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47 2001

ASSET COVERED SECURITIES ACT, 2001

PART 10

Miscellaneous

Certain persons to be not liable for commission of certain acts and omissions under this Act.

100. —(1) This section applies to the following persons—

(a) the Minister and any public officer acting under the direction of the Minister,

(b) the Authority, members and employees of the Authority, and persons acting under the direction of the Authority,

(c) the NTMA, the chief executive and employees of the NTMA, and persons acting under the direction of the NTMA,

(d) a cover-assets monitor appointed in respect of a designated credit institution under Part 5, officers and employees of the monitor, and persons acting under the direction of the monitor,

(e) a manager, other than the NTMA, appointed in respect of a designated or formerly designated credit institution under Part 6 or Schedule 1, officers and employees of the manager, and persons acting under the direction of the manager.

(2) A person to whom this section applies is not liable in any civil proceedings for any act done, or omitted to be done, by the person for the purposes of, or in connection with, performing or exercising any function or power imposed or conferred on the Minister, the Authority, the NTMA, a cover-assets monitor or manager by or under this Act if the act was done, or was omitted, in good faith for the purposes of this Act.

Designation of credit institution not to be a warranty of solvency, etc.

101. —The fact that a person is registered under this Act as a designated credit institution, or that a person is in any respect being regulated or monitored under this Act, does not of itself constitute a warranty that the person is solvent or that the person is complying with, or has complied with, this Act, or with obligations imposed on the person by or under this Act.

Reciprocal arrangements with other countries.

102. —(1) In this section—

“corresponding law”, in relation to a relevant overseas country, means a law in force in that country which corresponds to, or substantially corresponds to, the provisions of this Act;

“relevant overseas country” means—

(a) an EEA country (other than the State), or

(b) a category A country, or

(c) a category B country designated by an order in force under section 33 (4) or 48(4).

(2) This section applies when a corresponding law of a relevant overseas country contains provisions that treat—

(a) designated credit institutions, and

(b) the holders of asset covered securities issued by those institutions,

no less favourably than their counterparts in that country.

(3) If—

(a) a credit institution established and authorised in a relevant overseas country has issued securities that, under a corresponding law of that country, are equivalent to or substantially equivalent to asset covered securities issued by a designated credit institution in accordance with this Act,

(b) those securities are, in accordance with that law, secured over or backed by assets that would be eligible to be cover assets for the purposes of this Act if held by a designated credit institution,

(c) assets located in the State provide security or backing to satisfy the claims and rights of holders of those securities, and

(d) that security or backing is equivalent to, or is substantially equivalent to, that to which preferred creditors are entitled under Part 7,

the rights and benefits conferred by this Act on preferred creditors referred to in paragraphs (a) and (b) of the definition of that expression in section 3 (1) also extend, subject to section 87 and with such modifications as are prescribed by the regulations, to holders of equivalent securities issued by relevant financial institutions in that country in so far as those securities relate to assets that are located in the State.

Giving of notices.

103. —(1) If, under this Act, a notice (not being a regulatory notice) is required or permitted to be given to a person, the notice may be given—

(a) where the person is a natural person, by giving it to the person personally or by sending it by prepaid registered letter addressed to the person at the person's usual or last known place of residence or business, or

(b) where the person is a body corporate—

(i) by delivering it to a person who is or apparently is concerned in the management of the body, or

(ii) by leaving it at the registered office of the body with a person apparently employed at that office, being a person who has or apparently has attained the age of 16 years, or

(iii) by sending it by prepaid registered letter addressed to the body at that registered office.

(2) In subsection (1)(b), “registered office” in relation to a body corporate means—

(a) the office of the body that is the registered office or principal office in accordance with the law under which the body is incorporated,

(b) if the body is not incorporated in the State, an office registered under a law of the State as a registered office of the body, or

(c) in the case of a body that has no such registered office or principal office, the principal place of business of the body corporate in the State.

Certain documents exempt from stamp duty.

104. —Stamp duty is not chargeable on—

(a) the issue of an asset covered security in accordance with this Act,

(b) a transfer of such a security, or

(c) a transfer of a business or a part of a business, or an asset, in respect of which the approval of the Minister or the Authority is required under section 58 .

Expenses incurred in administering this Act.

105. —The expenses incurred by the Minister in administering this Act are, to such extent as the Minister approves, payable out of money provided by the Oireachtas.

Consequential amendments to other Acts.

106. —The Acts specified in Schedule 2 are amended as indicated in that Schedule.