ICC Bank Act, 1999
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Disposal and issue of shares. |
2.—(1) Notwithstanding anything to the contrary in the ICC Bank Acts, 1933 to 1997, the Company may, in connection with a trust, issue such number of new shares, of such class or classes and upon and subject to such terms and conditions, as the Company may determine and may attach to the new shares any preferential, deferred, qualified or special rights, privileges, conditions or restrictions in accordance with the Companies Acts, 1963 to 1999. | |
(2) The Minister may, for the purposes of a trust and in such manner and upon and subject to such terms and conditions as he or she may determine, sell or otherwise transfer to employees of the Company or a subsidiary, or to the trustees of a trust, shares held by him or her. | ||
(3) Section 60 of the Companies Act, 1963 , shall not apply to the provision, whether directly or indirectly, by— | ||
(a) the Company or a subsidiary, or | ||
(b) a holding company or another subsidiary of a holding company, | ||
of money or financial assistance (including a loan or guarantee or the provision of security or otherwise) at any time in connection with the acquisition (whether by purchase or exchange) of or subscription for shares, or shares in a holding company, being an acquisition of or subscription for such shares in accordance with a trust or the transfer to a trust of such shares, irrespective of whether or not all or a portion of such shares are pledged as security or otherwise to any third party. | ||
(4) Moneys received by the Minister in respect of the disposal of shares by the Minister shall be paid into or disposed of for the benefit of the Exchequer. | ||
(5) In this section, unless the context otherwise requires— | ||
“holding company” and “subsidiary” mean holding company and subsidiary (within the meaning in each case of section 155 of the Companies Act, 1963 ) of the Company; | ||
“shares” means shares in the Company; | ||
“trust” means an employee share ownership trust to which section 519 of the Taxes Consolidation Act, 1997 , applies and which is a trust to acquire and hold shares, or shares in a holding company, for the benefit of employees of the Company or a subsidiary. |