Dormant Accounts Act, 2001
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Non-application of section 12 . |
13.—(1) Where— | |
(a) an institution's licence or authorisation is revoked, withdrawn or suspended, | ||
(b) the Central Bank gives a direction to an institution under— | ||
(i) section 21 (as amended by section 38 of the Central Bank Act, 1989) of the Central Bank Act, 1971 , | ||
(ii) section 40 of the Building Societies Act, 1989 , | ||
(iii) section 26 of the Trustee Savings Banks Act, 1989 , or | ||
(iv) Regulation 27 or 29 of the European Communities (Licensing and Supervision of Credit Institutions) Regulations, 1992 ( S.I. No. 395 of 1992 ), | ||
(c) an examiner or adminstrator is appointed by the court to an institution, or | ||
(d) an institution is— | ||
(i) in receivership, | ||
(ii) in liquidation, | ||
(iii) being wound up, or | ||
(iv) otherwise being dissolved, | ||
no moneys shall be transferred after the relevant date by or on behalf of the institution to the Fund under section 12 . | ||
(2) Subsection (1) ceases to apply where, in respect of an institution— | ||
(a) its licence or authorisation is restored or the suspension is terminated, | ||
(b) a direction referred to in subsection (1)(b) is revoked, set aside, terminated or otherwise ceases to have effect, or | ||
(c) the appointment of an examiner or administrator has terminated. | ||
(3) In this section “relevant date” means— | ||
(a) the date of the revocation, withdrawal or suspension of the licence or authorisation, as the case may be, or the date on which the direction is given, | ||
(b) the date of appointment of the examiner or administrator, | ||
(c) the date of appointment of the receiver, | ||
(d) where the institution is being wound up— | ||
(i) in the case of a voluntary winding up, the date of the passing of the resolution for voluntary winding up, | ||
(ii) in the case where, before the presentation of a petition for the winding up by the court, a resolution has been passed for voluntary winding up, the date of the passing of the resolution, and | ||
(iii) in any other case, the date of the presentation of a petition for the winding up by the court, | ||
and | ||
(e) where the institution is otherwise being dissolved, the date of the dissolution. | ||
(4) An institution that fails to comply with subsection (1) shall be guilty of an offence. |