Bank of Ireland Act, 1935

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Number 1 (Private) of 1935.

BANK OF IRELAND ACT, 1935.

ARRANGEMENT OF SECTIONS

SCHEDULE

ENACTMENT REPEALED

Number 1 (Private) of 1935.

BANK OF IRELAND ACT, 1935.

AN ACT TO LIMIT THE LIABILITY OF THE STOCKHOLDERS OF THE BANK OF IRELAND. [20th June, 1935.]

Preamble.

WHEREAS under an Act of the Parliament of Ireland passed in the 21st and 22nd years of the reign of His late Majesty King George the Third and entitled “An Act for establishing a bank by the name of the Governors and Company of the Bank of Ireland” and by a Charter or Letters Patent under the Great Seal of Ireland bearing date the 10th day of May, 1783 and granted by His said late Majesty in pursuance of the said Act, a Bank was established and a Company was incorporated by the name of the Governor and Company of the Bank of Ireland;

AND WHEREAS from time to time the said Act and the said Charter have been amended and further and other provision made in respect of the said Bank by Acts passed by the Parliament of Ireland and by the Parliament of the late United Kingdom of Great Britain and Ireland respectively and by an Act No. 4 (Private) of 1929 passed by the Oireachtas;

AND WHEREAS it is expedient to limit the liability of the Members of the said Bank and for that purpose further to amend the said first mentioned Act;

AND WHEREAS the purposes of this Act cannot be carried into effect without the authority of the Oireachtas;

BE IT THEREFORE ENACTED BY THE OIREACHTAS OF SAORSTÁT EIREANN AS FOLLOWS:—

Interpretation.

1.—In this Act the expressions “the Bank” and “the Charter” shall have the same meanings respectively as in the Bank of Ireland Act, 1929 (No. 4 (Private) of 1929).

Limitation of liability of members.

2.—Notwithstanding anything contained in the Act of the Irish Parliament passed in the 21st and 22nd years of the reign of His late Majesty King George the Third and entitled “An Act for establishing a bank by the name of the Governors and Company of the Bank of Ireland” or contained in the Charter or Letters Patent under the Great Seal of Ireland bearing date the 10th day of May, 1783 and granted by His said late Majesty in pursuance of the said Act by which a Bank was established and a Company was incorporated by the name of the Governor and Company of the Bank of Ireland hereinafter called the Bank or contained in the Acts amending the same or any of them, no past or present member of the Bank shall, in the event of a winding up, be liable to contribute towards the debts or liabilities of the Bank to an amount exceeding the amount, if any, unpaid on the stock of the Bank held by him at the date of the commencement of the winding up or within the period of twelve months prior to that date subject as in the next following section specifically provided.

Continuance of liability for notes.

3.—In the event of the Bank being wound up every present and past member shall subject to the provisions of this section be liable to contribute without limit, rateably in proportion to their respective interests in the stock of the Bank towards payment of the bank notes of and the consolidated bank notes issued by the Bank and the costs, charges and expenses of and incidental to the getting in and collection of the various contributions and of the adjustment of the rights of the contributories among themselves with the qualifications following that is to say:—

(1) a past member shall not be liable to contribute if he has ceased to be a member for one year or upwards before the commencement of the winding up,

(2) a past member shall not be liable to contribute in respect of any bank note or consolidated bank note issued after he ceased to be a member,

(3) a past member shall not be liable to contribute unless it appears to the Court that the existing members are unable to satisfy the contributions required in respect of bank notes and consolidated bank notes.

Repeal.

4.—The enactment specified in the Schedule hereto is hereby repealed to the extent in the third column of that Schedule mentioned.

Short Title.

5.—This Act may be cited as the Bank of Ireland Act, 1935.

SCHEDULE.

ENACTMENT REPEALED.