Future Ireland Fund and Infrastructure, Climate and Nature Fund Act 2024

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PART 6

Miscellaneous

Amendment of Act of 1990

33. (1) Section 3A(1) of the Act of 1990 is amended, in paragraph (a), by the substitution of “not fewer than 6 members and not more than 8 members” for “6 members”.

(2) Section 5B of the Act of 1990 is amended, in subsection (4), by the substitution of “2 members of the Agency” for “one member of the Agency”.

(3) The Act of 1990 is amended by the insertion of the following section after section 5B:

“Subcommittees of committees established under section 5B

5C. (1) A committee established under section 5B may, with the consent of the Agency, establish such subcommittees as it considers appropriate to advise the committee in relation to the performance by it of any of its functions.

(2) A subcommittee established under this section may at any time be dissolved—

(a) by the Agency, or

(b) with the consent of the Agency, by the relevant committee.

(3) A subcommittee established under this section shall comprise not more than 6 members appointed, with the consent of the Agency, by the relevant committee.

(4) The members of a subcommittee established under this section shall include at least one member of the relevant committee but may also include a member of the Agency, the Chief Executive or any other member of staff of the Agency or any other person appearing to the relevant committee to be suitable for appointment to the subcommittee having regard to its function.

(5) The relevant committee shall appoint one of the members of a subcommittee established under this section who is a member of the relevant committee to chair the subcommittee.

(6) A member of a subcommittee established under this section who is not a member of the Agency or the Chief Executive or another member of staff of the Agency shall be paid such remuneration and such allowances in reimbursement of expenses incurred as the Agency from time to time, with the consent of the Minister, determines.

(7) A member of a subcommittee established under this section holds office on such terms (other than as to the payment of remuneration and allowances for expenses incurred) as the Agency determines at the time of the member’s appointment.

(8) The relevant committee may, with the approval of the Agency, regulate the procedure of a subcommittee established under this section but, subject to that, the subcommittee shall regulate its own procedure.

(9) In this section, ‘relevant committee’, in relation to a subcommittee established under this section, means the committee established under section 5B that established the subcommittee.”.

(4) The Act of 1990 is amended by the substitution of the following section for section 11:

“11. Subject to section 16 of the National Treasury Management Agency (Amendment) Act 2000 , sections 30 , 36 and 48 of the National Treasury Management Agency (Amendment) Act 2014 and section 30 of the Future Ireland Fund and Infrastructure, Climate and Nature Fund Act 2024, the expenses incurred by the Agency, in the performance of its functions shall be charged on and paid out of the Central Fund or the growing produce thereof.”.

(5) Section 13A of the Act of 1990 is amended—

(a) by the substitution of the following subsection for subsection (1):

“(1) This section applies to a person who is a member of—

(a) the Agency,

(b) the Investment Committee of the Agency,

(c) any committee established under section 5B, or

(d) any subcommittee established under section 5C,

and who has a material interest in any matter which falls to be considered by the Agency, the Investment Committee, any other committee of the Agency or any subcommittee of such a committee.”,

(b) in subsection (2)(a), by the substitution of “the Investment Committee, the committee or the subcommittee concerned” for “the Investment Committee or the committee concerned”,

(c) in subsection (3), by the substitution of “the Investment Committee, the committee or the subcommittee concerned” for “the Investment Committee or the committee concerned”,

(d) in subsection (4)—

(i) by the substitution of “the Investment Committee, any other committee of the Agency or any subcommittee of such a committee” for “the Investment Committee or any other committee of the Agency”, and

(ii) by the substitution of “the Investment Committee, the committee or the subcommittee concerned” for “the Investment Committee or the committee concerned”,

(e) in subsection (5), by the substitution of “the Investment Committee, any other committee of the Agency or any subcommittee of such a committee” for “the Investment Committee or any other committee of the Agency”,

(f) in subsection (6), by the substitution of “the Investment Committee, any other committee of the Agency or any subcommittee of such a committee” for “the Investment Committee or any other committee of the Agency”, and

(g) in subsection (7), by the substitution of “the Investment Committee, any other committee of the Agency or any subcommittee of such a committee” for “the Investment Committee or any other committee of the Agency”.

(6) Section 13C of the Act of 1990 is amended, in subsection (1), by the substitution of the following paragraph for paragraph (b):

“(b) a member of the Investment Committee, any committee established under section 5B or any subcommittee established under section 5C,”.

(7) Section 14 of the Act of 1990 is amended, in subsection (1), by the substitution of the following paragraph for paragraph (b):

“(b) a member of the Investment Committee, any committee established under section 5B or any subcommittee established under section 5C,”.

(8) Schedule B to the Act of 1990 is amended, in paragraph 1, by the substitution of the following subparagraph for subparagraph (1):

“(1) The quorum for a meeting of the Agency is 5, or, where there are vacancies in the membership of the Agency such that fewer than 6 members stand appointed, the quorum is 4 until such time as 6 or more members stand appointed.”.