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Central Bank and Financial Services Authority of Ireland Act 2003

Substitution of section 5 of the Principal Act.

4.—The Principal Act is amended by substituting the following section for section 5:

“Constitution, functions and powers of the Bank

Constitution of Bank.

5.—(1) The body corporate formerly called ‘Banc Ceannais na hÉireann’ in Irish and the ‘Central Bank of Ireland’ in English is continued, but with the corporate name of ‘Banc Ceannais agus Údarás Seirbhísí Airgeadais na hÉireann’ in Irish and the ‘Central Bank and Financial Services Authority of Ireland’ in English.

(2) The Bank—

(a) has perpetual succession, and

(b) may take legal proceedings and be proceeded against in its corporate name.

(3) The Bank is required to have a seal. The seal is to be judicially noticed.

(4) Except as expressly provided by this Act, the affairs and activities of the Bank are to be managed and controlled by the Board of Directors of the Bank.”.