Central Bank Act, 1989.
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Provisions applicable to excluded depositors, etc. |
64.—(1) Where the Bank is of the opinion that a person is an excluded depositor by virtue of— | |
(a) being a connected person to whom paragraph (c) or (d) of the definition of “excluded depositor” in section 53 applies, or | ||
(b) being a trustee of a trust for the benefit of a connected person to whom paragraph (e) of the definition of “excluded depositor” in section 53 applies, or | ||
(c) section 63 , | ||
or that a person is a person to whom section 62 (2) relates, then the Bank shall, except where subsection (2) (b) of this section applies, give notice in writing to the person of that opinion, the reasons therefor and the steps that may be taken by that person under subsection (2). | ||
(2) (a) A person to whom a notice under subsection (1) has been given in accordance with this section may, within 21 days of being so given, apply to the Court to have the relevant exclusion or deduction to which the notice relates set aside. | ||
(b) Where the Bank is of the opinion that a person is an excluded depositor by virtue of paragraph (a) or (b) of subsection (1) but is satisfied that, in the circumstances, it would be just and equitable to have his exclusion as an eligible depositor set aside, the Bank may apply to the Court to have the exclusion set aside. | ||
(c) Where, on an application under paragraph (a) or (b), the Court is satisfied that, in the circumstances, it would be just and equitable to do so, it shall set aside the exclusion or deduction, as the case may be, but only for the purposes of any relevant deposit maintained by that person. | ||
(3) Notice of any application to the Court under subsection (2) (a) shall be given to the Bank and to the liquidator concerned by the person making the application and notice of any application to the Court under subsection (2) (b) shall be given by the Bank to both the liquidator and the person concerned. | ||
(4) For the purposes of this section, notice shall be duly given by the Bank if the notice is— | ||
(a) sent by prepaid post to the last known address of the person concerned as ascertained by the Bank directly from that person or from the liquidator, or | ||
(b) otherwise given in accordance with any direction of the Court upon application being made to it by the Bank for the purposes of this subsection. |