ACC Bank Act, 1992

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Number 6 of 1992

ACC BANK ACT, 1992

ARRANGEMENT OF SECTIONS

Number 6 of 1992

ACC BANK ACT, 1992

AN ACT TO AMEND AND EXTEND THE AGRICULTURAL CREDIT ACTS, 1978 TO 1988, AND FOR THOSE PURPOSES TO AMEND SECTION 9 OF THE BANKERS' BOOKS EVIDENCE ACT, 1879 , SECTION 2 OF THE BILLS OF EXCHANGE ACT, 1882 , AND SECTION 2 OF THE INSURANCE (AMENDMENT) ACT, 1978 , AND TO PROVIDE FOR CONNECTED MATTERS. [16th April, 1992]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

Definition.

1.—In this Act “the Principal Act” means the Agricultural Credit Act, 1978 .

ACC Bank p.l.c.

2.—(1) The Agricultural Credit Corporation public limited company (re-registered as a public limited company under the Companies (Amendment) Act, 1983 , by a certificate of incorporation dated the 18th day of January, 1985) shall, upon the commencement of this Act, be known as ACC Bank public limited company.

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

Amendment of section 3 of Principal Act.

3.—Section 3 of the Principal Act is hereby amended by the substitution for the definition of “the Corporation” of the following definitions:

“‘The Central Bank’ means the Central Bank of Ireland;

‘The Corporation’ means ACC Bank public limited company;”.

Supervision of Corporation by Central Bank.

4.—(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 Corporation under the Central Bank Acts, 1942 to 1989, may by regulations apply to the Corporation 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 CentralBank Act, 1989, with such modifications or adaptations as he considers necessary.

(2) Every regulation made under this section shall be laid before each 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.

Amendment of section 8 of Principal Act.

5.—Section 8 of the Principal Act is hereby amended by the substitution for subsection (1) of the following subsection:

“(1) The objects of the Corporation shall be so stated in its memorandum of association that its principal functions shall include—

(a) (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—

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

(II) upon the commencement of regulations made under section 4 of the ACC Bank Act, 1992, as the Central Bank, after consultation with the Minister, may from time to time determine, and

(b) the receipt, on such terms and subject to such conditionsas the Corporation 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.”.

Amendment of section 10 of Principal Act.

6.—Section 10 of the Principal Act is hereby amended by the substitution for subsection (1) of the following subsection:

“(1) The number of directors of the Corporation (including the chairman) shall not be less than three or more than nine.”.

Amendment of section 11 of Principal Act.

7.—Section 11 of the Principal Act is hereby amended by the substitution for subsection (1) (as amended by section 4 of the Agricultural Credit Act, 1988 ) of the following subsection:

“(1) The share capital of the Corporation shall be £50,000,000 divided into shares of £1 each.”.

Amendment of section 12 of Principal Act.

8.—Section 12 of the Principal Act is hereby amended by the substitution for subsection (1) (inserted by section 2 of the Agricultural Credit Act, 1982 ) of the following subsection:

“(1) The Corporation may (subject to such conditions or limitations on amounts as the Minister, after consultation with the Central Bank, may determine) raise or borrow money (including money in a currency other than the currency of the State) in any manner it thinks fit:

Provided that the amount of money raised or borrowed and outstanding at any one time shall not exceed £1,000,000,000.”.

Alteration of memorandum and articles of association of Corporation.

9.—The Corporation 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 this Act.

Amendment of section 9 of Bankers' Books Evidence Act, 1879.

10.—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 (e) (inserted by section 126 (1) of the Building Societies Act, 1989 ) of the following paragraph:

“(f) ACC Bank public limited company.”.

Amendment of section 2 of Bills of Exchange Act, 1882.

11.— Section 2 of the Bills of Exchange Act, 1882 , is hereby amended by the substitution of the following definition for the definition of “Banker” (inserted by section 126 (2) of the Building Societies Act, 1989 ):

“‘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 ), and

(c) ACC Bank public limited company.”.

Amendment of section 2 of Insurance (Amendment) Act, 1978.

12.—The Insurance (Amendment) Act, 1978 , is hereby amended by the substitution for section 2 (inserted by section 27 of the Insurance Act, 1989 ) of the following section:

“2.—(1) This Act applies to any bond or any contract of suretyship or guarantee which is given, or is entered into, as surety or guarantor by—

(a) a licensee in the course of his banking business, or

(b) the Industrial Credit Corporation public limited company in the course of its business, or

(c) Fóir Teoranta in the course of its business, or

(d) ACC Bank public limited company in the course of its business,

or which is in the course of his banking business given or entered into, as surety or guarantor, by a person resident outside the State to satisfy, and only for the purposes of, a requirement which is both—

(i) a requirement of—

(I) a licensee,

(II) the Industrial Credit Corporation public limited company,

(III) Fóir Teoranta, or

(IV) ACC Bank public limited company, and

(ii) made solely for the purposes of securing financial facilities to be made available by—

(I) that licensee,

(II) the Industrial Credit Corporation public limited company,

(III) Fóir Teoranta, or

(IV) ACC Bank public limited company.

(2) In this section—

‘banking business’ has the meaning assigned to it by section 2 (as amended by section 29 of the Central Bank Act, 1989 ) of the Central Bank Act, 1971 ;

‘licensee’ means the holder of a licence granted under section 9 of the Central Bank Act, 1971 .”.

Repeals.

13.—The following are hereby repealed:

(a) subsection (2) of section 53 of the Principal Act, and

(b) section 2 of the Agricultural Credit Act, 1988 .

Short title, construction, collective citation and commencement.

14.—(1) This Act may be cited as the ACC Bank Act, 1992.

(2) The Agricultural Credit Acts, 1978 to 1988, and this Act (other than sections 10 , 11 and 12 ) shall be construed together as one Act and may be cited together as the ACC Bank Acts, 1978 to 1992.

(3) This Act shall come into operation on such day as the Minister may appoint by order.