ICC Bank Act, 2000
What is this act about?
This law, the ICC Bank Act, 2000, primarily deals with the ICC Bank public limited company, focusing on its share capital, the Minister for Finance's ability to dispose of shares, and guarantees related to the bank's borrowing. It also repeals previous ICC Bank Acts and related legal instruments.
Who it applies to: ICC Bank public limited company; The Minister for Finance.
At a glance
- Country
- Ireland
- Area of law
- Banking, insurance and financial markets
- Articles
- 8
- Source
- irishstatutebook.ie
- Text retrieved
- Explanation updated
What does this act regulate?
- The authorized share capital of ICC Bank.
- The disposal of shares in ICC Bank by the Minister for Finance.
- Guarantees made by the Minister for Finance concerning ICC Bank's borrowing.
- The repeal of previous ICC Bank Acts and other related enactments and statutory instruments.
Who does this act apply to?
- ICC Bank public limited company.
- The Minister for Finance.
What are the key points?
- The authorized share capital of ICC Bank is increased from “£40,000,000” to “£80,000,000”.
- The Minister for Finance can sell, exchange, transfer, or dispose of any or all shares held in ICC Bank, but must first obtain a motion of approval from Dáil Éireann.
- Guarantees given by the Minister under section 3 of the Industrial Credit (Amendment) Act, 1958, remain in force under specific conditions until repayment, payment by the Minister, cessation of liability, or a new acceptable guarantee is provided.
- ICC Bank must alter its memorandum and articles of association to be consistent with this Act.
Banking, insurance and financial markets
Banking, insurance and financial markets
Legal text
Legal text
ICC Bank Act, 2000 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 2000 ICC Bank Act, 2000 ICC Bank Act, 2000 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 32 of 2000 ICC BANK ACT, 2000 ARRANGEMENT OF SECTIONS Section
Section 1
Interpretation.
Section 2
Expenses of Minister.
Section 3
Amendment of section 3 of ICC Bank (Amendment) Act, 1997.
Section 4
Disposal of shares in ICC Bank.
Section 5
Provisions in relation to guarantees of Minister under section 3 of Industrial Credit (Amendment) Act, 1958.
Section 6
Alteration of memorandum and articles of association of ICC Bank plc.
Section 7
Repeals and revocations.
Section 8
Short title and commencement.
SCHEDULE Repeals and Revocations
PART I
Enactments Repealed
PART II
Statutory Instruments Revoked Acts Referred to Companies Acts, 1963 to 1990 ICC Bank Act, 1999 1999, No. 29 ICC Bank Acts, 1933 to 1997 ICC Bank (Amendment) Act, 1997 1997, No. 32 Industrial Credit (Amendment) Act, 1958 1958, No. 10 Number 32 of 2000 ICC BANK ACT, 2000 AN ACT TO MAKE PROVISION IN RELATION TO ICC BANK PUBLIC LIMITED COMPANY, INCLUDING INCREASING THE AUTHORISED SHARE CAPITAL OF THE BANK, 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 OF THE ICC BANK ACTS, 1933 TO 1997, AND THE PROVISIONS OF CERTAIN OTHER ENACTMENTS AND THE REVOCATION OF CERTAIN STATUTORY INSTRUMENTS AND TO PROVIDE FOR RELATED MATTERS. [6th December, 2000] BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
Interpretation.
1.—(1) In this Act— “ICC” means ICC Bank public limited company; “Minister” means Minister for Finance.
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 3 of ICC Bank (Amendment) Act, 1997.
3.—
Section 3
of the ICC Bank (Amendment) Act, 1997 , is amended by the substitution for “£40,000,000” of “£80,000,000”.
Disposal of shares in ICC Bank.
4.—(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 ICC 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 3 of Industrial Credit (Amendment) Act, 1958.
5.—(1) Notwithstanding the repeal of the ICC Bank Acts, 1933 to 1997, but subject to subsection (2), a guarantee given by the Minister under section 3 of the Industrial Credit (Amendment) Act, 1958 , 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 ICC of the principal amount on such commencement of the moneys borrowed by, or deposited with, it to which the guarantee relates, the payment by ICC of the interest on any such moneys and the payment by ICC 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 ICC of the moneys aforesaid and for the payment by ICC of the interest aforesaid and of the other amounts (if any) aforesaid.
Alteration of memorandum and articles of association of ICC Bank plc.
6.—ICC 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.
Repeals and revocations.
7.—(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.
8.—(1) This Act may be cited as the ICC Bank Act, 2000.
SCHEDULE Repeals and Revocations
Section 7
PART I
Enactments Repealed Year and Chapter or Number and Year Title of Act Extent of Repeal
(1)
(2)
Section 9(1)(g).
1882, c.61 Bills of Exchange Act, 1882 In section 2, in the definition of “Banker”, paragraph (d).
No. 25 of 1933 Industrial Credit Act, 1933 The whole Act.
No. 39 of 1934 Agricultural Co-operative Societies (Debentures) Act, 1934
Section 2(1)(d)
No. 28 of 1935 Finance Act, 1935 In section 33(6), in the definition of “banker”, the words “the Industrial Credit Company, Limited,”.
No. 10 of 1958 Industrial Credit (Amendment) Act, 1958 The whole Act.
No. 24 of 1959 Industrial Credit (Amendment) Act, 1959 The whole Act.
No. 24 of 1963 Superannuation and Pensions Act, 1963 Section 28(7) (d)(ii), in section 28(7)(e) the words “and the salary payable to him as managing director of the Industrial Credit Company, Limited”, section 28(14)(a) and section 28(14)(b).
No. 9 of 1971 Industrial Credit (Amendment) Act, 1971 The whole Act.
No. 24 of 1971 Central Bank Act, 1971 In section 7(4)(a)(ii), the words “the company formed and registered by virtue of section 2 of the Industrial Credit Act, 1933 ,” and the words “ICC Investment Bank Limited”.
No. 20 of 1974 Industrial Credit (Amendment) Act, 1974 The whole Act.
No. 8 of 1976 Capital Acquisitions Tax Act, 1976 In section 61(7), in the definition of “banker”, the words “the Industrial Credit Company Limited,”.
No. 20 of 1977 Industrial Credit (Amendment) Act, 1977 The whole Act.
No. 30 of 1978 Insurance (Amendment) Act, 1978 Paragraphs (b), (i)(II) and (ii)(II) of section 2(1).
No. 19 of 1979 European Assembly (Irish Representatives) Act, 1979 In the Schedule, the words “The Industrial Credit Company Limited”.
No. 39 of 1979 Industrial Credit (Amendment) Act, 1979 The whole Act.
No. 26 of 1980 Ombudsman Act, 1980 In the Second Schedule, the words “The Industrial Credit Company, Limited”.
No. 7 of 1983 Industrial Credit (Amendment) Act, 1983 The whole Act.
No. 25 of 1986 Companies (Amendment) Act, 1986
Section 2(2)(g).
No. 12 of 1988 Finance Act, 1988 In section 75(b), the words “under section 3 of the Industrial Credit (Amendment) Act, 1958 , the repayment of any money raised or borrowed by the Industrial Credit Corporation plc,” and the words “, and the Industrial Credit Corporation plc”.
No. 15 of 1990 Industrial Credit (Amendment) Act, 1990 The whole Act.
No. 33 of 1990 Companies Act, 1990 Paragraph (v) in section 3(2)(b) as inserted by the Companies (Amendment) Act, 1999 .
In section 78(4)(a)(iii), the words “or Industrial Credit Corporation, plc”.
No. 37 of 1990 Unit Trusts Act, 1990 In section 1(1), in the definition of “securities”, the words “the company formed and registered by virtue of section 2 of the Industrial Credit Act, 1933 ,”.
No. 11 of 1992 Financial Transactions of Certain Companies and Other Bodies Act, 1992 In section 2, the words “and the Industrial Credit Corporation plc” in subsections (1)(a) and (3).
No. 21 of 1992 ICC Bank Act, 1992 The whole Act.
No. 8 of 1993 Comptroller and Auditor General (Amendment) Act, 1993 In the Second Schedule, the words “Industrial Credit Corporation public limited company”.
No. 15 of 1994 Criminal Justice Act, 1994
Section 32(1)(i).
No. 9 of 1995 Stock Exchange Act, 1995 In section 3(1), in paragraph (b) of the definition of “statutory functions”, the words “the ICC Bank Act, 1992 (Section 3) Regulations, 1993 ( S.I. No. 24 of 1993 ),”.
No. 11 of 1995 Investment Intermediaries Act, 1995 In section 2(1), in paragraph (b) of the definition of “statutory functions”, the words “the ICC Bank Act, 1992 (Section 3) Regulations, 1993 ( S.I. No. 24 of 1993 ),”.
No. 24 of 1995 Consumer Credit Act, 1995 In section 2(1), in the definition of “credit institution”, paragraph (f).
No. 8 of 1997 Central Bank Act, 1997 In section 2(1), in paragraph (b) of the definition of “statutory functions”, the words “the ICC Bank Act, 1992 (Section 3) Regulations, 1993 ( S.I. No. 24 of 1993 ),”.
Section 82.
No. 31 of 1997 Prompt Payment of Accounts Act, 1997 In the Schedule, the words “I.C.C. Bank plc”.
No. 32 of 1997 ICC Bank (Amendment) Act, 1997 The whole Act.
No. 39 of 1997 Taxes Consolidation Act, 1997 In section 37, in the Table, the words “securities issued on or after the 24th day of May, 1989, by ICC Bank plc.”, as respects securities issued after the commencement of this repeal.
In section 256(1), in the definition of “relevant deposit taker”, paragraphs (e) and (f).
In section 519C(1), in the definition of “qualifying savings institution”, paragraphs (e) and (f).
In section 607(1)(d), the words “ICC Bank plc”, as respects debentures, debenture stock, certificates of charge or other forms of security issued after the commencement of this repeal.
Section 784A(1)(a), in the definition of “qualifying fund manager”, paragraphs (e) and (f).
In section 838(1)(a), in paragraph (ii) of the definition of “securities”, the words “ICC Bank plc”, as respects securities issued after the commencement of this repeal.
In Schedule 13, item number 50.
No. 52 of 1998 Jurisdiction of Courts and Enforcement of Judgments Act, 1998 In section 11(4), in the definition of “authorised institution”, paragraph (f).
No. 29 of 1999 ICC Bank Act, 1999 Sections 3, 4, 5 and 7.
No. 31 of 1999 Stamp Duties Consolidation Act, 1999 In section 86, in paragraph (b), the words “ICC Bank public limited company” as respects loan stock issued after the commencement of this repeal.
In section 103(1), in the definition of “appropriate person”, paragraph (c).
In section 123(1), in the definition of “bank”, paragraph (c).
PART II
Statutory Instruments Revoked Number and Year Title of Instrument Extent of Revocation
(1)
(2)
In Regulation 37(1), in the definition of “approved securities”, in paragraph (c), the words “and Industrial Credit Corporation plc”.
No. 191 of 1990 Insurance (Bonding of Intermediaries) Regulations, 1990 Regulation 3(2)(c).
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 Industrial 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 Industrial Credit Corporation p.l.c.,”.
No. 201 of 1992 European Communities (Companies: Group Accounts) Regulations, 1992 Regulation 6(2)(f).
No. 328 of 1992 Central Bank Act, 1971 (Section 7(4)) Order, 1992 The whole instrument.
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 ICC Bank Act, 1992 (No. 21 of 1992) ,”.
No. 24 of 1993 ICC Bank Act, 1992 (Section 3) Regulations, 1993 The whole instrument.
No. 168 of 1995 European Communities (Deposit Guarantee Schemes) Regulations, 1995 In Regulation 3(1), in the definition of “supervisory enactments”, the words “the ICC Bank Act, 1992 (No. 21 of 1992),”.
No. 32 of 1997 Ethics in Public Office (Prescribed Public Body, Designated Directorships and Designated Positions in Public Bodies) Regulations, 1997 In the Second Schedule, item number 42.
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