for such shares in accordance with a trust or the transfer to a trust of such shares, irrespective of whether or not all or a portion of such shares are pledged as security or otherwise to any third party.
Disposal of shares in ACC.
5.—(1) Subject to this section, the Minister may, subject to subsection (2), sell, exchange, transfer or otherwise dispose of any or all of the shares held by the Minister in ACC in such manner and upon and subject to such terms and conditions as he or she may determine and may, for the purposes aforesaid, enter into agreements and arrangements.
Provisions in relation to guarantees of Minister under section 14 of Agricultural Credit Act, 1978.
6.—(1) Notwithstanding the repeal of the ACC Bank Acts, 1978 to 1999, but subject to subsection (2), a guarantee given by the Minister under section 14 of the Agricultural Credit Act, 1978 , that is in force on the commencement of this subsection shall continue in force upon the terms and conditions upon and subject to which it was given until— (a) the repayment by ACC of the principal amount on such commencement of the moneys borrowed by, or deposited with, it to which the guarantee relates, the payment by ACC of the interest on any such moneys and the payment by ACC of any other amounts to which the guarantee relates, (b) the payment by the Minister of the amount, or the amount remaining, to which the guarantee relates, (c) the Minister otherwise ceases to be under any actual or contingent liability under the guarantee, or (d) the giving of a guarantee, acceptable to the lender or depositor concerned, by another person for the due repayment by ACC of the moneys aforesaid and for the payment by ACC of the interest aforesaid and of the other amounts (if any) aforesaid.
Alteration of memorandum and articles of association of ACC.
7.—ACC shall take such steps under the Companies Acts, 1963 to 1999, as may be necessary to alter its memorandum and articles of association to make them consistent with this Act.
Registration of Title Act, 1964.
8.—(1)
Section 23
of the Registration of Title Act, 1964 , shall not apply to ACC.
Chattel mortgages.
9.—(1)
Section 23
(2)
Section 25
of the Agricultural Credit Act, 1978 , is repealed.
Amendment of section 2 of Insurance (Amendment) Act, 1978.
10.—The Insurance (Amendment) Act, 1978 , is amended by the substitution for section 2 (inserted by section 12 of the ACC Bank Act, 1992 , and as amended by section 7
Amendment of section 3 of Companies (Amendment) Act, 1990.
11.—(1) Section 3(2)(b) (inserted by section 6 of the Companies (Amendment) (No. 2) Act, 1999 ) of the Companies (Amendment) Act, 1990 , is amended by the substitution for paragraph (b) of the following paragraph: “(b) Where the company referred to in section 2 is— (i) the holder of a licence under section 9 of the Central Bank Act, 1971 , (ii) a company which a building society has converted itself into under Part XI of the Building Societies Act, 1989 , (iii) a company which one or more trustee savings banks have been reorganised into pursuant to an order under section 57 of the Trustee Savings Banks Act, 1989 , or (iv) the ACC Bank public limited company, a petition under section 2 may be presented only by the Central Bank, and subsection (1) of this section shall not apply to the company”.
Repeals and revocations.
12.—(1) The enactments mentioned in column (2) of Part 1 of the Schedule are repealed to the extent mentioned in column (3) of that Part.
Short title and commencement.
13.—(1) This Act may be cited as the ACC Bank Act, 2001.
SCHEDULE
Section 12
Repeals and Revocations
PART 1
Enactments Repealed Year and Chapter or Number and Year Title of Act Extent of Repeal
(1)
(2)
Section 9(1)(f).
1882, c.61 Bills of Exchange Act, 1882 In section 2, in the definition of “Banker”, paragraph (c).
No. 36 of 1929 Civil Service (Transferred Officers) Compensation Act, 1929 In section 16(3)(c) and in item 12(c) of the First Schedule, the words “or the Agricultural Credit Corporation, Limited,”.
No. 39 of 1934 Agricultural Cooperative Societies (Debentures) Act, 1934 Sections 2(1)(c) and 7.
No. 28 of 1935 Finance Act, 1935 In section 33(6), in the definition of “banker”, the words “the Agricultural Credit Corporation Limited”.
No. 39 of 1936 Superannuation Act, 1936
Section 25.
No. 14 of 1970 Finance Act, 1970 In section 39 (1), in the definition of “securities”, the words “and certificates of charge under the Agricultural Credit Acts, 1927 to 1965”.
No. 24 of 1971 Central Bank Act, 1971 In section 7(4)(a)(ii) (inserted by section 30 of the Central Bank Act, 1989), the words “the Agricultural Credit Corporation public limited company,”.
No. 19 of 1973 Finance Act, 1973 In section 60(1), in the definition of “securities”, the words “and certificates of charge under the Agricultural Credit Acts, 1927 to 1972”.
No. 8 of 1976 Capital Acquisitions Tax Act, 1976 In section 61(7), in the definition of “banker”, the words “, the Agricultural Credit Corporation Limited”.
No. 2 of 1978 Agricultural Credit Act, 1978 Parts II, IV (other than as respects charges on land given in favour of ACC before the commencement of this repeal) and V.
No. 19 of 1979 European Assembly (Irish Representatives) Act, 1979 In the Schedule, the words “The Agricultural Credit Corporation”.
No. 31 of 1979 Agricultural Credit Act, 1979 The whole Act.
No. 26 of 1980 Ombudsman Act, 1980 In the Second Schedule, the words “The Agricultural Credit Corporation Limited”.
No. 24 of 1982 Agricultural Credit Act, 1982 The whole Act.
No. 25 of 1986 Companies (Amendment) Act, 1986
Section 2(2)(e).
No. 6 of 1988 Agricultural Credit Act, 1988 The whole Act.
No. 12 of 1988 Finance Act, 1988
Section 75.
No. 17 of 1989 Building Societies Act, 1989
Section 93(4)(d) and (e).
No. 33 of 1990 Companies Act, 1990
Section 78(4)(a) (iii).
No. 37 of 1990 Unit Trusts Act, 1990 In section 1(1), in paragraph (c) of the definition of “securities”, the words “the Agricultural Credit Corporation public limited company,”.
No. 6 of 1992 ACC Bank Act, 1992 The whole Act.
No. 11 of 1992 Financial Transactions of Certain Companies and Other Bodies Act, 1992 In section 2(1)(a), the words “, other than ACC Bank plc,”. Section 2(3).
No. 8 of 1993 Comptroller and Auditor General (Amendment) Act, 1993 In the Second Schedule, the words “ACC Bank public limited company”.
No. 15 of 1994 Criminal Justice Act, 1994
Section 32(1)(h).
No. 26 of 1994 ACC Bank Act, 1994 The whole Act.
No. 9 of 1995 Stock Exchange Act, 1995 In section 3(1), in paragraph (b) of the definition of “statutory functions”, the words “the ACC Bank Act, 1992 (Section 4) Regulations, 1992 ( S.I. No. 373 of 1992 ),”.
No. 11 of 1995 Investment Intermediaries Act, 1995 In section 2(1), in paragraph (b) of the definition of “statutory functions” the words “the ACC Bank Act, 1992 (Section 4) Regulations, 1992 ( S.I. No. 373 of 1992 ),”.
No. 24 of 1995 Consumer Credit Act, 1995 n section 2(1), in the definition of “credit institution”, paragraph (e).
No. 8 of 1997 Central Bank Act, 1997 In section 2(1), in paragraph (b) of the definition of “statutory functions”, the words “the ACC Bank Act, 1992 (Section 4) Regulations, 1992 ( S.I. No. 373 of 1992 ),”.
No. 31 of 1997 Prompt Payment of Accounts Act, 1997 In the Schedule, the words “ACC Bank plc”.
No. 39 of 1997 Taxes Consolidation Act, 1997 In section 37, in the Table, the words “Securities issued by ACC Bank plc.”.
Section 47, other than as respects debentures, debenture stock and certificates of charge issued before the commencement of this repeal.
In section 256(1), in the definition of “interest”, the words “but any amount consisting of an excess of the amount received on the redemption of any holding of A.C.C. Bonus Bonds — First Series, issued by ACC Bank plc, over the amount paid for the holding shall not be treated as interest for the purposes of this Chapter”.
In section 256(1) in the definition of “relevant deposit taker”, paragraph (d).
In section 519 C (1), paragraph (d) of the definition of “qualifying savings institution”.
In section 607(1)(d), the words “ACC Bank plc,”, other than as respects debentures, debenture stock, certificates of charge or other forms of security issued before the commencement of this repeal.
In section 784A(1)(a), paragraph (d) of the definition of “qualifying fund manager”.
In section 838(1)(a) in paragraph (ii) of the definition of “securities”, the words “ACC Bank plc,”, other than as respects securities issued before the commencement of this repeal.
In Schedule 13, item No. 33.
No. 52 of 1998 Jurisdiction of Courts and Enforcement of Judgements Act, 1998
Section 11(4)(e).
No. 29 of 1999 ICC Bank Act, 1999
Section 6.
No. 31 of 1999 Stamp Duties Consolidation Act, 1999 In section 103, paragraph (b) of the definition of “appropriate person”.
In section 123(1), paragraph (b) of the definition of “bank”.
PART 2
STATUTORY INSTRUMENTS REVOKED Number and Year Title of Instrument Extent of Revocation
(1)
(2)
No. 111 of 1964 Superannuation (Designation of Approved Organisations) Regulations, 1964 In the Schedule, the words “The Agricultural Credit Corporation Limited.”.
No. 117 of 1978 Public Service (Delegation of Ministerial Functions) Order, 1978 In the Schedule, the words “Agricultural Credit Act, 1978 ( No. 2 of 1978 )”.
No. 437 of 1986 European Communities (Life Assurance Accounts, Statements and Valuations) In Regulation 37(1), paragraph (g) in the definition of “approved financial institution”.
Regulations, 1986 In Regulation 37(1), in the definition of “approved securities”, in paragraph (c), the words “The Agricultural Credit Corporation Limited”.
No. 59 of 1991 European Communities (Road Passenger Transport) Regulations, 1991 In Regulation 2(1), in the definition of “Bank or other suitably qualified establishment”, the words “The Agricultural Credit Corporation p.l.c.”.
No. 60 of 1991 European Communities (Merchandise Road Transport) Regulations, 1991 In Regulation 2(1), in the definition of “bank or other suitably qualified establishment”, the words “the Agricultural Credit Corporation p.l.c.,”.
No. 201 of 1992 European Communities (Companies: Group Accounts) Regulations, 1992 Regulation 6(2)(e).
No. 395 of 1992 European Communities (Licensing and Supervision of Credit Institutions) Regulations, 1992 In Regulation 2(1), in the definition of “supervisory enactments” the words “the ACC Bank Act, 1992 (No. 6 of 1992) ,”.
No. 168 of 1995 European Communities (Deposit Guarantee Schemes) Regulations, 1995 In Regulation 3(1), in the definition of “supervisory enactments”, the words “ the ACC Bank Act, 1992 (No. 6 of 1992) ,”.
Number and Year Title of Instrument Extent of Revocation
(1)
(2)
Privacy Statement Accessibility European Legislation Identifier (PDF) Open Data License Ráiteas Príobháideachais Inrochtaineacht Aitheantóir Eorpach Reachtaíochta (ELI) Ceadúnas Sonraí Oscailte Liosta Fianán © Government of Ireland. Oireachtas Copyright Material is reproduced with the permission of the Houses of the Oireachtas © Rialtas na hÉireann. Atáirgtear ábhar faoi Chóipcheart le cead ó Thithe an Oireachtais