Central Bank Act, 1989.
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Application ( Chapter VI ). |
75.—(1) This Chapter applies to the following transactions (in this Part referred to as “acquiring transactions”): | |
(a) any acquisition by a person or more than one person acting in concert of shares or other interest in a holder of a licence but does not apply to an acquisition where— | ||
(i) if after the proposed acquisition the proportion of shares would not exceed the prescribed percentage, and | ||
(ii) if the holder of the licence concerned is a body incorporated in the State, the acquisition, together with any other interest already held or controlled (either directly or indirectly) by the acquiring person or persons, would not confer a right to appoint or remove some or all of the board of directors or committee of management of the holder of that licence; | ||
(b) any acquisition by the holder of a licence of shares or other interest in any other undertaking or business (whether or not the undertaking or business is controlled by another holder of a licence) but does not apply to an acquisition where either— | ||
(i) the acquisition relates to an undertaking or business outside the State and is made by a holder of a licence which is incorporated outside the State, or | ||
(ii) after such acquisition, the proportion of shares in the undertaking or business concerned would not exceed the prescribed percentage and the acquisition, together with any other interest already held or controlled (either directly or indirectly) by the holder of the licence so acquiring, would not confer a right to appoint or remove some or all of the board of directors or committee of management of that undertaking or business. | ||
(2) The Bank may, subject to such conditions as it sees fit, exempt an acquiring transaction, or any class of acquiring transaction, from the requirements of this Chapter where it is satisfied that— | ||
(a) the acquiring transaction is being, or has been entered into, by a holder of a licence as part of the bona fide underwriting of a share issue, or | ||
(b) the interest in shares is not being beneficially acquired by a holder of a licence or is being acquired only in the course of its normal business to secure the issue of a loan to be made by the holder to the undertaking or business concerned. |