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Amendment of section 2 of Act of 1964 (Insurance Compensation Fund)
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9. Section 2 of the Act of 1964 is amended—
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(a) by substituting the following for subsection (2):
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“(2) The Fund shall, subject to the provisions of this Act, be maintained and administered under the control of the Bank.”,
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(b) by substituting the following for subsection (3):
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“(3) Subject to subsection (9), the Bank may borrow for the Fund and, for the purpose of giving security with respect to such borrowing, may charge investments of the Fund.”,
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(c) in subsection (3A) by substituting “Subject to subsection (9), the Bank” for “The Accountant”,
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(d) in subsection (4) by substituting “Subject to subsection (9), the Bank” for “The Accountant”,
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(e) by deleting subsection (5),
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(f) in subsection (6)—
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(i) by substituting the following for paragraph (a):
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“(a) any sums paid under section 3E(5), 5 or 6,”,
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(ii) by deleting paragraph (e),
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(iii) in paragraph (f)—
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(I) by substituting “3B(2)(b)” for “3B(2)(c)”, and
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(II) by substituting “Bank” for “Accountant”,
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and
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(iv) in paragraph (g) by substituting “Bank” for “Accountant”,
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(g) in subsection (7) by substituting the following for paragraph (a):
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“(a) sums to meet the expenses incurred—
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(i) by the Bank in performing its functions under this Act in respect of the maintenance and administration of the Fund, and
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(ii) by the State Claims Agency in performing its functions under this Act,”,
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(h) by substituting the following for subsection (8):
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“(8) (a) The Bank shall, in respect of each financial year, cause to be kept proper and usual accounts of moneys paid into or out of the Fund and shall, not later than 6 months after the end of the financial year to which the accounts relate, cause to be furnished to the Minister an abstract of the accounts of the Fund for that year and a report of the administration of the Fund during that year.
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(b) Not later than 6 months after the end of the financial year to which the accounts relate, the Bank shall submit the accounts kept under this section to the Comptroller and Auditor General for audit.
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(c) As soon as practicable following the audit referred to in paragraph (b), the Bank shall present to the Minister—
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(i) copies of the audited accounts, and
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(ii) the Comptroller and Auditor General’s report on the audited accounts.
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(d) As soon as practicable after receipt of the audited accounts and the Comptroller and Auditor General’s report, the Minister shall cause copies of them to be laid before each House of the Oireachtas.”,
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and
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(i) by inserting the following subsection after subsection (8):
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“(9) The Bank shall not provide any funds to the Fund from its own resources nor shall the Bank have any liability arising from the Fund.”.
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