Friendly Societies and Industrial and Provident Societies (Miscellaneous Provisions) Act 2014
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Application of section 3 of Act of 1990 | ||
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17. Section 3 of the Act of 1990 applies subject to— | ||
(a) the substitution of the following subsections for subsections (1) and (2): | ||
“(1) Subject to subsection (2), a petition under section 2 may be presented by— | ||
(a) the society, | ||
(b) the board of management or other directing body of the society, | ||
(c) a creditor, or contingent or prospective creditor (including an employee), of the society, or | ||
(d) not less than one tenth of the total number of members of the society, or, where the society has more than 1,000 members, not less than 100 members of the society, | ||
or by all or any of those parties, together or separately. | ||
(2) (a) Where the society referred to in section 2 is an insurer, a petition under that section may be presented only by the Central Bank, and subsection (1) shall not apply to the society. | ||
(b) Where the society referred to in section 2 is the holder of a licence under section 9 of the Central Bank Act 1971 , a petition under section 2 may be presented only by the Central Bank, and subsection (1) shall not apply to the society. | ||
(c) Where the society referred to in section 2 is a society that is— | ||
(i) an authorised investment firm within the meaning of the European Communities (Markets in Financial Instruments) Regulations 2007 ( S.I. No. 60 of 2007 ), | ||
(ii) an associated undertaking or a related undertaking, of an authorised investment firm or an authorised market operator, within the meaning of the European Communities (Markets in Financial Instruments) Regulations 2007 ( S.I. No. 60 of 2007 ), | ||
(iii) engaged in the business of accepting deposits or other repayable funds or granting credit for its own account, | ||
(iv) an associated body of a building society within the meaning of the Building Societies Act 1989 , | ||
(v) an associated enterprise of a credit institution within the meaning of the European Communities (Consolidated Supervision of Credit Institutions) Regulations 1992 ( S.I. No. 396 of 1992 ), | ||
(vi) a management company or trustee of a unit trust scheme within the meaning of the Unit Trusts Act 1990 , | ||
(vii) a general partner or custodian of an investment limited partnership within the meaning of the Investment Limited Partnerships Act 1994 , | ||
(viii) an undertaking with close links with a financial undertaking within the meaning of the Supervision of Credit Institutions, Stock Exchange Member Firms and Investment Business Firms Regulations 1996 ( S.I. No. 267 of 1996 ), | ||
(ix) carrying on business which is required, by virtue of any enactment (within the meaning given to it by section 2 of the Interpretation Act 2005 ), to be authorised by the Central Bank, | ||
a petition under section 2 may be presented by— | ||
(I) any of the persons referred to in paragraph (a), (b), (c) or (d) of subsection (1) (including by one or more of such persons acting together), | ||
(II) the Central Bank, or | ||
(III) one or more of the persons referred to in subparagraph (I) and the Central Bank acting together. | ||
(d) If the Central Bank does not present such a petition— | ||
(i) the petitioner shall, before he presents the petition at the office of the court, cause to be received by the Central Bank a notice in writing of his intention to present the petition, and shall serve a copy of the petition on the Central Bank as soon as may be after the presentation of it at the said office, and | ||
(ii) the Central Bank shall be entitled to appear and be heard at any hearing relating to the petition.”, | ||
and | ||
(b) in subsection (3B)— | ||
(i) in paragraph (b), by the substitution of “are also directors, or members of the committee of management or other directing body” for “are also directors”, and | ||
(ii) by the deletion of paragraph (i). |