Central Bank Act, 1971
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Provisions relating to Bank of Ireland. |
51.—(1) Nothing in the Chater, the Bank's Acts or the Act of 1929 shall operate— | |
(a) to Prevent a general court from time to time by resolution— | ||
(i) altering the objects of the Bank of Ireland by abandoning, restricing or amending any existing object or by adopting a new object, or | ||
(ii) making such provision as it thinks fit in relation to the management of the affairs of or the conduct of the business of the Bank of Ireland (including, in particular, but without prejudice to the generality of the foregoing, provision relating to the Directors (including the Governor and Deputy Governor of the Bank of Ireland) of the Bank of Ireland or general courts or proceedings or voting thereat), or | ||
(b) to prevent the Bank of Ireland from engaging in and carrying on any business specified in any such resolution and from doing anything incidental or ancillary to any such business. | ||
(2) If any application is made to the Court in accordance with this section for the annulment of a resolution under subsection (1) of this section (in the subsequent provisions of this section referred to as a resolution), it shall not have effect except in so far as it is confirmed by the Court. | ||
(3) Subject to subsection (4) of this section, an application under this section may be made by the holders of not less in the aggregate than 15 per cent in nominal value of the issued capital stock and any issued share capital of the Bank of Ireland. | ||
(4) An application in relation to a resolution shall not be made under this section by any person who has consented to or voted in favour of the resolution. | ||
(5) An application under this section shall be made within 21 days after the date on which the resolution was passed and may be made on behalf of the persons entitled to make the application by such one or more of their number as they may appoint in writing for the purpose. | ||
(6) On an application under this section, the Court may make an order annulling the resolution or confirming the resolution either wholly or in part and on such terms and conditions as it thinks fit, and may, if it thinks fit, adjourn the proceedings in order that an arrangement may be made to the satisfaction of the Court for the purchase of the interests of dissentient members of the Bank of Ireland, and may give such directions and make such orders as it may think expedient for facilitating or carrying into effect any such arrangement so, however, that no part of the capital of the Bank of Ireland shall be expended in any such purchase. | ||
(7) Where a resolution is passed— | ||
(a) if no application is made with respect thereto under this section, the Bank of Ireland shall, within 15 days from the end of the period for making such an application, deliver to the registrar of companies, within the meaning of the Companies Act, 1963 , a printed copy of the resolution; and | ||
(b) if such an application is made, the Bank of Ireland shall— | ||
(i) forthwith give notice of that fact to the registrar; and | ||
(ii) within 15 days from the date of any order annulling or confirming the resolution, deliver to the registrar an office copy of the order and, in the case of an order confirming the resolution, a printed copy of the resolution. | ||
The Court may by order at any time extend the time for delivery of documents to the registrar under paragraph (b) of this subsection for such period as the Court may think proper. | ||
(8) If the Bank of Ireland makes default in giving notice or delivering any document to the registrar as required by subsection (7) of this section, the Bank of Ireland and every officer of the Bank of Ireland who is in default shall be liable to a fine not exceeding one hundred pounds. | ||
(9) In this section— | ||
“the Act of 1929” means the Bank of Ireland Act, 1929 , | ||
“the Bank's Acts”, “the Charter”, and “general court” have the same meanings, respectively, as in the Act of 1929. |