ICC Bank Act, 1999
|
Provisions in relation to certain assets and liabilities transferred to Company under Fóir Teoranta (Dissolution) Act, 1990. |
3.—(1) In this section “the section” means section 3 of the Fóir Teoranta (Dissolution) Act, 1990 . | |
(2) The Minister may dispose, in such manner and upon and subject to such terms and conditions as he or she may determine, of his or her right under subsection (4) of the section to receive the payments specified in that subsection. | ||
(3) The Minister may pay to the Company out of any proceeds of a disposal under subsection (2) such amount as he or she may determine in respect of the management by the Company of the assets transferred to the Company by the section. | ||
(4) A disposal under subsection (2) may relate to payments of one or more than one kind. | ||
(5) The Minister may indemnify the Company, in such manner and upon and subject to such terms and conditions as he or she may determine, against any liability of the Company— | ||
(a) resulting from an order of a court in relation to any asset or liability transferred to the Company by the section, or | ||
(b) resulting from the settlement, or from the determination by arbitration or in any other manner, with the consent of the Minister, of any claim, dispute or difference in relation to any asset or liability specified in paragraph (a). | ||
(6) Any moneys received by the Minister under subsection (2) (less any moneys paid by him or her under subsection (3)) shall be disposed of for the benefit of the Exchequer. | ||
(7) Any moneys required by the Minister to meet amounts payable by him or her under subsection (5) shall be advanced out of the Central Fund or the growing produce thereof. |