ICC Bank Act, 1992

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Number 21 of 1992

ICC BANK ACT, 1992

ARRANGEMENT OF SECTIONS

Number 21 of 1992

ICC BANK ACT, 1992

AN ACT TO AMEND AND EXTEND THE INDUSTRIAL CREDIT ACTS, 1933 TO 1990, AND FOR THOSE PURPOSES TO AMEND SECTION 9 OF THE BANKERS' BOOKS EVIDENCE ACT, 1879 , AND SECTION 2 OF THE BILLS OF EXCHANGE ACT, 1882 , AND TO PROVIDE FOR CONNECTED MATTERS. [23rd July, 1992]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

Definitions.

1.—In this Act—

“the Act of 1971” means the Industrial Credit (Amendment) Act, 1971 ;

“the Central Bank” means the Central Bank of Ireland;

“the Company” means ICC Bank public limited company;

“the Principal Act” means the Industrial Credit Act, 1933 .

ICC Bank p.l.c.

2.—(1) The Industrial Credit Corporation public limited company (re-registered as a public limited company under the Companies Acts, 1963 to 1990, by a certificate of incorporation dated the 21st day of November, 1984) shall, upon the passing of this Act, be known as ICC Bank public limited company.

(2) References in any Act or any instrument made under any Act to the Industrial Credit Corporation public limited company or to the Industrial Credit Company, Limited shall be construed as references to ICC Bank public limited company.

Supervision of Company by Central Bank.

3.—(1) Notwithstanding section 7 (4) (inserted by section 30 of the Central Bank Act, 1989 ) of the Central Bank Act, 1971 , the Minister, after consultation with the Central Bank, for the purpose of enabling the Central Bank to exercise supervision of the Company under the Central Bank Acts, 1942 to 1989, may by regulations apply to the Company all or any of the supervisory provisions of Part II of the Central Bank Act, 1971 , or Chapters I to VI of Part II of the Central Bank Act, 1989 , with such modifications or adaptations as he considers necessary.

(2) Every regulation made under this section shall be laid beforeeach House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the regulation is passed by either House within the next 21 days on which that House has sat after the regulation has been laid before it, the regulation shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.

Objects of Company.

4.—Paragraph 2 of the Schedule to the Principal Act, is hereby amended by the substitution for subparagraph (c) (inserted by section 3 of the Act of 1971) of the following subparagraph:

“(c) that the principal objects of the Company shall include—

(i) (I) lending and advancing money,

(II) acquiring, underwriting, holding, selling and otherwise dealing with, shares, stocks, debentures, debenture stocks and other securities of any body corporate,

(III) drawing, accepting, endorsing, discounting, purchasing and otherwise dealing with, bills of exchange, promissory notes and other negotiable instruments,

(IV) providing such other banking, financial or credit services and engaging in such banking or financial transactions as it thinks proper (including giving guarantees to any person in relation to the payment of money, and of interest on the money, or the repayment of money paid by that person on foot of loans, advances or other credit facilities granted by that person and the payment of interest on such money),

(V) engaging in the provision of hire-purchase and leasing facilities and for that purpose acquiring, disposing of and otherwise dealing with the subject of such facilities, and

(VI) arranging for the provision of credit facilities for any person by any other person (and acting as agent for any person in relation to the payment and collection and receipt of money in respect of such facilities),

subject to such conditions or limitations on amounts—

(A) as the Minister, after consultation with the Central Bank, may from time to time determine, and

(B) upon the commencement of regulations made under section 3 of the ICC Bank Act, 1992, as the Central Bank, after consultation with the Minister, may from time to time determine, and

(ii) the receipt, on such terms and subject to such conditions as the Company thinks proper, of deposits of money (including money in a currency other than the currency of the State) from any source and the receipt of deposits of securities for safe keeping and management and, so far as may be lawful, the execution of trusts in relation to the securities.”.

Increase in borrowing powers of Company.

5.—Paragraph 4 of the Schedule to the Principal Act is hereby amended by the substitution in clause (i) of subparagraph (d) (inserted by section 5 of the Act of 1971) of “£1,300,000,000” for “£1,000,000,000” (inserted by section 1 of the Industrial Credit (Amendment) Act, 1990 ) and the said clause, as so amended, is set out in the Table to this section.

TABLE

(i) the amount so raised or borrowed and standing unpaid at any particular time shall not exceed £1,300,000,000 less the amount (if any) which the Minister has, under a guarantee or guarantees given by him, paid in respect of the principal of monies raised or borrowed by the Company and which stands at that time not repaid to the Minister by the Company.

Alteration of memorandum and articles of association of Company.

6.—The Company shall take such steps as may be necessary under the Companies Acts, 1963 to 1990, to alter its memorandum and articles of association to make them consistent with the ICC Bank Acts, 1933 to 1992.

Amendment of section 9 of Bankers' Books Evidence Act, 1879, and of section 2 of Bills of Exchange Act, 1882.

7.—(1) Section 9 (1) (inserted by the Bankers' Books Evidence (Amendment) Act, 1959 ) of the Bankers' Books Evidence Act, 1879 , is hereby amended by the insertion after paragraph (f) (inserted by section 10 of the ACC Bank Act, 1992 ) of the following paragraph:

“(g) ICC Bank public limited company.”.

(2) Section 2 of the Bills of Exchange Act, 1882 , is hereby amended by the substitution for the definition of “ Banker” (inserted by section 11 of the ACC Bank Act, 1992 ) of the following definition:

“‘Banker’ includes—

(a) a body of persons whether incorporated or not who carry on the business of banking,

(b) a building society (within the meaning of the Building Societies Act, 1989 ),

(c) ACC Bank public limited company, and

(d) ICC Bank public limited company.”.

Short title, collective citation and construction.

8.—(1) This Act may be cited as the ICC Bank Act, 1992.

(2) The Industrial Credit Acts, 1933 to 1990, and this Act (other than section 7 ) may be cited together as the ICC Bank Acts, 1933 to 1992, and shall be construed together as one Act.