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Conditions for voluntary strike off
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161. (1) An ICAV may apply to the Bank to be struck off the register of ICAVs if the following conditions are satisfied:
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(a) the circumstances relating to the ICAV are such as to give the Bank reasonable cause to believe that it has never carried on business or has ceased to carry on business;
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(b) the ICAV has, within 3 months before the date of the application, by special resolution—
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(i) resolved to apply to the Bank to be struck off on the ground that it has never carried on business or has ceased to carry on business, and
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(ii) resolved that pending the determination of its application to be struck off (or, should it sooner occur, the cancellation, at its request, of this process), the ICAV will not carry on any business or incur any liabilities;
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(c) the ICAV has delivered to the Bank a certificate, in such form as may be specified by the Bank and signed by each director, certifying that as at the date of the application—
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(i) the amount of any assets of the ICAV does not exceed €150,
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(ii) the amount of any liabilities of the ICAV (including contingent and prospective liabilities) does not exceed €150, and
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(iii) the ICAV is not a party to ongoing or pending litigation;
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(d) the Bank has received from the Revenue Commissioners written confirmation dated not more than 3 months before the date on which the Bank receives the application that the Revenue Commissioners do not object to the ICAV being struck off the register of ICAVs;
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(e) the ICAV has caused an advertisement, in such form as may be specified by the Bank, of its intention to apply to be struck off to be published within 30 days before the date of the application in at least 1 daily newspaper circulating in the State.
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(2) Where an application under this section by an ICAV to be struck off the register of ICAVs is made within one year after the date on which the ICAV has changed its name or its registered office (or both), then, as the case may be—
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(a) the former name of the ICAV, as well as the existing name of the ICAV,
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(b) the former address, as well as the current address, of the ICAV’s registered office, or
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(c) both its former name and the former address of its registered office, as well as the existing name of the ICAV and the current address of its registered office,
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shall be stated in the advertisement referred to in subsection (1)(e).
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