Investment Limited Partnerships (Amendment) Act 2020

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Amendment of Act of 2015 - new section 8B relating to effect of instrument of incorporation

46. The Act of 2015 is amended by the insertion of the following section after section 8A (inserted by section 45):

“Effect of instrument of incorporation

8B. (1) Subject to the provisions of this Act, the instrument of incorporation shall, when registered, bind the ICAV and the members of it to the same extent as if it had been signed and sealed by each member, and contained covenants by the ICAV and each member to observe all the provisions of the instrument of incorporation and each provision of this Act, relating to Irish collective asset-management vehicles, that is applicable to the ICAV.

(2) All money payable by any member to the ICAV under the instrument of incorporation shall be a debt due from him or her to the ICAV.

(3) An action to recover a debt created by this section shall not be brought after the expiration of 12 years after the date on which the cause of action accrued.”.