Acc Bank Act, 1992

• Jurisdiction: Ireland
• Citation: IR No. 6/1992
• Year: 1992

Number 6 of 1992
ACC BANK ACT, 1992
ARRANGEMENT OF SECTIONS
Section 1. Definition. 2. ACC Bank p.l.c. 3. Amendment of section 3 of Principal Act. 4. Supervision of Corporation by Central Bank. 5. Amendment of section 8 of Principal Act. 6. Amendment of section 10 of Principal Act. 7. Amendment of section 11 of Principal Act. 8. Amendment of section 12 of Principal Act. 9. Alteration of memorandum and articles of association of Corporation. 10. Amendment of section 9 of Bankers' Books Evidence Act, 1879. 11. Amendment of section 2 of Bills of Exchange Act, 1882. 12. Amendment of section 2 of Insurance (Amendment) Act, 1978. 13. Repeals. 14. Short title, construction, collective citation and commencement.
Acts Referred to Agricultural Credit Act, 1978 1978, No. 2 Agricultural Credit Act, 1982 1982, No. 24 Agricultural Credit Act, 1988 1988, No. 6 Agricultural Credit Acts, 1978 to 1988 Bankers' Books Evidence Act, 1879 42 & 43 Vict., c. 11 Bankers' Books Evidence (Amendment) Act, 1959 1959, No. 21 Bills of Exchange Act, 1882 45 & 46 Vict., c. 61 Building Societies Act, 1989 1989, No. 17 Central Bank Act, 1971 1971, No. 24 Central Bank Act, 1989 1989, No. 16 Central Bank Acts, 1942 to 1989 Companies (Amendment) Act, 1983 1983, No. 13 Companies Acts, 1963 to 1990 Insurance (Amendment) Act, 1978 1978, No. 30 Insurance Act, 1989 1989, No. 3
Number 6 of 1992
ACC BANK ACT, 1992
AN ACT TO AMEND AND EXTEND THE AGRICULTURAL CREDIT ACTS, 1978 TO 1988, AND FOR THOSE PURPOSES TO AMEND SECTION 9 OF THE BANKERS' BOOKS EVIDENCE ACT, 1879 , SECTION 2 OF THE BILLS OF EXCHANGE ACT, 1882 , AND SECTION 2 OF THE INSURANCE (AMENDMENT) ACT, 1978 , AND TO PROVIDE FOR CONNECTED MATTERS. [16th April, 1992]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
	Definition.	1.—In this Act “the Principal Act” means the Agricultural Credit Act, 1978 .
	ACC Bank p.l.c.	2.—(1) The Agricultural Credit Corporation public limited company (re-registered as a public limited company under the Companies (Amendment) Act, 1983 , by a certificate of incorporation dated the 18th day of January, 1985) shall, upon the commencement of this Act, be known as ACC Bank public limited company.
	(2) References in any Act or any instrument made under any Act to the Agricultural Credit Corporation public limited company or to the Agricultural Credit Corporation, Limited, shall be construed as references to ACC Bank public limited company.
	Amendment of section 3 of Principal Act.	3.—Section 3 of the Principal Act is hereby amended by the substitution for the definition of “the Corporation” of the following definitions:
	“‘The Central Bank’ means the Central Bank of Ireland;
	‘The Corporation’ means ACC Bank public limited company;”.
	Supervision of Corporation by Central Bank.	4.—(1) Notwithstanding section 7 (4) (inserted by section 30 of the Central Bank Act, 1989 ) of the Central Bank Act, 1971 , the Minister, after consultation with the Central Bank, for the purpose of enabling the Central Bank to exercise supervision of the Corporation under the Central Bank Acts, 1942 to 1989, may by regulations apply to the Corporation all or any of the supervisory provisions of Part II of the Central Bank Act, 1971 , or Chapters I to VI of Part II of the CentralBank Act, 1989, with such modifications or adaptations as he considers necessary.
	(2) Every regulation made under this section shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the regulation is passed by either House within the next 21 days on which that House has sat after the regulation has been laid before it, the regulation shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.
	Amendment of section 8 of Principal Act.	5.—Section 8 of the Principal Act is hereby amended by the substitution for subsection (1) of the following subsection:
	“(1) The objects of the Corporation shall be so stated in its memorandum of association that its principal functions shall include—
	(a) (i) lending and advancing money,
	(ii) acquiring, underwriting, holding, selling and otherwise dealing with, shares, stocks, debentures, debenture stocks and other securities of any body corporate,
	(iii) drawing, accepting, endorsing, discounting, purchasing and otherwise dealing with, bills of exchange, promissory notes and other negotiable instruments,
	(iv) providing such other banking, financial or credit services and engaging in such banking or financial transactions as it thinks proper (including giving guarantees to any person in relation to the payment of money, and of interest on the money, or the repayment of money paid by that person on foot of loans, advances or other credit facilities granted by that person and the payment of interest on such money),
	(v) engaging in the provision of hire-purchase and leasing facilities and for that purpose acquiring, disposing of and otherwise dealing with the subject of such facilities, and
	(vi) arranging for the provision of credit facilities for any person by any other person (and acting as agent for any person in relation to the payment and collection and receipt of money in respect of such facilities),
	subject to such conditions or limitations on amounts—
	(I) as the Minister, after consultation with the Central Bank, may from time to time determine, and
	(II) upon the commencement of regulations made under section 4 of the ACC Bank Act, 1992, as the Central Bank, after consultation with the Minister, may from time to time determine, and
	(b) the receipt, on such terms and subject to such conditionsas the Corporation thinks proper, of deposits of money (including money in a currency other than the currency of the State) from any source and the receipt of deposits of securities for safe keeping and management and, so far as may be lawful, the execution of trusts in relation to the securities.”.
	Amendment of section 10 of Principal Act.	6.—Section 10 of the Principal Act is hereby amended by the substitution for subsection (1) of the following subsection:
	“(1) The...