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Uimhir 17 de 1972
AN tACHT UM IONTAOBHAIS AONAD, 1972
[An tiontú oifigiúil]
Léiriú.
1862, c. 89.
1908, c. 69.
1.—(1) San Acht seo, mura n-éilíonn an comhthéacs a mhalairt—
ciallaíonn “cuideachta” cuideachta a foirmíodh agus a cláraíodh faoi Achtanna na gCuideachtaí Comhstoic, faoin Companies Act, 1862, faoin Companies (Consolidation) Act, 1908, nó faoi Acht na gCuideachtaí, 1963, (ach ní fholaíonn sé cuideachta a cláraíodh faoi aon cheann de na hachtacháin sin lasmuigh den Stát), nó cuideachta a corpraíodh sa Stát le reacht nó le cairt;
ciallaíonn “bintiúir” aon bhintiúir, stoc bintiúir nó bannaí bintiúir de chuid aon chomhlachta chorpraithe, atá corpraithe sa Stát nó lasmuigh den Stát, cibé acu atá siad ina muirear ar shócmhainní an chomhlachta nó nach bhfuil;
tá le “cuideachta shealbhaíochta” an bhrí chéanna atá leis in Acht na gCuideachtaí, 1963;
ciallaíonn “an tAire” an tAire Tionscail agus Tráchtála;
folaíonn “oifigeach”, maidir le comhlacht corpraithe, stiúrthóir nó rúnaí;
ciallaíonn “an clár” an clár a bhunaítear agus a chothabháiltear faoi alt 2 den Acht seo;
ciallaíonn “scéim iontaobhais aonad chláraithe” scéim iontaobhais aonad atá cláraithe sa chlár;
ciallaíonn “an cláraitheoir” cláraitheoir na gcuideachtaí de réir brí Acht na gCuideachtaí, 1963;
ciallaíonn “urrúis”—
(a) scaireanna nó bintiúir, nó cearta nó leasanna (cibé acu is mar aonaid nó ar shlí eile a thuairiscítear iad) in aon scaireanna nó bintiúir, nó
(b) urrúis de chuid an Rialtais nó de chuid rialtas aon tíre nó aon chríche lasmuigh den Stát, nó
(c) cearta (iarbhír nó teagmhasach) i leith airgead a tugadh ar iasacht d'aon chumann tionscail agus coigiltis nó d'aon chara-chumann nó d'aon chumann foirgníochta, nó a taisceadh le haon chumann den sórt sin;
ciallaíonn “scaireanna” scaireanna i scairchaipiteal comhlachta chorpraithe nó i stoc comhlachta chorpraithe;
tá le “fochuideachta” an bhrí chéanna atá leis in Acht na gCuideachtaí, 1963;
ciallaíonn “aonaid”, maidir le scéim iontaobhais aonad, aon aonaid (cibé acu is mar aonaid nó ar shlí eile a thuairiscítear iad) a bhfuil na leasanna tairbhiúla sna sócmhainní roinnte iontu faoi réir aon iontaobhais a bunaíodh faoin scéim;
ciallaíonn “scéim iontaobhais aonad” aon socruithe arna ndéanamh chun saoráidí a sholáthar, nó arb é a n-éifeacht saoráidí a sholáthar, le go mbeadh an pobal páirteach, mar thairbhithe faoi iontaobhas, i mbrabúis nó in ioncam as urrúis nó as maoin eile de chineál ar bith a fháil, a shealbhú, a bhainistí nó a dhiúscairt.
(2) Déanfar aon tagairt san Acht seo do bhainisteoir faoi scéim iontaobhais aonad nó d'iontaobhaí faoi scéim den sórt sin a fhorléiriú mar thagairt don duine a ndílsítear dó na cumhachtaí bainistíochta maidir le maoin atá, de thuras na huaire, faoi réir aon iontaobhais a bunaíodh de bhun na scéime nó, de réir mar a bheidh, don duine a ndílsítear an mhaoin sin dó nó ar féidir í a dhílsiú dó de réir téarmaí an iontaobhais.
Clár de scéimeanna iontaobhais aonad.
2.—Bunóidh an cláraitheoir agus cothabhálfaidh sé clár de scéimeanna iontaobhais aonad (dá ngairtear an clár san Acht seo).
Scéimeanna iontaobhais aonad a chlárú.
3.—(1) Ar iarratas a dhéanamh chun an chláraitheora de réir an Achta seo ag an mbainisteoir agus ag an iontaobhaí faoi scéim iontaobhais aonad, cláróidh an cláraitheoir an scéim sa chlár sna cásanna seo agus sna cásanna seo amháin—
(a) go mbeidh an tAire sásta, tar éis comhairle a ghlacadh le Banc Ceannais na hÉireann agus tar éis an fhaisnéis iomchuí san iarratas a bhreithniú leis an mBanc sin, go bhfuil inniúlacht i leith nithe den sórt a mbeadh plé acu leo i ndáil le scéim iontaobhais aonad agus ionracas an bhainisteora agus an iontaobhaí de chineál a thabharfadh go mbeidís oiriúnach chun gníomhú mar bhainisteoir agus mar iontaobhaí, faoi seach, faoin scéim,
(b) gurb é is bainisteoir faoin scéim comhlacht corpraithe a corpraíodh sa Stát agus a bhfuil áit ghnó aige sa Stát, agus nach lú na £25,000 an méid dá chaipiteal atá íoctha in airgead agus ar leor a shócmhainní chun freastal dá dhliteanais (lena n-áirítear dliteanais i leith a chaipitil íoctha),
(c) gurb é is iontaobhaí faoin scéim comhlacht corpraithe a corpraíodh sa Stát agus a bhfuil áit ghnó aige sa Stát, agus
(i) a bhfuil sócmhainní aige is leor chun freastal dá dhliteanais (lena n-áirítear dliteanais i leith aisíoc a chaipitil íoctha) agus a bhfuil aige caipiteal (i stoc nó i scaireanna) atá eisithe de thuras na huaire nach lú ná £500,000 a bhfuil méid nach lú ná £250,000 de íoctha in airgead, nó
(ii) (I) atá ar úinéireacht go hiomlán ag comhlacht corpraithe (dá ngairtear an bunchomhlacht sa mhír seo) a gcomhlíontar maidir leis na coinníollacha i dtaobh caipitil agus sócmhainní a shonraítear i bhfomhír (i) den mhír seo, agus
(II) a ráthaíonn an bunchomhlacht urscaoileadh a dhliteanas,
(d) go mbeidh an tAire sásta gur scéim í de chineál a thabharfaidh go ndéanfar urlámh éifeachtach ar ghnóthaí an bhainisteora agus ar ghnóthaí an iontaobhaí faoin scéim a fheidhmiú go neamhspleách ar a chéile,
(e) go mbeidh an tAire sásta gur scéim í de chineál a áiritheoidh go ndéanfar gach iontaobhas a chruthófar de bhun na scéime a shainiú i ngníomhas a chomhlíonann forálacha an Achta seo agus forálacha aon orduithe a bheidh i bhfeidhm de thuras na huaire faoi alt 10 den Acht seo agus a mbeidh feidhm acu maidir leis an ngníomhas agus go mbeidh cúnant sa ghníomhas á fhoráil go leanfar den scéim i gcomhlíonadh forálacha an Achta seo agus forálacha aon orduithe a bheidh i bhfeidhm faoi de thuras na huaire,
(f) go ndéanfar cóip den ghníomhas réamhráite a thaisceadh leis an gcláraitheoir, agus
(g) nach ainm míchuibhiúil, i dtuairim an Aire, ainm na scéime.
(2) Aon uair a bheartóidh an cláraitheoir diúltú scéim iontaobhais aonad a chlárú sa chlár—
(a) tabharfaidh sé fógra don bhainisteoir agus don iontaobhaí faoin scéim go mbeartaíonn sé amhlaidh agus luafaidh sé na cúiseanna atá leis an diúltú agus go bhféadfaidh an bainisteoir nó an t-iontaobhaí, laistigh de 30 lá ó tugadh an fógra sin dóibh, uiríolla a dhéanamh i scríbhinn chun an Aire maidir leis an diúltú beartaithe,
(b) féadfaidh an bainisteoir nó an t-iontaobhaí na huiríolla sin a dhéanamh i scríbhinn chun an Aire laistigh den am reamhráite,
(c) déanfaidh an tAire, sula gcinnfidh sé ar sheasamh le beartú an chláraitheora nó rialú in aghaidh an bheartaithe sin, aon uiríolla a bhreithniú a rinneadh chuige go cuí faoin alt seo maidir leis an mbeartú, agus ansin ordóidh sé don chláraitheoir (agus déanfaidh seisean de réir an ordacháin) an scéim a chlárú nó gan í a chlárú (de réir mar a bheidh) sa chlár.
(3) Ar scéim iontaobhais aonad a chlárú dó sa chlár, deimhneoidh an cláraitheoir faoina láimh go bhfuil an scéim cláraithe sa chlár agus beidh an deimhniú inghlactha i bhfianaise in aon imeachtaí dlí agus beidh sé ina fhianaise dhochloíte go bhfuil an scéim cláraithe sa chlár.
(4) I gcás go ndiúltófar d'iarratas chun scéim iontaobhais aonad a chlárú sa chlár, tabharfaidh an cláraitheoir fógra láithreach don bhainisteoir agus don iontaobhaí faoin scéim i dtaobh an diúltaithe agus féadfaidh an bainisteoir nó an t-iontaobhaí, laistigh de 30 lá tar éis an dáta ar ar tugadh an fógra don bhainisteoir nó don iontaobhaí, de réir mar a bheidh, achomharc in aghaidh an diúltaithe a dhéanamh chun na hArd-Chúirte agus is breith chríochnaitheach neamhinachomhairc breith na Cúirte sin.
(5) Is i scríbhinn a dhéanfar aon iarratas faoin alt seo agus beidh cibé faisnéis ann i dtaobh cibé nithe agus beidh cibé doiciméid ag gabháil leis a shonróidh an tAire ó am go ham.
Athrú ar ghníomhas iontaobhais nó athrú ar ainm scéim iontaobhais aonad a chur in iúl don chláraitheoir.
4.—(1) Laistigh de 21 lá tar éis athruithe a bheith déanta sa ghníomhas ina sainítear iontaobhais scéim iontaobhais aonad chláraithe, déanfaidh an bainisteoir faoin scéim cóip den ghníomhas arna athrú amhlaidh nó ina bhfuil na hathruithe a thaisceadh leis an gcláraitheoir.
(2) Laistigh de 21 lá tar éis athrú a bheith déanta ar ainm scéim iontaobhais aonad chláraithe déanfaidh an bainisteoir faoin scéim sonraí an athraithe a thaisceadh leis an gcláraitheoir.
(3) Mura gcomhlíonfaidh bainisteoir faoi scéim iontaobhais aonad fo-alt (1) nó (2) den alt seo, beidh sé ciontach i gcion.
Clárú scéimeanna iontaobhais aonad a chealú.
5.—(1) Faoi réir forálacha an ailt seo, más rud é, i gcás scéim iontaobhais aonad chláraithe—
(a) go bhfuil foráil den Acht seo nó d'ordú faoin Acht seo á sárú,
(b) nach bhfuil na coinníollacha a shonraítear i míreanna (b), (c) agus (f) d'alt 3 (1) den Acht seo á gcomhlíonadh a thuilleadh, nó
(c) nach bhfuil an tAire sásta a thuilleadh i leith na nithe a shonraítear i míreanna (a), (d), (e) agus (g) den alt sin 3 (1),
féadfaidh an tAire a ordú don chláraitheoir clárú na scéime sa chlár a chealú lá a shonrófar san ordú, agus déanfaidh an cláraitheoir de réir an ordacháin.
(2) Aon uair a bheartóidh an tAire ordachán a thabhairt faoin alt seo maidir le scéim iontaobhais aonad—
(a) tabharfaidh sé fógra don bhainisteoir agus don iontaobhaí faoin scéim go mbeartaíonn sé amhlaidh agus luafaidh sé na cúiseanna atá aige leis sin agus go bhféadfaidh an bainisteoir nó an t-iontaobhaí, laistigh de 30 lá ó tugadh an fógra sin dóibh, uiríolla a dhéanamh i scríbhinn chun an Aire maidir leis an ordachán beartaithe,
(b) féadfaidh an bainisteoir nó an t-iontaobhaí na huiríolla sin a dhéanamh i scríbhinn chun an Aire laistigh den am réamhráite.
(c) sula gcinnfidh an tAire ar an ordachán a thabhairt nó ar staonadh óna thabhairt, breithneoidh sé aon uiríolla a rinneadh chuige go cuí faoin alt seo maidir leis an ordachán beartaithe, agus, má chinneann sé ar an ordachán a thabhairt, tabharfaidh sé é laistigh de 30 lá tar éis dáta na n-uiríolla a dhéanamh chuige, nó más rud é nach ndéanfar aon uiríolla, laistigh de 30 lá tar éis an lae dheiridh chun iad a dhéanamh.
(3) Ní thabharfaidh an tAire ordachán faoin alt seo maidir le scéim iontaobhais aonad mura mbeidh sé sásta gur gá sin a dhéanamh ar mhaithe le leas an phobail agus leasanna sealbhóirí aonad a cruthaíodh faoin scéim.
(4) (a) I gcás go dtabharfar ordachán maidir le scéim iontaobhais aonad faoin alt seo, tabharfaidh an cláraitheoir fógra i dtaobh an ordacháin don bhainisteoir agus don iontaobhaí faoin scéim tráth nach déanaí ná 60 lá roimh an lá a bheartaítear é a theacht in éifeacht agus féadfaidh an bainisteoir nó an t-iontaobhaí, laistigh de 30 lá tar éis an dáta a tugadh an fógra don bhainisteoir nó don iontaobhaí, cibé acu é, achomharc i gcoinne an ordacháin a dhéanamh chun na hArd-Chúirte agus is breith chríochnaitheach neamh-inachomhairc breith na Cúirte sin.
(b) Féadfaidh an Ard-Chúirt, más cuí léi sin a dhéanamh, a fhoráil le hordú nach mbeidh éifeacht, i gcaitheamh na tréimhse roimh chinneadh an achomhairc nó i gcaitheamh cibé coda den tréimhse sin a shonróidh sí san ordú, ag ordachán faoin alt seo lena mbaineann achomharc faoin bhfo-alt seo.
(5) (a) Aon uair a thabharfaidh an tAire fógra faoi fho-alt (2) den alt seo maidir le hordachán faoin alt seo, féadfaidh sé, an tráth céanna nó—
(i) i gcás go gcinnfidh sé dá éis sin ar staonadh ón ordachán a thabhairt, tráth ar bith roimh an gcinneadh sin,
(ii) in aon chás eile, tráth ar bith sula dtiocfaidh an cinneadh in éifeacht,
a cheangal ar an mbainisteoir faoin scéim iontaobhais aonad lena mbaineann an fógra staonadh ó aonaid de chuid na scéime a dhíol, nó ó fhógráin a fhoilsiú nó óna chur faoi deara go bhfoilseofar fógráin maidir leis an scéim, i rith na tréimhse roimh an gcinneadh uaidh nó sula dtiocfaidh an t-ordachán in éifeacht, de réir mar is iomchuí, agus déanfaidh an bainisteoir, faoi réir forálacha an ailt seo, an ceanglas a chomhlíonadh.
(b) Féadfaidh an bainisteoir faoi scéim iontaobhais aonad a mbaineann ceanglas faoin bhfo-alt seo leis, laistigh de 20 lá tar éis an dáta a cuireadh an ceanglas air, achomharc i gcoinne an cheanglais a dhéanamh chun na hArd-Chúirte agus is breith chríochnaitheach neamhinachomhairc breith na Cúirte sin.
(c) Féadfaidh an Ard-Chúirt, más cuí léi sin a dhéanamh, a fhoráil le hordú nach mbeidh éifeacht ag ceanglas faoin bhfo-alt seo i gcaitheamh na tréimhse roimh chinneadh an achomhairc i gcoinne an cheanglais faoi mhír (b) den fho-alt seo nó i gcaitheamh cibé coda den tréimhse a shonróidh sí san ordú nó roimh chinneadh achomhairc i gcoinne ordacháin faoin alt seo maidir leis an scéim iontaobhais aonad lena mbaineann an ceanglas.
(d) Aon uair a scoirfidh ordachán faoin alt seo maidir le scéim iontaobhais aonad d'éifeacht a bheith aige, scoirfidh ceanglas faoin bhfo-alt seo maidir leis an scéim sin d'éifeacht a bheith aige freisin.
(e) Bainisteoir faoi scéim iontaobhais aonad a sháróidh ceanglas faoin bhfo-alt seo nó faoi alt 6 (5) den Acht seo nó a mhainneoidh ceanglas mar sin a chomhlíonadh, beidh sé ciontach i gcion.
Bainisteoir nua nó iontaobhaí nua a cheapadh ag an Aire faoi scéim iontaobhais aonad.
6.—(1) Faoi réir forálacha an ailt seo, má bhíonn an tAire—
(a) sásta go bhfuil na himthosca maidir le scéim iontaobhais aonad chláraithe de chineál gur chuí ordachán a thabhairt faoi alt 5 den Acht seo maidir leis an scéim, nó
(b) tar éis ordachán a thabhairt atá i bhfeidhm faoin alt sin maidir leis an scéim, ach nach bhfuil cealú chlárú na scéime de bhun an ordacháin tagtha in éifeacht go fóill,
féadfaidh sé—
(i) duine a cheapadh a bhfuil an tAire sásta ina leith maidir leis na nithe a shonraítear in alt 3 (1) den Acht seo chun bheith ina bhainisteoir faoin scéim in ionad an duine is bainisteoir láithreach faoin scéim nó chun bheith ina iontaobhaí faoin scéim in ionad an duine is iontaobhaí láithreach faoin scéim, nó
(ii) beirt a ceapadh a bhfuil an tAire sásta i leith gach duine den bheirt mar a dúradh chun bheith ina bhainisteoir agus ina iontaobhaí, faoi seach, faoin scéim in ionad na beirte is bainisteoir agus is iontaobhaí láithreach, faoi seach, faoin scéim.
(2) Aon uair a bheartóidh an tAire duine a cheapadh faoin alt seo—
(a) tabharfaidh sé fógra don bhainisteoir agus don iontaobhaí faoin scéim iontaobhais aonad lena mbaineann a bheartas á rá go mbeartaíonn sé amhlaidh agus luafaidh sé na cúiseanna atá aige leis sin agus go bhféadfaidh an bainisteoir nó an t-iontaobhaí, laistigh de 30 lá ó tugadh an fógra sin dóibh, uiríolla a dhéanamh i scríbhinn chun an Aire maidir leis an gceapachán beartaithe,
(b) féadfaidh an bainisteoir nó an t-iontaobhaí na huiríolla sin a dhéanamh i scríbhinn chun an Aire laistigh den am réamhráite,
(c) déanfaidh an tAire, sula gcinnfidh sé ar an gceapachán a dhéanamh nó ar staonadh óna dhéanamh, aon uiríolla a bhreithniú a rinneadh chuige go cuí faoin alt seo maidir leis an gceapachán beartaithe, agus má chinneann sé ar an gceapachán a dhéanamh, déanfaidh sé é laistigh de 30 lá tar éis dáta na n-uiríolla a dhéanamh chuige, nó, más rud é nach ndearnadh aon uiríolla, laistigh de 30 lá tar éis an lae dheiridh chun iad a dhéanamh.
(3) Ní dhéanfaidh an tAire ceapachán faoin alt seo maidir le scéim iontaobhais aonad mura mbeidh sé sásta gur gá sin a dhéanamh ar mhaithe le leas an phobail agus leasanna sealbhóirí aonad a cruthaíodh faoin scéim.
(4) (a) I gcás go ndéanfar ceapachán (maidir le scéim iontaobhais aonad) faoin alt seo tabharfaidh an tAire fógra i dtaobh an cheapacháin don bhainisteoir agus don iontaobhaí faoin scéim tráth nach déanaí ná 60 lá roimh an lá a bheartaítear é a theacht in éifeacht agus féadfaidh an bainisteoir nó an t-iontaobhaí, laistigh de 30 lá tar éis an dáta a tugadh an fógra don bhainisteoir nó don iontaobhaí, de réir mar a bheidh, achomharc i gcoinne an cheapacháin a dhéanamh chun na hArd-Chúirte agus is breith chríochnaitheach neamh-inachomhairc breith na Cúirte sin.
(b) Féadfaidh an Ard-Chúirt, más cuí léi sin a dhéanamh, a fhoráil le hordú nach mbeidh éifeacht, i gcaitheamh na tréimhse roimh chinneadh an achomhairc nó i gcaitheamh cibé coda den tréimhse sin a shonróidh sí san ordú, ag ceapachán faoin alt seo lena mbaineann achomharc faoin bhfo-alt seo.
(5) (a) Aon uair a thabharfaidh an tAire fógra faoi fho-alt (2) den alt seo maidir le ceapachán faoin alt seo, féadfaidh sé, an tráth céanna nó
(i) i gcás go gcinnfidh sé dá éis sin ar staonadh ón gceapachán a dhéanamh, tráth ar bith roimh an gcinneadh sin, agus
(ii) in aon chás eile, tráth ar bith sula dtiocfaidh an ceapachán in éifeacht,
a cheangal ar an mbainisteoir faoin scéim iontaobhais aonad lena mbaineann an fógra staonadh ó aonaid de chuid na scéime a dhíol, nó ó fhógráin a fhoilsiú nó óna chur faoi deara go bhfoilseofar fógráin maidir leis an scéim, i rith na tréimhse roimh an gcinneadh uaidh nó sula dtiocfaidh an ceapachán in éifeacht, de réir mar a bheidh, agus déanfaidh an bainisteoir, faoi réir forálacha an ailt seo, an ceanglas a chomhlíonadh.
(b) Féadfaidh an bainisteoir faoi scéim iontaobhais aonad a mbaineann ceanglas faoin bhfo-alt seo leis, laistigh den 20 lá tar éis an dáta a cuireadh an ceanglas air, achomharc i gcoinne an cheanglais a dhéanamh chun na hArd-Chúirte agus is breith chríochnaitheach neamhinachomhairc breith na Cúirte sin.
(c) Féadfaidh an Ard-Chúirt, más cuí léi sin a dhéanamh, a fhoráil le hordú nach mbeidh éifeacht ag ceanglas faoin alt seo i gcaitheamh na tréimhse roimh chinneadh an achomhairc i gcoinne an cheanglais faoi mhír (b) den fho-alt seo nó i gcaitheamh cibé coda den tréimhse sin a shonróidh sí san ordú, nó roimh chinneadh achomhairc i gcoinne ceapacháin faoin alt seo maidir leis an scéim iontaobhais aonad lena mbaineann an ceanglas.
(d) Aon uair a scoirfidh ceapachán faoin alt seo maidir le scéim iontaobhais aonad d'éifeacht a bheith aige, scoirfidh ceanglas faoin bhfo-alt seo maidir leis an scéim sin d'éifeacht a bheith aige freisin.
(6) Ar dhuine a cheapadh faoin alt seo chun bheith ina bhainisteoir nó ina iontaobhaí faoi scéim iontaobhais aonad, scoirfidh an duine ar ina ionad a ceapadh é chun bheith ina bhainisteoir nó ina iontaobhaí, de réir mar a bheidh, d'oifig mar bhainisteoir nó mar iontaobhaí, de réir mar a bheidh, faoin scéim a shealbhú agus scoirfidh an t-ordachán (más ann) faoi alt 5 den Acht seo maidir leis an scéim d'éifeacht a bheith aige.
Díol agus ceannach áirithe aonad de chuid scéimeanna iontaobhais aonad neamhchláraithe a thoirmeasc.
7.—(1) Ní dhéanfaidh bainisteoir nó iontaobhaí (más ann) faoi scéim iontaobhais aonad nach scéim iontaobhais aonad cláraithe ná ní dhéanfaidh aon duine eile a bhfuil baint aige le bainistíocht nó le maoirseacht na scéime aonaid de chuid na scéime a cheannach nó a dhíol.
(2) An toirmeasc atá i bhfo-alt (1) den alt seo ní bhaineann sé le haonaid de chuid scéim iontaobhais aonad, a bhfuil a clárú faoin Acht seo cealaithe, a cheannach ó shealbhóir na n-aonad sin.
(3) Duine a sháróidh an t-alt seo beidh sé ciontach i gcion.
(4) I bhfo-alt (1) den alt seo agus in alt 8 den Acht seo folaíonn “scéim iontaobhais aonad” aon chomhshocraíochtaí (seachas cuideachta, cumann foirgníochta, cara-chumann nó cumann tionscail agus coigiltis) a rinneadh chun saoráidí a sholáthar nó arb é a n-éifeacht, d'aon toisc nó go formhór, saoráidí a sholáthar lena mbeadh an pobal páirteach, mar thairbhithe, ar shlí seachas faoi iontaobhas, i mbrabúis nó in ioncam as urrúis nó maoin ar bith eile a fháil, a shealbhú, a bhainistí nó a dhiúscairt, ach ní fholaíonn sé aon chomhshocraíocht a rinneadh chun saoráidí a sholáthar nó arb é a héifeacht, d'aon toisc nó go formhór, saoráidí a sholáthar lena mbeadh an pobal páirteach, mar thairbhithe, faoi iontaobhas nó ar shlí eile, i mbrabúis nó in ioncam as urrúis nó maoin ar bith eile a fháil, a shealbhú, a bhainistí nó a dhiúscairt agus atá á riaradh ag sealbhóir ceadúnais faoin Acht Árachais, 1936, agus nárbh fholáir, le bheith páirteach inti, maidir le haonaid a eisíodh i gcéaduair tar éis tosach feidhme an ailt seo, polasaí árachais ar shaol duine a bhaint amach, agus forléireofar “bainisteoir” agus “aonaid” dá réir sin.
Toirmeasc ar fhógraíocht áirithe maidir le scéimeanna iontaobhais aonad neamhchláraithe.
8.—(1) Ní fhoilseofar fógráin maidir le scéim iontaobhais aonad nach scéim iontaobhais aonad chláraithe nó a thagraíonn do scéim den sórt sin.
(2) (a) Aon uair a thaispeántar chun sástacht an Aire, i gcás nuachtán nó irisleabhar a chlóitear lasmuigh den Stát, gur ghá chun an t-alt seo a chomhlíonadh eagrán speisialta den nuachtán nó den irisleabhar a tháirgeadh le haghaidh cúrsaíocht sa Stát agus go gcuirfeadh costas an táirgthe sin ualach ar úinéir an nuachtáin nó an irisleabhair a bheadh trom thar cuimse sna himthosca go léir, féadfaidh an tAire fógráin a fhoilsítear sa nuachtán nó san irisleabhar a dhíolmhú ó fheidhm an ailt seo.
(b) Beidh díolúine faoin bhfo-alt seo faoi réir cibé coinníollacha, más aon choinníollacha iad, a fhorchuirfidh an tAire agus a shonróidh sé sa díolúine agus mairfidh a ré gan teorainn maidir le ham nó go ceann cibé tréimhse a shonróidh an tAire sa díolúine.
(c) Féadfaidh an tAire díolúine faoin bhfo-alt seo a chúlghairm, coinníollacha a fhorchur a mbeidh díolúine den sórt sin a tugadh cheana faoina réir, aon choinníollacha a sonraíodh i ndíolúine den sórt sin a leasú, sonrú a dhéanamh, maidir le díolúine den sórt sin nach bhfuil teorainn ama lena ré, ar an tráth a rachaidh sé in éag nó an tréimhse a mhairfidh díolúine den sórt sin a athrú.
(d) Aon uair a fheidhmeoidh an tAire cumhacht faoin bhfo-alt seo, foilseofar san Iris Oifigiúil fógra faoin bhfeidhmiú sin agus faoina chineál agus ainm an nuachtáin nó an irisleabhair lena mbaineann sé.
(3) I gcás go bhfoilseofar fógrán de shárú ar fho-alt (1) den alt seo, beidh an duine a d'fhoilsigh an fógrán agus aon duine a chuir faoi deara an foilsiú sin a dhéanamh araon ciontach i gcion.
Toirmeasc ar scéim iontaobhais aonad do dhéanamh infheistíochta i scéim eile.
9.—An mhaoin atá de thuras na huaire faoi réir aon iontaobhais a bunaíodh faoi scéim iontaobhais aonad chláraithe, ní hé a bheidh inti ná ní áireofar uirthi cearta nó leasanna (cibé acu is mar aonaid nó ar shlí eile a thuairiscítear iad) a fuarthas faoi chomhshocraíocht a rinneadh chun saoráidí a sholáthar nó arb é a n-éifeacht, d'aon toisc nó go formhór, saoráidí a sholáthar lena mbeadh an pobal páirteach i mbrabúis nó in ioncam as urrúis nó maoin ar bith eile a fháil, a shealbhú, a bhainistí nó a dhiúscairt.
Orduithe maidir le scéimeanna iontaobhais aonad.
10.—(1) Féadfaidh an tAire le hordú cibé socrú a dhéanamh is gá leis go réasúnach do chosaint leasanna daoine atá páirteach mar thairbhithe faoi aon iontaobhais a bunaíodh faoi scéimeanna iontaobhais aonad cláraithe.
(2) Gan dochar do ghinearáltacht fho-alt (1) den alt seo, féadfaidh ordú faoin alt seo—
(a) a fhoráil gur ar an modh a shonrófar san ordú a ríomhfar, faoi seach, na praghsanna ar a gceannóidh agus ar a ndíolfaidh an bainisteoir faoi scéim iontaobhais aonad chláraithe aonaid de chuid na scéime agus an toradh ó na haonaid,
(b) a fhoráil gur i cibé foirm a shonrófar san ordú a choimeádfar cuntais a bhaineann leis na haonaid a bunaíodh faoin scéim agus cibé cuid de na cuntais sin is cuí leis an Aire a shonrú chun críocha alt 16 (1) den Acht seo,
(c) foilsiú fógrán nó doiciméad ag an mbainisteoir faoin scéim nó thar a cheann a thoirmeasc nó a rialú (ar cibé modh a shonrófar san ordú) is fógráin nó doiciméid ina bhfuil aon ráiteas maidir le praghas díola aonad de chuid na scéime, nó maidir leis na híocaíochtaí nó na sochair eile a fuair nó is dóigh a gheobhaidh sealbhóirí na n-aonad sin, nó ina mbeidh aon chuireadh chun aonaid den sórt sin a cheannach mura mbeidh freisin san fhógrán nó sa doiciméad atá i gceist ráiteas i dtaobh an toradh ó na haonaid sin agus ráitis ag tabhairt cibé faisnéise maidir le cibé nithe eile (más ann) a shonrófar san ordú,
(d) a fhoráil go ndéanfar, sula bhfoilseoidh an bainisteoir faoin scéim nó sula bhfoilseofar thar a cheann, aon fhógrán nó doiciméad ina mbeidh aon ráiteas maidir le praghas díola aonad de chuid na scéime nó maidir le toradh na n-aonad sin, nó ina mbeidh aon chuireadh chun aonaid a cheannach nó tairiscint lena gceannach, deis réasúnach a thabhairt don iontaobhaí faoin scéim chun téarmaí an fhógráin nó an doiciméid a bhreithniú, agus nach bhfoilseofar an fógrán nó an doiciméad amhlaidh má chuireann sé in iúl i scríbhinn don bhainisteoir, laistigh d'am réasúnach tar éis an fógrán nó an doiciméad a theacht faoina bhreithniú, nach n-aontaíonn sé le tearmaí an fhógráin nó an doiciméid,
(e) foráil a dhéanamh chun an scéim a fhoirceannadh má chealaítear clárú na scéime sa chlár,
(f) nithe a shonrú a dtabharfar, de bhun alt 12 den Acht seo, faisnéis ina dtaobh i ndoiciméad den sórt dá dtagraítear san alt sin agus a eiseoidh an bainisteoir faoin scéim, nó a eiseofar thar a cheann maidir leis an scéim, agus féadfaidh sé, más dóigh leis an Aire gur gá sin, réimse agus cineál na faisnéise a thabharfar amhlaidh a shonrú,
(g) a fhoráil go ndéanfaidh an gníomhas ina sainítear na hiontaobhais a cruthaíodh de bhun na scéime socrú, chun sástacht an Aire, maidir le cibé cuid de cheanglais an ordaithe a shonrófar san ordú,
(h) ceanglais a shonrú maidir leis na muirir a forchuireadh i leith seirbhísí an bhainisteora faoin scéim (lena n-áirítear, más cuí leis an Aire é, ceanglas nach mó na muirir ná an méid nó na méideanna a gheofar nuair a ríomhfar iad ar cibé modh nó faoi threoir cibé nithe a shonrófar san ordú),
(i) nithe a shonrú (i dteannta na nithe a shonraítear in alt 17 den Acht seo) a dtabharfar sonraí ina leith don Aire faoin alt sin 17 agus an fhoirm a shonrú ina dtabharfar amhlaidh aon sonraí a thabharfar faoin alt.
(3) (a) Féadfaidh an tAire le hordú a fhoráil maidir le gach scéim iontaobhais aonad chláraithe nó maidir le haicme shonraithe nó le haicmí sonraithe scéimeanna (arna sonrú faoi threoir cibé nithe is cuí leis an Aire) nó maidir le gach scéim den sórt sin seachas aicme shonraithe nó aicmí sonraithe scéimeanna (arna sonrú mar atá ráite roimhe seo) gur urrúis de chuid na hÉireann nó gur maoin eile sa Stát a bheidh i méid nach lú ná cion a shonrófar san ordú d'aon mhaoin a bheidh de thuras na huaire faoi réir aon iontaobhais a cruthaíodh faoi scéim lena mbaineann an t-ordú.
(b) Is faoi threoir luach na maoine a bheidh i gceist, arna mheas ag an Aire, a ríomhfar cion chun críocha an fho-ailt seo agus orduithe faoin bhfo-alt seo.
(c) Chun críocha an ailt seo measfar, a mhéid a shonraítear sa mhír seo agus a mhéid sin amháin, gur urrúis de chuid na hÉireann urrúis a shealbhaítear faoi aon iontaobhas a cruthaíodh faoi scéim iontaobhais aonad chláraithe:
(i) i gcás gurb é atá in aon chuid de na hurrúis scaireanna nó bintiúir nó cearta nó leasanna (cibé acu is mar aonaid nó ar shlí eile a thuairiscítear iad) in aon scaireanna nó bintiúir de chuid comhlachta chorpraithe atá i mbun gnó a ndéantar, i dtuairim an Aire, é go léir a sheoladh sa Stát, measfar, chun críocha an ailt seo, gur urrúis de chuid na hÉireann na hurrúis sin go léir,
(ii) I gcás gurb é atá in aon chuid de na hurrúis scaireanna nó bintiúir, nó cearta nó leasanna (cibé acu is mar aonaid nó ar shlí eile a thuairiscítear iad) in aon scaireanna nó bintiúir de chuid comhlachta chorpraithe atá i mbun gnó nach ndéantar, i dtuairim an Aire, ach cuid de a sheoladh sa Stát, measfar, chun críocha an ailt seo, gur urrúis de chuid na hÉireann cibé cion de na hurrúis sin is comhionann, i dtuairim an Aire, leis an gcion den ghnó sin a sheoltar, i dtuairim an Aire, sa Stát,
(iii) i gcás gurb é atá in aon chuid de na hurrúis urrúis seachas scaireanna nó bintiúir, nó cearta nó leasanna (cibé acu is mar aonaid nó ar shlí eile a thuairiscítear iad) in aon scaireanna nó bintiúir de chuid comhlachta chorpraithe atá i mbun gnó, measfar, chun críocha an ailt seo, gur urrúis de chuid na hÉireann cibé cuid de na hurrúis a eisíodh sa Stát.
(d) I gcás go sealbhaíonn comhlacht corpraithe scaireanna nó bintiúir i gcomhlacht corpraithe eile, measfar, chun críocha an fho-ailt seo, go n-áirítear ar ghnó an chomhlachta chorpraithe chéadluaite cibé cion de ghnó an chomhlachta chorpraithe eile atá comhréireach leis an gcion de scaireanna nó de bhintiúir an chomhlachta chorpraithe eile sin atá á sealbhú ag an gcomhlacht corpraithe chéadluaite.
(4) Féadfaidh an tAire, le hordú, ordú faoin alt seo (lena n-áirítear ordú faoin bhfo-alt seo) a chúlghairm nó a leasú.
(5) I gcás, maidir le scéim iontaobhais aonad, go sárófar foráil d'ordú faoin alt seo (seachas foráil a bhaineann le hábhar a shonraítear i mír (f) nó (i) d'fho-alt (2) den alt seo) nó go mainneofar foráil den sórt sin a chomhlíonadh, beidh an bainisteoir faoin scéim ciontach i gcion.
(6) In ionchúiseamh i gcion arb éard é sárú, maidir le scéim iontaobhais aonad, ar ordú faoi fho-alt (3) den alt seo, is cosaint é a chruthú gur chomhlíon an mhaoin a bhí faoi réir iontaobhais na scéime forálacha an ordaithe laistigh de thréimhse ama tar éis dáta an chiona ar dóigh leis an gcúirt ina dtionscnaítear na himeachtaí gur tréimhse réasúnach í ag féachaint do na himthosca go léir.
Sócmhainní scéimeanna iontaobhais aonad.
11.—Is sócmhainní de chuid scéim iontaobhais aonad na fáltais as aon aonaid den scéim a dhíol ag bainisteoir na scéime agus aon ioncam i leith sócmhainní na scéime nach bhfuil dáilte ar shealbhóirí na n-aonad sin agus beidh siad sin faoina réir ag an mbainisteoir agus déileálfaidh sé leo de réir na n-iontaobhas a bunaíodh faoin scéim.
Sonraí maidir le scéimeanna iontaobhais aonad do cheannaitheoirí ionchais aonad faoi na scéimeanna sin.
12.—(1) Ullmhóidh an bainisteoir faoi scéim iontaobhais aonad chláraithe, nó cuirfidh sé faoi deara go n-ullmhófar, doiciméad ina mbeidh cibé eolas maidir leis an scéim a d'fhéadfaí le réasún a cheangal ar an mbainisteoir a thabhairt, agus tar éis an doiciméad a cheadú ag an iontaobhaí faoin scéim cuirfear cóip de go dtí an cláraitheoir agus go dtí gach duine a thairgeoidh aonaid den scéim a cheannach agus beidh an chóip a chuirfear go dtí an cláraitheoir sínithe ag stiúrthóir nó ag rúnaí an bhainisteora faoin scéim agus ag stiúrthóir nó ag rúnaí an iontaobhaí faoin scéim.
(2) Áireofar ar dhoiciméad den sórt dá dtagraítear i bhfo-alt (1) den alt seo eolas maidir le cibé ábhair (más ann) a bheidh sonraithe de thuras na huaire faoi mhír (f) d'alt 10 (2) den Acht seo agus comhlíonfaidh an doiciméad na forálacha (más ann) a bheidh sonraithe faoin mír sin maidir le réimse agus cineál an eolais.
(3) (a) Faoi réir forálacha an fho-ailt seo, dlífear den bhainisteoir faoi scéim iontaobhais aonad cúiteamh a íoc le duine a cheannóidh aonaid den scéim ar iontaobh doiciméad den chineál dá dtagraítear i bhfo-alt (1) den alt seo sa chaillteanas nó sa damáiste a bhain dó mar gheall ar aon ráiteas bréagach a bhí sa doiciméad.
(b) Ní bheidh dliteanas faoin bhfo-alt seo ar bhainisteoir faoi scéim iontaobhais aonad má chruthaíonn sé—
(i) maidir le gach ráiteas bréagach nach n-airbheartóidh a bheith déanta ar údarás saineolaí (abairt a bhfuil an bhrí chéanna léi san fho-alt seo agus atá in alt 46 d'Acht na gCuideachtaí, 1963) nó ar údarás doiciméid nó ráiteas oifigiúil phoiblí, go raibh cúis réasúnach aige chun a chreidiúint go raibh an ráiteas fíor agus gur chreid sé sin anuas go dtí tráth ceannaigh na n-aonad lena mbaineann; agus
(ii) maidir le gach ráiteas bréagach a airbheartóidh gur ráiteas ó shaineolaí é nó a bheidh i ní a airbheartóidh gur cóip é de thuarascáil nó de luacháil ó shaineolaí nó gur sliocht as tuarascáil nó as luacháil den sórt sin é, gur léiriú cóir é ar an ráiteas, nó gur chóip chruinn chóir den tuarascáil nó den luacháil nó gur shliocht cruinn cóir as an tuarascáil nó as an luacháil é, agus go raibh foras réasúnach aige chun a chreidiúint agus gur chreid sé anuas go dtí tráth eisithe an doiciméid go raibh an duine a rinne an ráiteas inniúil ar é a dhéanamh agus gur thoiligh an duine sin i scríbhinn go n-eiseofaí an doiciméad, agus an ráiteas ina chuid de, san fhoirm agus sa chomhthéacs ina bhfuil sé folaithe agus nach raibh an toiliú sin tarraingthe siar aige roimh an gceannach a dúradh; agus
(iii) maidir le gach ráiteas bréagach a airbheartóidh gur ráiteas é a rinne duine oifiigiúil nó a bheidh i ní a airbheartóidh gur cóip é de doiciméad oifigiúil poiblí nó gur sliocht as doiciméad oifigiúil poiblí é, gur léiriú cruinn cóir é ar an ráiteas nó ar an gcóip den doiciméad nó ar an sliocht as.
(c) I gcás—
(i) ráiteas a airbheartóidh gur ráiteas ó shaineolaí é nó a bheidh i ní a airbheartóidh gur cóip é de thuarascáil nó de luacháil ó shaineolaí nó gur sliocht as tuarascáil nó as luacháil den sórt sin é a bheith i ndoiciméad den chineál dá dtagraítear i bhfo-alt (1) den alt seo, agus
(ii) go n-eiseofar an doiciméad gan toiliú an tsaineolaí nó go mbeidh a thoiliú leis an eisiúint sin tarraingthe siar ag an saineolaí roimh a eisiúint,
dlífear den bhainisteoir faoin scéim iontaobhais aonad a bheidh i gceist an saineolaí a shlánú in aghaidh na ndamáistí, na gcostas agus na gcaiteachas go léir a d'fhéadfaí a chur de dhliteanas air toisc ráiteas a bheith sa doiciméad a airbheartóidh a bheith déanta aige mar shaineolaí nó á chosaint féin ar aon chaingean nó imeacht dlí a tugadh ina choinne mar gheall air sin.
É a bheith d'oibleagáid ar bhainisteoirí faoi scéimeanna iontaobhais aonad aonaid a cheannach.
13.—Aon uair a iarrfaidh sealbhóir aonad de scéim iontaobhais aonad chláraithe nó (faoi réir forálacha aon ordaithe faoi alt 10 (2) (e) den Acht seo) de scéim iontaobhais aonad a bhfuil a clárú faoin Acht seo cealaithe, déanfaidh an bainisteoir faoin scéim, a luaithe is féidir, cibé líon de na haonaid sin a shonróidh an sealbhóir a cheannach ón sealbhóir ar an bpraghas ar a gceannaíonn an bainisteoir aonaid den scéim de thuras na huaire.
Toirmeasc ar bhainisteoirí faoi scéimeanna iontaobhais aonad do dhéanamh idirbhearta áirithe agus brabús áirithe.
14.—(1) Ní dhéanfaidh comhlacht corpraithe atá ina bhainisteoir faoi scéim iontaobhais aonad nó ina fhochuideachta nó ina chuideachta shealbhaíochta leis an mbainisteoir nó is fochuideachta do chuideachta shealbhaíochta an bhainisteora ná ní dhéanfaidh stiúrthóir ná duine atá ag gabháil do bhainistíocht comhlachta corpraithe den sórt sin idirbhearta dó féin, ná ní dhéanfaidh brabús dó féin as idirbhearta, in aon sócmhainní a shealbhaítear faoin scéim.
(2) Ní dhéanfaidh comhlacht corpraithe atá ina bhainisteoir faoi scéim iontaobhais aonad nó ina fhochuideachta nó ina chuideachta shealbhaíochta leis an mbainisteoir—
(a) airgead a fháil ar iasacht thar ceann na scéime chun urrúis nó maoin eile a fháil don scéim, ná
(b) airgead atá faoi réir iontaobhais na scéime a thabhairt ar iasacht do dhuine le go bhféadfaidh sé aonaid den scéim a cheannach, ná
(c) aon urrúis nó aon mhaoin eile atá faoi réir iontaobhais na scéime a chur faoi mhorgáiste ná faoi mhuirear ná aon eire eile a chur orthu.
(3) Duine a sháróidh fo-alt (1) den alt seo beidh sé ciontach i gcion.
Dliteanas iontaobhaithe faoi scéimeanna iontaobhais aonad.
15.—(1) Aon fhoráil i ngníomhas ina sainítear na hiontaobhais a cruthaíodh de bhun scéim iontaobhais aonad chláraithe beidh sí ar neamhní sa mhéid go mbeadh d'éifeacht aici an t-iontaobhaí faoin scéim a dhíolmhú ó dhliteanas nó a shlánú in aghaidh dliteanais i leith sárú iontaoibhe más rud é, ag féachaint d'fhorálacha an ghníomhais iontaobhais lena dtugtar dó aon chumhachtaí, údaráis nó discréidí, nach dtaispeánann sé an méid cúraim agus dúthrachta ba ghá dó mar iontaobhaí.
(2) Ní dhéanfaidh fo-alt (1) den alt seo neamhbhailí—
(a) aon scaoileadh a tugadh thairis sin go bailí i leith aon ní a rinne iontaobhaí nó a mhainnigh sé a dhéanamh sular tugadh an scaoileadh; ná
(b) aon fhoráil lena gcumasaítear scaoileadh den sórt sin a thabhairt—
(i) ar aontú leis sin ag tromlach nach lú ná 75 faoin gcéad de réir luacha de shealbhóirí na n-aonad, arna n-eisiúint, den scéim iontaobhais aonad iomchuí a bheidh i láthair agus a vótálfaidh i bpearsa nó, i gcás ina gceadaítear seachvótáil, trí sheachvótáil ag cruinniú a thionólfar chun na críche sin, agus
(ii) maidir le sainghníomhartha nó sainmhainneachtaintí nó maidir leis an iontaobhaí d'fháil bháis nó do scor de ghníomhú.
(3) Ní oibreoidh fo-alt (1) den alt seo—
(a) chun aon fhoráil a bheidh i bhfeidhm ar an dáta feidhme a dhéanamh neamhbhailí fad a fhanfaidh aon duine ina iontaobhaí ar an ngníomhas a bheidh i gceist is duine a mbeidh teideal aige an tráth sin chun sochar na forála sin nó a dtabharfar a sochar dó dá éis sin faoi fho-alt (4) den alt seo; nó
(b) chun go mbainfear d'aon duine aon díolúine nó aon cheart slánaithe i leith aon rud a rinne sé nó aon rud a mhainnigh sé a dhéanamh le linn aon fhoráil den sórt sin a bheith i bhfeidhm.
(4) Fad a fhanfaidh aon iontaobhaí gníomhais iontaobhais i dteideal sochar forála a eisotear le fo-alt (3) den alt seo, féadfar sochar na forála sin a thabhairt—
(a) do na hiontaobhaithe go léir ar an ngníomhas, faoi láthair agus san am le teacht; nó
(b) d'aon iontaobhaí, nó d'aon iontaobhaithe beartaithe, ar an ngníomhas sin a ainmneofar;
le rún arna rith ag tromlach nach lú na 75 faoin gcéad de réir luacha de shealbhóirí na n-aonad, arna n-eisiúint, den scéim iontaobhais aonad iomchuí a bheidh i láthair agus a vótálfaidh i bpearsa nó, i gcás ina gceadaítear seachvótáil, trí sheachvótáil ag cruinniú a thionólfar chun na críche sin de réir forálacha an ghníomhais nó, mura mbeidh foráil sa ghníomhas chun cruinnithe a thionól, ag cruinniú arna thionól chun na críche sin ar aon mhodh a bheidh ceadaithe ag an Ard-Chúirt.
untais scéimeanna ntaobhais aonad iniúchadh.
16.—(1) Déanfar cuntais scéim iontaobhais aonad chláraithe a iniúchadh gach bliain ag duine a cheapfaidh an bainisteoir faoin scéim le toiliú an iontaobhaí faoin scéim chun bheith ina iniúchóir ar an scéim agus déanfaidh an bainisteoir, laistigh de cibé am tar éis deireadh na tréimhse lena mbaineann na cuntais a shonróidh an tAire ó am go ham, cóip de thuarascáil an iniúchóra ar na cuntais agus de cibé cuid de na cuntais arna ndeimhniú ag an iniúchóir is cuntais a bheidh sonraithe de thuras na huaire faoi alt 10 (2) (b) den Acht seo a chur chun an Aire agus chun an chláraitheora agus chun gach sealbhóir ar aonaid a cruthaíodh de bhun na scéime.
(2) Ní bheidh duine cáilithe lena cheapadh mar iniúchóir ar scéim iontaobhais aonad chláraithe mura rud é—
(a) gur comhalta é de chomhlacht cuntasóirí atá aitheanta de thuras na huaire chun críocha alt 162 (1) (a) d'Acht na gCuideachtaí, 1963, ag an Aire; nó
(b) go bhfuil sé údaraithe de thuras na huaire ag an Aire faoi alt 162 den Acht sin lena cheapadh ina iniúchóir ar chuideachta.
(3) Má chiontaítear iniúchóir i gcion coiriúil a éiríonn as comhlíonadh a dhualgas nó as a iompar mar iniúchóir nó a bhaineann leis an gcomhlíonadh nó leis an iompar sin, ní bheidh sé cáilithe lena cheapadh mar iniúchóir ar scéim iontaobhais aonad gan cead ón Ard-Chúirt.
(4) Ní bheidh aon duine de na daoine seo a leanas cáilithe lena cheapadh ina iniúchoir ar scéim iontaobhais aonad chláraithe—
(a) oifigeach nó seirbhíseach don bhainisteoir nó don iontaobhaí faoin scéim;
(b) duine is comhpháirtí le hoifigeach nó le seirbhíseach don bhainisteoir nó don iontaobhaí faoin scéim nó atá ar fostaíocht ag ceachtar acu;
(c) comhlacht corpraithe.
Forléireofar tagairtí san fho-alt seo d'oifigeach nó do sheirbhíseach mar thagairtí nach bhfolaíonn tagairtí d'iniúchóir.
(5) Beidh duine dícháilithe freisin lena cheapadh mar iniúchóir ar scéim iontaobhais aonad chláraithe má bhíonn sé dícháilithe, de bhua alt 162 (3) d'Acht na gCuideachtaí, 1963, lena cheapadh mar iniúchóir ar chomhlacht corpraithe is fochuideachta nó cuideachta shealbhaíochta leis an mbainisteoir nó leis an iontaobhaí faoin scéim nó is fochuideachta do chuideachta shealbhaíochta an duine sin nó dá mbeadh sé dícháilithe amhlaidh dá mba chuideachta an comhlacht corpraithe.
(6) Aon duine a ghníomhóidh mar iniúchóir ar scéim iontaobhais aonad chláraithe le linn dó bheith dícháilithe faoin alt seo beidh sé ciontach i gcion agus dlífear ar é a chiontú ann go hachomair fíneáil nach mó ná £100 a chur air.
(7) Beidh ag iniúchóir scéim iontaobhais aonad chláraithe ceart rochtana gach tráth reasúnach ar leabhair agus cuntais agus dearbháin na scéime, agus beidh sé i dteideal cibé eolas agus cibé mínithe is dóigh leis is gá chun a dhualgais mar iniúchóir a chomhlíonadh a iarraidh ar oifigigh nó ar iar-oifigigh don bhainisteoir nó don iontaobhaí faoin scéim.
(8) Beidh iniúchóir scéim iontaobhais aonad chláraithe i dteideal freastal ar aon chruinniú ginearálta de chuid an bhainisteora nó an iontaobhaí faoin scéim a mbeidh nó a bhféadfar go mbeidh gnó na scéime le plé ann agus gach fógra agus gach cumarsáid eile a bhaineann le haon chruinniú ginearálta a fháil a bhfuil aon chomhalta den chomhlacht corpraithe arb é an bainisteoir nó an t-iontaobhaí é i dteideal a fháil agus beidh sé i dteideal éisteacht a fháil ag aon chruinniú ginearálta ar a ndéanfaidh sé freastal ar aon chuid de ghnó an chruinnithe a bhaineann leis an scéim agus is cúram dó mar iniúchóir.
Eolas maidir le scéimeanna iontaobhais aonad.
17.—(1) Laistigh de cibé tréimhse tar éis deireadh gach ráithe de bhliain airgeadais scéim iontaobhais aonad chláraithe nó tar éis deireadh cibé tréimhse eile de bhliain airgeadais na scéime a shonróidh an tAire ó am go ham maidir le gach ceann nó le haon cheann nó níos mó de na sonraí dá dtagraítear san fho-alt seo, tabharfaidh an bainisteoir faoin scéim don Aire agus don chláraitheoir agus in aon chás ina sonróidh an tAire amhlaidh, do shealbhóirí aonad den scéim—
(a) sonraí faoi líon iomlán na n-aonad sin agus faoin líon iomlán díobh a ceannaíodh ó shealbhóirí na n-aonad sin agus atá á sealbhú de thuras na huaire ag an mbainisteoir faoin scéim agus sonraí faoi aon athrú ar cheachtar iomlán díobh i rith na ráithe nó na tréimhse iomchuí, de réir mar a bheidh,
(b) sonraí faoin maoin atá de thuras na huaire faoi réir aon iontaobhais a cruthaíodh de bhun na scéime agus faoi luach na maoine, agus faoi aon cheannach nó díol ar an maoin sin i rith na ráithe nó na tréimhse iomchuí, de réir mar a bheidh,
(c) sonraí faoi aon bhrabúis a rinne an bainisteoir nó faoi aon chaillteanais a thabhaigh sé trí dhéileáil leis na haonaid sin nó trína sealbhú agus faoi aon bhrabúis nó caillteanais den sórt sin a rinne nó a thabhaigh an bainisteoir i rith na ráithe nó na tréimhse iomchuí, de réir mar a bheidh,
(d) sonraí faoi aon athrú bainisteora nó iontaobhaí faoin scéim nó faoi aon athrú a bhaineann le ceachtar acu i rith na ráithe nó na tréimhse iomchuí, de réir mar a bheidh, agus
(e) sonraí faoi aon nithe eile nó maidir le haon nithe eile a bhaineann le gnó na scéime i rith na ráithe no na tréimhse iomchuí, de réir mar a bheidh, agus a bheidh sonraithe de thuras na huaire faoi alt 10 (2) (i) den Acht seo,
agus más rud é, maidir le haon sonraí den sórt sin, go bhfuil foirm sonraithe de thuras na huaire faoin alt sin 10 (2) (i), is san fhoirm sin a thabharfar na sonraí.
(2) Cuirfidh an tAire faoi deara, uair amháin ar a laghad gach bliain, go leagfar faoi bhráid gach Tí den Oireachtas cibé cuid is cuí leis de na sonraí a tugadh dó faoin alt seo faoi gach scéim iontabhais aonad atá cláraithe de thuras na huaire faoin Acht seo.
ímscrúdú ar chúrsaí scéimeanna iontaobhais aonad.
18.—(1) Féadfaidh an tAire, as a thionscnamh féin nó ar iarratas i scríbhinn ó shealbhóirí 10 faoin gcéad ar a laghad de réir luacha d'aonaid arna n-eisiúint de scéim iontaobhais aonad (is iarratas a bhfuil an tAire sásta ina thaobh nach bhfuil ann ach iarratas cráiteach), cigire inniúil amháin nó níos mó a cheapadh chun imscrúdú a dhéanamh agus tuarascáil a thabhairt ar riaradh scéim iontaobhais aonad chláraithe nó ar scéim iontaobhais aonad a bhfuil a clárú faoin Acht seo cealaithe más doigh leis an Aire—
(a) gurb é leas na sealbhóirí ar aonaid a cruthaíodh faoin scéim sin a dhéanamh, agus
(b) gur ábhar é a bhfuil leas ag an bpobal ann.
(2) Beidh feidhm ag ailt 167, 168 (ach amháin fo-alt (3)) agus 170 (ach amháin fo-alt (3)) d'Acht na gCuideachtaí, 1963, maidir le cigire a cheapfar faoin alt seo chun imscrúdú a dhéanamh sa tslí chéanna ina bhfuil feidhm acu maidir le cigirí arna gceapadh faoi alt 165 den Acht sin, ach sin leis na modhnuithe seo a leanas agus aon mhodhnuithe eile is gá:
(a) forléireofar na tagairtí sna hailt sin don chuideachta mar thagairtí don scéim iontaobhais aonad lena mbaineann an t-imscrúdú agus forléireofar na tagairtí sna hailt sin do chúrsaí na cuideachta mar thagairtí do riaradh na scéime, agus
(b) forléireofar na tagairtí sna hailt sin d'aon chomhlacht corpraithe eile mar thagairtí a fholaionn tagairtí don bhainisteoir agus don iontaobhaí faoin scéim iontaobhais aonad sin agus d'aon chomhlacht corpraithe eile atá, nó a bhí aon tráth iomchuí, ina fhochuideachta nó ina chuideachta shealbhaíochta leis an mbainisteoir nó leis an iontaobhaí nó ina fhochuideachta le cuideachta a shealbhaíochta cheachtar acu nó ina chuideachta shealbhaíochta le fochuideachta cheachtar acu, agus
(c) forléireofar an tagairt san alt sin 167 do cheapachán faoi alt 165 d'Acht na gCuideachtaí, 1963, mar thagairt do cheapachán de bhun iarratais faoi fho-alt (1) den alt seo, agus
(d) forléireofar na tagairtí san alt sin 170 d'aon tuarascáil arna déanamh faoi alt 169 d'Acht na gCuideachtaí, 1963, mar thagairtí d'aon tuarascáil arna déanamh faoi fho-alt (3) den alt seo.
(3) (a) (i) Féadfaidh cigire a cheapfar faoin alt seo, agus déanfaidh sé má ordaíonn an tAire sin dó, tuarascálacha eatramhacha a thabhairt don Aire agus, ar an imscrúdú dar ceapadh é a bheith críochnaithe, tabharfaidh sé tuarascáil chríochnaitheach don Aire.
(ii) Is i scríbhinn nó i gcló de réir mar a ordóidh an tAire a bheidh aon tuarascáil den sórt sin.
(b) Féadfaidh an tAire, más cuí leis, cóip d'aon tuarascáil den sórt sin a chur ar aghaidh go dtí oifigí cláraithe an bhainisteora agus an iontaobhaí faoin scéim iontaobhais aonad lena mbaineann an tuarascáil agus go dtí aon duine ar dóigh leis go bhfuil leas bona fide aige san ábhar.
(c) Féadfaidh an tAire a chur faoi deara aon tuarascáil den sórt sin a chló agus a fhoilsiú.
(d) Féadfaidh an tAire aon tuarascáil den sórt sin a leagan faoi bhráid gach Tí den Oireachtas agus is foilsiú faoi phribhhléid an foilsiú sin.
(e) Beidh cóip d'aon tuarascáil den sórt sin inghlactha in aon imeachtaí dlí mar fhianaise ar thuairim an chigire a rinne an tuarascáil maidir le haon ní sa tuarascáil.
(4) Má dhiúltaíonn oifigeach nó gníomhaire do chuideachta nó do chomhlacht corpraithe eile a bhfuil imscrúdú á dhéanamh ar a chúrsaí de bhua an ailt seo aon leabhar nó doiciméad a thabhairt ar aird do na cigirí arb é a dhualgas de bhua an ailt seo é a thabhairt ar aird amhlaidh nó má dhiúltaíonn sé aon cheist a fhreagairt a chuirfidh na cigirí air maidir leis an scéim iontaobhais aonad a bhfuil imscrúdú á dhéanamh ar a cúrsaí nó maidir le cúrsaí na cuideachta nó an chomhlachta chorpraithe eile, de réir mar a bheidh, beidh sé ciontach i gcion.
(5) Beidh feidhm ag alt 171 d'Acht na gCuideachtaí, 1963, maidir leis na caiteachais a bhainfidh agus a ghabhfaidh le himscrúdú faoin alt seo (lena n-áirítear aon chostais nó caiteachais a thabhaigh an tAire sna himeachtaí, nó i ndáil leis na himeachtaí, a tugadh de bhua alt 170 (4), arna fheidhmiú leis an alt seo, d'Acht na gCuideachtaí, 1963 (lena n-áirítear caiteachais a tabhaíodh de bhua alt 170 (5), arna fheidhmiú amhlaidh, den Acht sin)) mar atá feidhm aige maidir leis na caiteachais (arna leathnú le fo-alt (3) den alt sin 171) a bhainfidh agus a ghabhfaidh le himsorúdú dá dtagraítear san alt sin 171, ach go gcuirfear i bhfo-alt (1) (c) (ii) den alt sin 171, in ionad na tagartha do cheapachán faoi alt 165 d'Acht na gCuideachtaí, 1963, tagairt do cheapachán de bhun iarratas faoi fho-alt (1) den alt seo agus le haon mhodhnuithe eile is gá.
(6) Ní chuirfidh aon ní san alt seo ná i bhforálacha Acht na gCuideachtaí, 1963, arna fheidhmiú leis an alt seo, de ceangal eolas mar a leanas a nochtadh don Aire nó do chigire a bheidh ceaptha ag an Aire—
(a) i gcás aturnae, aon chumarsáid faoi phribhléid a rinneadh leis i gcáil aturnae dó, nó
(b) i gcás baincéirí dóibh, aon eolas ar chúrsaí aon chustaiméirí dá gcuid seachas an scéim iontaobhais aonad a bhfuil imscrúdú á dhéanamh ar a cúrsaí nó comhlacht corpraithe a bhfuil imscrúdú á dhéanamh ar a chúrsaí de bhua alt 167, arna fheidhmiú leis an alt seo, d'Acht na gCuideachtaí, 1963.
Doiciméid i gcoimeád an chláraitheora a iniúchadh, a thabhairt ar aird agus a bheith ina bhfianaise.
19.—(1) Féadfaidh duine ar bith—
(a) na doiciméid a bheidh ar coimeád ag an gcláratheoir faoin Acht seo a iniúchadh ar cibé táille a shocróidh an tAire a íoc,
(b) deimhniú a iarraidh ar chlárú scéim iontaobhais aonad nó cóip d'aon doiciméad nó d'aon chuid d'aon doiciméad a bheidh deimhnithe ag an gcláraitheoir nó sliocht as an gcéanna, ar cibé táillí a shocróidh an tAire a íoc ar an deimhniú nó ar an gcóip dheimhnithe nó ar an sliocht.
(2) Ní eiseofar ó aon chúirt, ach amháin le cead ón gcúirt sin, aon phróis chun a chur faoi deara go dtabharfar ar aird aon doiciméad a bheidh ar coimeád ag an gcláraitheoir faoin Acht seo, agus beidh ar aon phróis den sórt sin, má eisítear í, ráiteas á rá gur le cead ón gcúirt a eisíodh í.
(3) Beidh cóip d'aon doiciméad, nó sliocht as aon doiciméad, a choimeádfar agus a chlárófar faoin Acht seo in oifig an chláraitheora agus a ndeimhneofar gur cóip dhílis í faoi láimh an chláraitheora nó faoi láimh aon oifigigh eile a bheidh údaraithe ag an Aire (agus ní gá stádas oifigiúil an Aire a chruthú) inghlactha i bhfianaise i ngach imeacht dlíthiúil mar ní a bhfuil an bhailíocht chéanna aige leis an doiciméad bunaidh.
Táillí.
20.—(1) Íocfaidh an bainisteoir faoin scéim iontaobhais aonad lena mbaineann táille deich bpunt leis an gcláraitheoir as scéim iontaobhais aonad a chlárú sa chlár agus táille punt i leith gach doiciméad a cuireadh chun an chláraitheora nó a tugadh dó de bhun an Achta seo.
(2) Déanfar na táillí go léir a íocfar leis an gcláraitheoir de bhun an Achta seo a íoc isteach sa Státchiste nó a dhiúscairt chun tairbhe an Státchiste ar cibé modh a ordóidh an tAire Airgeadais.
(3) Féadfaidh an tAire le rialacháin a dhéanfar le toiliú an Aire Airgeadais méid táille a shonraítear i bhfo-alt (1) den alt seo a athrú agus beidh éifeacht ag an bhfo-alt sin de réir aon rialacháin faoin bhfo-alt seo a bheidh i bhfeidhm de thuras na huaire.
Cionta agus pionóis.
21.—(1) I gcás, maidir le scéim iontaobhais aonad, go sárófar alt 9 den Acht seo, beidh an bainisteoir faoin scéim ciontach i gcion.
(2) I gcás, maidir le scéim iontaobhais aonad, go sárófar alt 11 nó 12 den Acht seo, beidh an bainisteoir agus (taobh amuigh de chás inarb é atá sa sárú cóip de dhoiciméad den chineál dá dtagraítear san alt sin 12 a chur go dtí an cláraitheoir gan í a bheith sínithe ag stiúrthóir nó ag rúnaí an iontaobhaí nó cóip de dhoiciméad den sórt sin a chur go dtí duine a shonraítear san alt sin 12 gan ceadú an iontaobhaí a bheith faighte don doiciméad) an t-iontaobhaí faoin scéim ciontach i gcion.
(3) Má dhéanann an bainisteoir faoi scéim iontaobhais aonad sárú ar alt 13 nó 17 den Acht seo, beidh sé ciontach i gcion.
(4) Duine a bheidh ciontach i gcion faoin Acht seo (seachas alt 16 (6)) dlífear—
(a) ar é a chiontú go hachomair, fíneáil nach mó ná céad punt a chur air, nó
(b) ar é a chiontú ar dhíotáil, fíneáil nach mó ná cúig mhíle punt a chur air,
agus má leantar tar éis an chiontaithe den sárú nó den mhainneachtain ar ina leith a ciontaíodh é, beidh sé ciontach i gcion breise agus dlífear ar é a chiontú ar dhíotáil fíneáil nach mó ná dhá chéad is caoga punt a chur air in aghaidh gach lae a leanfar amhlaidh den sárú.
Cionta maidir le comhlachtaí áirithe.
22.—Má dhéanann comhlacht corpraithe cion faoin Acht seo agus go gcruthófar gur le toiliú nó le ceadú aon duine is stiúrthóir, bainisteoir, rúnaí, comhalta de choiste bainistíochta nó d'údarás eile rialaithe an chomhlachta sin nó oifigeach don chomhlacht sin a rinneadh é, nó gur urasaíodh an cion le haon mhainneachtain toiliúil a rinne aon duine de na daoine sin, beidh an duine sin freisin ciontach i gcion.
Orduithe agus rialacháin a leagan faoi bhráid Thithe an Oireachtais.
23.—Gach ordú agus rialachán a dhéanfaidh an tAire faoin Acht seo leagfar é faoi bhráid gach Tí den Oireachtas a luaithe is féidir tar éis a dhéanta, agus má dhéanann ceachtar Teach acu sin, laistigh den lá is fiche a shuífidh an Teach sin tar éis an t-ordú nó an rialachán a leagan faoina bhráid, rún a rith ag neamhniú an ordaithe nó an rialacháin, beidh an t-ordú nó an rialachán ar neamhní dá réir sin ach sin gan dochar d'aon ní a rinneadh roimhe sin faoin ordú nó faoin rialachán.
Caiteachais an Aire.
24.—Déanfar na caiteachais a thabhóidh an tAire ag riaradh an Achta seo a íoc, a mhéid a cheadóidh an tAire Airgeadais é, as airgead a sholáthróidh an tOireachtas.
Gearrtheideal agus tosach feidhme.
25.—(1) Féadfar an tAcht um Iontaobhais Aonad, 1972, a ghairm den Acht seo.
(2) Tiocfaidh an tAcht seo i ngníomh cibé lá nó laethanta a shocrófar chuige sin, le hordú nó le horduithe arna ndéanamh ag an Aire faoin alt seo, go ginearálta nó maidir le haon chríoch nó foráil áirithe, agus féadfar laethanta éagsúla a shocrú amhlaidh le haghaidh críocha éagsúla agus forálacha éagsúla.
Number 17 of 1972
UNIT TRUSTS ACT, 1972
ARRANGEMENT OF SECTIONS
Acts Referred to | |
Campanies Act, 1862 | 1862, c. 89 |
Companies (Consolidation) Act, 1908 | 1908, c. 69 |
1963, No. 33 | |
Number 17 of 1972
UNIT TRUSTS ACT, 1972
Interpretation.
1.—(1) In this Act, unless the context otherwise requires—
“company” means a company formed and registered under the Joint Stock Companies Acts, the Companies Act, 1862, the Companies (Consolidation) Act, 1908, or the Companies Act, 1963, (but does not include a company registered under any of those enactments outside the State), or a company incorporated in the State by statute or charter;
“debentures” means any debentures, debenture stock or bonds of any body corporate, incorporated in or outside the State, whether constituting a charge on the assets of the body or not;
“holding company” has the same meaning as in the Companies Act, 1963;
“the Minister” means the Minister for Industry and Commerce;
“officer”, in relation to a body corporate, includes a director or secretary;
“the register” means the register established and maintained under section 2 of this Act;
“registered unit trust scheme” means a unit trust scheme that is registered in the register;
“the registrar” means the registrar of companies, within the meaning of the Companies Act, 1963;
“securities” means—
(a) shares or debentures, or rights or interests (described whether as units or otherwise) in any shares or debentures, or
(b) securities of the Government or the government of any country or territory outside the State, or
(c) rights (whether actual or contingent) in respect of money lent to, or deposited with, any industrial and provident society, friendly society or building society;
“shares” means shares in the share capital of a body corporate or stock of a body corporate;
“subsidiary company” has the same meaning as in the Companies Act, 1963;
“units”, in relation to a unit trust scheme, means any units (described whether as units or otherwise) into which are divided the beneficial interests in the assets subject to any trust created under the scheme;
“unit trust scheme” means any arrangements made for the purpose, or having the effect, of providing facilities for the participation by the public, as beneficiaries under a trust, in profits or income arising from the acquisition, holding, management or disposal of securities or any other property whatsoever.
(2) Any reference in this Act to a manager under a unit trust scheme or to a trustee under such a scheme shall be construed as a reference to the person in whom are vested the powers of management relating to property for the time being subject to any trust created in pursuance of the scheme or, as the case may be, to the person in whom such property is or may be vested in accordance with the terms of the trust.
Register of unit trust schemes.
2.—The registrar shall establish and maintain a register of unit trust schemes (in this Act referred to as the register).
Registration of unit trust schemes.
3.—(1) Upon application to the registrar in accordance with this Act by the manager and trustee under a unit trust scheme, the registrar shall register the scheme in the register if, but only if—
(a) the Minister is satisfied, after consultation with the Central Bank of Ireland and after consideration with that Bank of the relevant information in the application, that the competence in respect of matters of the kind with which they would be concerned in relation to a unit trust scheme and probity of the manager and trustee are such as to render them suitable to act as manager and trustee, respectively, under the scheme,
(b) the manager under the scheme is a body corporate that is incorporated in and has a place of business in the State, the amount of the capital of which that is paid up in cash is not less than £25,000 and the assets of which are sufficient to meet its liabilities (including liabilities in respect of its paid up capital),
(c) the trustee under the scheme is a body corporate that is incorporated in and has a place of business in the State, and—
(i) has assets that are sufficient to meet its liabilities (including liabilities in respect of the repayment of its paid up capital) and has a capital (in stock or shares) for the time being issued of not less than £500,000 of which an amount of not less than £250,000 has been paid up in cash, or
(ii) (I) is wholly owned by a body corporate (in this paragraph referred to as the parent body) in relation to which the conditions as to capital and assets specified in subparagraph (i) of this paragraph are complied with, and
(II) the discharge of the liabilities of which is guaranteed by the parent body,
(d) the Minister is satisfied that the scheme is such that the effective control over the affairs of the manager and of the trustee under the scheme will be exercised independently of one another,
(e) the Minister is satisfied that the scheme is such as to secure that every trust created in pursuance of the scheme is expressed in a deed which complies with the provisions of this Act and any orders for the time being in force under section 10 of this Act and applying in relation to the deed and that the deed contains a covenant providing that the scheme will be carried on in compliance with the provisions of this Act and any orders for the time being in force thereunder,
(f) a copy of the deed aforesaid is deposited with the registrar, and
(g) the name of the scheme is not, in the opinion of the Minister, undesirable.
(2) Whenever the registrar proposes to refuse to register a unit trust scheme in the register—
(a) he shall notify the manager and the trustee under the scheme that he so proposes and of the reasons therefor and that the manager or the trustee may, within 30 days after the date of the giving of the notification, make representations in writing to the Minister in relation to the proposed refusal,
(b) the manager or the trustee may make such representations in writing to the Minister within the time aforesaid,
(c) the Minister shall before deciding to uphold or overrule the proposal of the registrar consider any representations duly made to him under this section in relation to the proposal, and he shall then direct the registrar (who shall comply with the direction) to register or refuse to register (as the case may be) the scheme in the register.
(3) Upon registration of a unit trust scheme in the register, the registrar shall certify under his hand that the scheme is registered in the register and the certificate shall be admissible in evidence in all legal proceedings and shall be conclusive evidence that the scheme is registered in the register.
(4) Where an application to register a unit trust scheme in the register is refused, the registrar shall forthwith notify the manager and the trustee under the scheme of the refusal and the manager or the trustee may, within 30 days after the date on which the notification is given to the manager or the trustee, as the case may be, appeal against the refusal to the High Court whose decision shall be final and unappealable.
(5) An application under this section shall be in writing and shall contain such information in relation to such matters and be accompanied by such documents as may be specified from time to time by the Minister.
Notification of registrar of alteration of trust deed or change of name of unit trust scheme.
4.—(1) Within 21 days after the making of alterations in the deed in which are expressed the trusts of a registered unit trust scheme, the manager under the scheme shall deposit with the registrar a copy of the deed as so altered or containing the alterations.
(2) Within 21 days after the making of a change in the name of a registered unit trust scheme the manager under the scheme shall deposit with the registrar particulars of the change.
(3) Where the manager under a unit trust scheme fails to comply with subsection (1) or (2) of this section, he shall be guilty of an offence.
Cancellation of registration of unit trust schemes.
5.—(1) Subject to the provisions of this section, if, in relation to a registered unit trust scheme—
(a) there is a contravention of a provision of this Act or of an order thereunder,
(b) the conditions specified in paragraphs (b), (c) and (f) of section 3 (1) of this Act are no longer fulfilled, or
(c) the Minister is no longer satisfied in respect of the matters specified in paragraphs (a), (d), (e) and (g) of the said section 3 (1),
the Minister may direct the registrar to cancel the registration of the scheme in the register upon a day specified in the direction, and the registrar shall comply with the direction.
(2) Whenever the Minister proposes to give a direction under this section in relation to a unit trust scheme—
(a) he shall notify the manager and the trustee under the scheme of his proposal and of the reasons therefor and that the manager or the trustee may, within 30 days after the date of the giving of the notification, make representations in writing to the Minister in relation to the proposed direction,
(b) the manager or the trustee may make such representations in writing to the Minister within the time aforesaid,
(c) the Minister shall, before deciding to give or refrain from giving the direction, consider any representations duly made to him under this section in relation to the proposed direction, and if he decides to give the direction, shall give it within 30 days after the date of the making of the representations to him, or if none are made, within 30 days after the last day for making them.
(3) The Minister shall not give a direction under this section in relation to a unit trust scheme unless he is satisfied that it is necessary to do so in the public interest and in the interests of holders of units created under the scheme.
(4) (a) Where a direction in relation to a unit trust scheme is given under this section, the registrar shall notify the manager and the trustee under the scheme of the direction not less than 60 days before the day on which it is intended to take effect and the manager or trustee may, within 30 days after the date on which the notification is given to the manager or the trustee, as the case may be, appeal against the direction to the High Court whose decision shall be final and unappealable.
(b) The High Court may, if it thinks it proper to do so, provide by order that a direction under this section in relation to which an appeal under this subsection relates shall not have effect during the period, or such part of it as it may specify in the order, prior to the determination of the appeal.
(5) (a) Whenever the Minister gives a notification under subsection (2) of this section in relation to a direction under this section, he may, at the same time or—
(i) in case he subsequently decides to refrain from giving the direction, at any time before such decision,
(ii) in any other case, at any time before the direction takes effect,
require the manager under the unit trust scheme to which the notification relates to refrain from selling units of the scheme, or publishing or procuring the publication of advertisements in relation to the scheme, during the period prior to his decision or before the direction takes effect, as may be appropriate, and the manager shall, subject to the provisions of this section, comply with the requisition.
(b) The manager under a unit trust scheme to whom a requisition under this subsection relates may, within 20 days after the date on which the requisition was given to him, appeal against the requisition to the High Court whose decision shall be final and unappealable.
(c) The High Court may, if it thinks it proper to do so, provide by order that a requisition under this subsection shall not have effect during the period, or such part of it as it may specify in the order, prior to the determination of the appeal against the requisition under paragraph (b) of this subsection or of an appeal against a direction under this section in relation to the unit trust scheme to which the requisition relates.
(d) Whenever a direction under this section in relation to a unit trust scheme ceases to have effect, a requisition under this subsection in relation to that scheme shall also cease to have effect.
(e) A manager under a unit trust scheme who contravenes or fails to comply with a requisition under this subsection or section 6 (5) of this Act shall be guilty of an offence.
Appointment of new manager or trustee under unit trust scheme by Minister.
6.—(1) Subject to the provisions of this section, if the Minister—
(a) is satisfied that the circumstances in relation to a registered unit trust scheme are such that it would be proper to give a direction under section 5 of this Act in relation to the scheme, or
(b) has given a direction which is in force under that section in relation to the scheme, but the cancellation of the registration of the scheme in pursuance of the direction has not taken effect,
he may appoint—
(i) a person in relation to whom the Minister is satisfied in respect of the matters specified in section 3 (1) of this Act to be manager under the scheme in place of the existing manager thereunder or to be trustee under the scheme in place of the existing trustee thereunder, or
(ii) two persons in relation to each of whom the Minister is satisfied as aforesaid to be manager and trustee, respectively, under the scheme in place of the existing manager and trustee, respectively, thereunder.
(2) Whenever the Minister proposes to appoint a person under this section—
(a) he shall notify the manager and the trustee under the unit trust scheme to which his proposal relates that he so proposes and of his reasons therefor and that the manager or the trustee may, within 30 days after the date of the giving of the notification, make representations in writing to the Minister in relation to the proposed appointment,
(b) the manager or the trustee may make such representations in writing to the Minister within the time aforesaid,
(c) the Minister shall, before deciding to make or refrain from making the appointment, consider any representations duly made to him under this section in relation to the proposed appointment, and if he decides to make the appointment, shall make it within 30 days after the date of the making of the representations to him, or if none are made, within 30 days after the last day for making them.
(3) The Minister shall not make an appointment under this section in relation to a unit trust scheme unless he is satisfied that it is necessary to do so in the public interest and in the interests of holders of units created under the scheme.
(4) (a) Where an appointment (in relation to a unit trust scheme) is made under this section, the Minister shall notify the manager and the trustee under the scheme of the appointment not less than 60 days before the day on which it is intended to take effect and the manager or the trustee may, within 30 days after the date on which the notification is given to the manager or the trustee, as the case may be, appeal against the appointment to the High Court whose decision shall be final and unappealable.
(b) The High Court may, if it thinks it proper to do so, provide by order that an appointment under this section in relation to which an appeal under this subsection relates shall not have effect during the period, or such part of it as it may specify in the order, prior to the determination of the appeal.
(5) (a) Whenever the Minister gives a notification under subsection (2) of this section in relation to an appointment under this section, he may, at the same time or
(i) in case he subsequently decides to refrain from making the appointment, at any time before such decision, and
(ii) in any other case, at any time before the appointment takes effect,
require the manager under the unit trust scheme to which the notification relates to refrain from selling units of the scheme, or publishing or procuring the publication of advertisements in relation to the scheme, during the period prior to his decision or before the appointment takes effect, as the case may be, and the manager shall, subject to the provisions of this section, comply with the requisition.
(b) The manager under a unit trust scheme to whom a requisition under this subsection relates may, within 20 days after the date on which the requisition was given to him, appeal against the requisition to the High Court whose decision shall be final and unappealable.
(c) The High Court may, if it thinks it proper to do so, provide by order that a requisition under this section shall not have effect during the period, or such part of it, as it may specify in the order, prior to the determination of the appeal against the requisition under paragraph (b) of this subsection, or of an appeal against an appointment under this section in relation to the unit trust scheme to which the requisition relates.
(d) Whenever an appointment under this section in relation to a unit trust scheme ceases to have effect, a requisition under this subsection in relation to that scheme shall also cease to have effect.
(6) Upon the appointment under this section of a person to be a manager or trustee under a unit trust scheme, the person in whose place he is appointed to be manager or trustee, as the case may be, shall cease to hold office as manager or trustee, as the case may be, under the scheme and the direction (if any) under section 5 of this Act in relation to the scheme shall cease to have effect.
Prohibition of certain purchases and sales of units of unregistered unit trust schemes.
7.—(1) The manager or trustee (if any) under a unit trust scheme that is not a registered unit trust scheme or any other person concerned with the management or supervision of the scheme shall not purchase or sell units of the scheme.
(2) The prohibition contained in subsection (1) of this section does not apply to the purchase, from a holder thereof, of units of a unit trust scheme the registration of which under this Act stands cancelled.
(3) A person who contravenes this section shall be guilty of an offence.
(4) In subsection (1) of this section and in section 8 of this Act “unit trust scheme” includes any arrangements (other than a company, a building society, a friendly society or an industrial and provident society) made for the purpose, or having the effect, solely or mainly, of providing facilities for the participation by the public, as beneficiaries, otherwise than under a trust, in profits or income arising from the acquisition, holding, management or disposal of securities or any other property whatsoever, but does not include any arrangement which is made for the purpose or has the effect, solely or mainly, of providing facilities for the participation by the public, as beneficiaries, under a trust or otherwise, in profits or income arising from the acquisition, holding, management or disposal of securities or any other property whatsoever and which is administered by the holder of a licence under the Insurance Act, 1936, and for participation in which, in respect of units first issued after the commencement of this section, a policy of assurance upon human life is required to be effected, and “manager” and “units” shall be construed accordingly.
Prohibition of certain advertising in relation to unregistered unit trust schemes.
8.—(1) There shall not be published advertisements in relation to or referring to a unit trust scheme that is not a registered unit trust scheme.
(2) (a) Whenever it is shown to the satisfaction of the Minister, in the case of a newspaper or magazine printed outside the State, that compliance with this section would necessitate the production for circulation in the State of a special edition of the newspaper or magazine and that the cost of such production would impose a burden on the owner of the newspaper or magazine that would be unreasonably heavy in all the circumstances, the Minister may exempt from the application of this section advertisements published in the newspaper or magazine.
(b) An exemption under this subsection shall be subject to such conditions, if any, as the Minister may impose and specify in the exemption and its duration shall be either without limit as to time or for such period as the Minister may specify in the exemption.
(c) The Minister may revoke an exemption under this subsection, impose conditions to which such an exemption previously granted shall be subject, amend any conditions specified in such an exemption, specify, in relation to such an exemption whose duration is without limit as to time, a time for its expiration or vary the period of duration of such an exemption.
(d) Whenever the Minister exercises a power under this subsection, notice of such exercise and its nature and the name of the newspaper or magazine to which it relates shall be published in Iris Oifigiúil.
(3) Where an advertisement is published in contravention of subsection (1) of this section, the person who publishes the advertisement and any person who procures such publishing shall each be guilty of an offence.
Prohibition of investment by unit trust scheme in another scheme.
9.—The property for the time being subject to any trust created under a registered unit trust scheme shall not consist of or include rights or interests (described whether as units or otherwise) acquired under an arrangement made for the purpose, or having the effect, solely or mainly, of providing facilities for the participation by the public in profits or income arising from the acquisition, holding, management or disposal of securities or any other property whatsoever.
Orders in relation to unit trust schemes.
10.—(1) The Minister may by order make such provision as he reasonably considers necessary for the protection of the interests of persons participating as beneficiaries under any trusts created under registered unit trust schemes.
(2) Without prejudice to the generality of subsection (1) of this section, an order under this section—
(a) may provide that the prices at which the manager under a registered unit trust scheme buys and sells units of the scheme and the yield from the units shall be respectively calculated in the manner specified in the order.
(b) may provide that accounts relating to the trusts created under the scheme shall be kept in such form as may be specified in the order and may specify, for the purposes of section 16 (1) of this Act, such of those accounts as the Minister thinks appropriate,
(c) may prohibit or regulate (in such manner as may be specified in the order) the publishing by or on behalf of the manager under the scheme of advertisements or documents containing any statement with respect to the sale price of units of the scheme, or the payments or other benefits received or likely to be received by holders of such units, or containing any invitation to buy such units unless the advertisement or document in question also contains a statement of the yield from the units and statements giving such information in relation to such other matters (if any) as may be specified in the order,
(d) may provide that before any advertisement or document containing any statement with respect to the sale price of units of the scheme or the yield therefrom, or containing any invitation to buy or offer to buy units, is published by or on behalf of the manager under the scheme, the trustee under the scheme shall be given a reasonable opportunity of considering the terms of the advertisement or document, and that the advertisement or document shall not be so published if, within a reasonable time after the advertisement or document first comes under his consideration, he notifies his disapproval of the terms thereof in writing to the manager,
(e) may provide for the winding-up of the scheme if the registration of the scheme in the register is cancelled,
(f) may specify matters in relation to which, pursuant to section 12 of this Act, information shall be furnished in a document of the kind referred to in that section issued by or on behalf of the manager under the scheme in relation to the scheme and may, if the Minister thinks it necessary to do so, specify the scope and nature of the information which shall be so furnished,
(g) may provide that the deed in which are expressed the trusts created in pursuance of the scheme shall make provision, to the satisfaction of the Minister, in relation to such of the requirements of the order as may be specified in the order,
(h) may specify requirements in relation to the charges imposed for the services of the manager under the scheme (including, if the Minister so thinks fit, a requirement that the charges shall not exceed the amount or amounts obtained when calculated in such manner or by reference to such matters as may be specified in the order),
(i) may specify (in addition to the matters specified in section 17 of this Act) matters in relation to which particulars shall be furnished to the Minister under the said section 17 and the form in which any particulars furnished under the section shall be so furnished.
(3) (a) The Minister may by order provide in relation to all registered unit trust schemes or a specified class or specified classes thereof (denoted by reference to such matters as the Minister considers appropriate) or in relation to all such schemes other than a specified class or specified classes thereof (denoted as aforesaid) that not less than a proportion specified in the order of any property for the time being subject to any trust created under a scheme to which the order applies shall be Irish securities or other property in the State.
(b) A proportion shall be calculated, for the purposes of this subsection and orders thereunder, by reference to the value, estimated by the Minister, of the property concerned.
(c) Securities held under any trust created under a registered unit trust scheme shall, to the extent specified in this paragraph, but no further, be deemed, for the purposes of this section, to be Irish securities:
(i) in case any of the securities are shares or debentures, or rights or interests (described whether as units or otherwise) in any shares or debentures, of a body corporate carrying on a business the whole of which is, in the opinion of the Minister, carried on in the State, the whole of those securities shall be deemed for the purposes of this section to be Irish securities,
(ii) in case any of the securities are shares or debentures, or rights or interests (described whether as units or otherwise) in any shares or debentures, of a body corporate carrying on a business a proportion only of which is, in the opinion of the Minister, carried on in the State, such proportion of those securities as, in the opinion of the Minister, is equal to the proportion of the said business which, in the opinion of the Minister, is carried on in the State shall be deemed, for the purposes of this section, to be Irish securities,
(iii) in case any of the securities are securities other than shares or debentures, or rights or interests (described whether as units or otherwise) in any shares or debentures, of a body corporate carrying on a business, such of the securities as are issued in the State shall be deemed for the purposes of this section to be Irish securities.
(d) Where a body corporate holds shares or debentures in another body corporate, the business of the first-mentioned body corporate shall be deemed, for the purposes of this subsection, to include such proportion of the business of the other body corporate as corresponds with the proportion of the shares or debentures of that other body corporate held by the first-mentioned body corporate.
(4) The Minister may by order revoke or amend an order under this section (including an order under this subsection).
(5) Where, in relation to a unit trust scheme, there is a contravention of or failure to comply with a provision of an order under this section (other than a provision relating to a matter specified in paragraph (f) or (i) of subsection (2) of this section), the manager under the scheme shall be guilty of an offence.
(6) In a prosecution for an offence consisting of a contravention, in relation to a unit trust scheme, of an order under subsection (3) of this section, it shall be a defence to prove that the property subject to the trusts of the scheme was in compliance with the provisions of the order within a period of time after the date of the offence that the court in which the prosecution is brought considers reasonable in all the circumstances.
Assets of unit trust schemes.
11.—The proceeds of the sale by the manager of a unit trust scheme of any units of the scheme and any income in respect of the assets of the scheme that is not distributed to the holders of those units shall be assets of the scheme and be subject to and be dealt with by the manager in accordance with the trusts created under the scheme.
Particulars in relation to unit trust schemes for prospective purchasers of units thereunder.
12.—(1) The manager under a registered unit trust scheme shall prepare or cause to be prepared a document containing such information in relation to the scheme as the manager could reasonably be required to furnish and after approval of the document by the trustee under the scheme, a copy thereof shall be sent to the registrar and to every person who offers to buy units of the scheme and the copy sent to the registrar shall be signed by a director or the secretary of the manager under the scheme and by a director or the secretary of the trustee under the scheme.
(2) There shall be included in a document of the kind referred to in subsection (1) of this section information in relation to such matters (if any) as may stand specified for the time being under paragraph (f) of section 10 (2) of this Act and the document shall comply with the provisions (if any) standing specified under that paragraph in relation to the scope and nature of the information.
(3) (a) Subject to the provisions of this subsection, the manager under a unit trust scheme shall be liable to pay compensation to a person who buys units of the scheme on the faith of a document of the kind referred to in subsection (1) of this section for the loss or damage he may have suffered by reason of any untrue statement included therein.
(b) A manager under a unit trust scheme shall not be liable under this subsection if he proves that—
(i) as regards every untrue statement not purporting to be made on the authority of an expert (which expression has the same meaning in this subsection as in section 46 of the Companies Act, 1963) or of a public official document or statement, he had reasonable ground to believe, and did up to the time of the purchase of the units concerned believe, that the statement was true; and
(ii) as regards every untrue statement purporting to be a statement by an expert or contained in what purports to be a copy of or extract from a report or valuation of an expert it fairly represented the statement, or was a correct and fair copy of or extract from the report or valuation, and he had reasonable ground to believe and did up to the time of the issue of the document believe that the person making the statement was competent to make it and that person had given his written consent to the issue of the document with the statement included in the form and context in which it is included and had not withdrawn that consent before the purchase aforesaid; and
(iii) as regards every untrue statement purporting to be a statement made by an official person or contained in what purports to be a copy of or extract from a public official document, it was a correct and fair representation of the statement or copy of or extract from the document.
(c) Where—
(i) a statement purporting to be a statement by an expert or contained in what purports to be a copy of or extract from a report or valuation of an expert is contained in a document of the kind referred to in subsection (1) of this section, and
(ii) the document is issued without the consent of the expert or the expert has withdrawn his consent to such issue before it is issued,
the manager under the unit trust scheme concerned shall be liable to indemnify the expert against all damages, costs and expenses to which he may be made liable by reason of the inclusion in the document of a statement purporting to have been made by him as an expert or in defending himself against any action or legal proceeding brought against him in respect thereof.
Obligation on managers under unit trust schemes to purchase units.
13.—Whenever the holder of units of a registered unit trust scheme or (subject to the provisions of any order under section 10 (2) (e) of this Act) of a unit trust scheme the registration of which under this Act stands cancelled so requests, the manager under the scheme shall, as soon as may be, buy from the holder such number of those units as the holder may specify at the price for the time being at which the manager buys units of the scheme.
Prohibition of certain transactions and making of certain profits by managers under unit trust schemes.
14.—(1) Neither a body corporate that is a manager under a unit trust scheme or is a subsidiary or a holding company of the manager or is a subsidiary of the holding company of the manager nor a director or person engaged in the management of such a body corporate shall carry out transactions for itself or himself, or make a profit for itself or himself from transactions, in any assets held under the scheme.
(2) A body corporate that is a manager under a unit trust scheme or is a subsidiary or a holding company of the manager shall not—
(a) borrow money on behalf of the scheme for the purpose of acquiring securities or other property for the scheme, or
(b) lend money that is subject to the trusts of the scheme to a person to enable him to purchase units of the scheme, or
(c) mortgage or charge, or impose any other incumbrance on, any securities or other property subject to the trusts of the scheme.
(3) A person who contravenes subsection (1) of this section shall be guilty of an offence.
Liability of trustees under unit trust schemes.
15.—(1) Any provision in the deed in which are expressed the trusts created in pursuance of a registered unit trust scheme shall be void in so far as it would have the effect of exempting the trustee under the scheme from or indemnifying him against liability for breach of trust where, having regard to the provisions of the trust deed conferring on him any powers, authorities or discretions, he fails to show the degree of care and diligence required of him as trustee.
(2) Subsection (1) of this section shall not invalidate—
(a) any release otherwise validly given in respect of anything done or omitted to be done by a trustee before the giving of the release; or
(b) any provision enabling such a release to be given—
(i) on the agreement thereto of a majority of not less than 75 per cent, in value of the holders of the units in issue of the unit trust scheme concerned present and voting in person or, where proxies are permitted, by proxy at a meeting summoned for the purpose, and
(ii) either with respect to specific acts or omissions or on the trustee dying or ceasing to act.
(3) Subsection (1) of this section shall not operate—
(a) to invalidate any provision in force on the operative date so long as any person then entitled to the benefit of that provision or afterwards given the benefit thereof under subsection (4) of this section remains a trustee of the deed in question; or
(b) to deprive any person of any exemption or right to be indemnified in respect of anything done or omitted to be done by him while any such provision was in force.
(4) While any trustee of a trust deed remains entitled to the benefit of a provision saved by subsection (3) of this section, the benefit of that provision may be given either—
(a) to all trustees of the deed, present and future; or
(b) to any named trustee or proposed trustees thereof;
by a resolution passed by a majority of not less than 75 per cent. in value of the holders of the units in issue of the unit trust scheme concerned present in person or, where proxies are permitted, by proxy at a meeting summoned for the purpose in accordance with the provisions of the deed or, if the deed makes no provision for summoning meetings, a meeting summoned for the purpose in any manner approved by the High Court.
Audit of accounts of unit trust schemes.
16.—(1) The accounts of a registered unit trust scheme shall be audited annually by a person appointed as auditor of the scheme by the manager under the scheme with the consent of the trustee under the scheme and a copy of the auditor's report on the accounts and of such of the accounts certified by the auditor as may stand specified for the time being under section 10 (2) (b) of this Act shall be sent by the manager to the Minister, the registrar and each holder of units created in pursuance of the scheme within such time after the end of the period to which the accounts relate as the Minister may from time to time specify.
(2) A person shall not be qualified for appointment as auditor of a registered unit trust scheme unless—
(a) he is a member of a body of accountants for the time being recognised for the purposes of section 162 (1) (a) of the Companies Act, 1963, by the Minister; or
(b) he is for the time being authorised by the Minister under section 162 of that Act to be appointed auditor of a company.
(3) If an auditor is convicted of a criminal offence arising out of or connected with the performance of his duties or his conduct as an auditor, he shall not be qualified for appointment as auditor of a unit trust scheme without the permission of the High Court.
(4) None of the following persons shall be qualified for appointment as auditor of a registered unit trust scheme—
(a) an officer or servant of the manager or the trustee under the scheme;
(b) a person who is a partner of or in the employment of an officer or servant of the manager or the trustee under the scheme;
(c) a body corporate.
References in this subsection to an officer or servant shall be construed as not including references to an auditor.
(5) A person shall also not be qualified for appointment as auditor of a registered unit trust scheme if he is, by virtue of section 162 (3) of the Companies Act, 1963, disqualified for appointment as auditor of a body corporate which is a subsidiary or holding company of the manager or the trustee under the scheme or a subsidiary of that person's holding company or would be so disqualified if the body corporate were a company.
(6) Any person who acts as auditor of a registered unit trust scheme when disqualified under this section shall be guilty of an offence and shall be liable on summary conviction thereof to a fine not exceeding £100.
(7) An auditor of a registered unit trust scheme shall have a right of access at all reasonable times to the books and accounts and vouchers of the scheme, and shall be entitled to require from the officers or past officers of the manager or the trustee under the scheme such information and explanations as he thinks necessary for the performance of the duties of the auditor.
(8) An auditor of a registered unit trust scheme shall be entitled to attend any general meeting of the manager or the trustee under the scheme at which the business of the scheme is to be or may be discussed and to receive all notices of and other communications relating to any general meeting which any member of the body corporate that is the manager or the trustee is entitled to receive and to be heard at any general meeting which he attends on any part of the business of the meeting relating to the scheme which concerns him as auditor.
Information in relation to unit trust schemes.
17.—(1) The manager under a registered unit trust scheme shall, within such time after the end of each quarter of a financial year, or of such other period of a financial year, of the scheme as the Minister may from time to time specify in relation to all or any one or more of the particulars referred to in this subsection, furnish to the Minister and the registrar and, in any case where the Minister so specifies, to the holders of units of the scheme—
(a) particulars of the total number of such units and the total number of them that have been bought from the holders thereof and are held for the time being by the manager under the scheme and particulars of any change in either total during the relevant quarter or period, as the case may be,
(b) particulars of the property for the time being subject to any trust created in pursuance of the scheme and of the value of the property, and of any purchase or sale of such property during the relevant quarter or period, as the case may be,
(c) particulars of any profits or losses made or incurred by the manager through dealing in, or holding, such units and of any such profits or losses so made or incurred by the manager during the relevant quarter or period, as the case may be,
(d) particulars of any change of or affecting the manager or the trustee under the scheme during the relevant quarter or period, as the case may be, and
(e) particulars of or in relation to such other matters connected with the business of the scheme during the relevant quarter or period, as the case may be, as may stand specified for the time being under section 10 (2) (i) of this Act,
and, if in relation to any such particulars, a form stands specified for the time being under the said section 10 (2) (i), the particulars shall be furnished in that form.
(2) The Minister shall, not less than once in each year, cause such of the particulars furnished to him under this section of every unit trust scheme which is for the time being registered under this Act as he thinks fit to be laid before each House of the Oireachtas.
Investigation of affairs of unit trust schemes.
18.—(1) The Minister may, on his own initiative or on the application in writing of the holders of not less than 10 per cent, in value of the units in issue of a unit trust scheme (being an application in relation to which the Minister is satisfied that it is not merely vexatious), appoint one or more competent inspectors to investigate and report on the administration of a registered unit trust scheme or a unit trust scheme the registration of which under this Act stands cancelled if it appears to the Minister—
(a) that it is in the interests of holders of units created under the scheme to do so, and
(b) that the matter is one of public concern.
(2) Sections 167, 168 (other than subsection (3)) and 170 (other than subsection (3)) of the Companies Act, 1963, shall apply in relation to an inspector appointed under this section to carry out an investigation as they apply in relation to inspectors appointed under section 165 of that Act, but with the following, and any other necessary, modifications:
(a) the references therein to the company shall be construed as references to the unit trust scheme to which the investigation relates and the references therein to the affairs of the company shall be construed as references to the administration of the scheme, and
(b) the references therein to any other body corporate shall be construed as including references to the manager and the trustee under the said unit trust scheme and to any other body corporate which is or has at any relevant time been the manager's or trustee's subsidiary or holding company or a subsidiary of the holding company of either of them or a holding company of the subsidiary of either of them, and
(c) the reference in the said section 167 to appointment under section 165 of the Companies Act, 1963, shall be construed as a reference to appointment pursuant to an application under subsection (1) of this section, and
(d) the references in the said section 170 to any report made under section 169 of the Companies Act, 1963, shall be construed as references to any report made under subsection (3) of this section.
(3) (a) (i) An inspector appointed under this section may, and if so directed by the Minister shall, make interim reports to the Minister and, on the conclusion of the investigation for which he was appointed, shall make a final report to the Minister.
(ii) Any such report shall be written or printed as the Minister directs.
(b) The Minister may, if he so thinks fit, forward a copy of any such report to the registered offices of the manager and the trustee under the unit trust scheme to which the report relates and to any person whom he considers to have a bona fide interest in the matter.
(c) The Minister may cause any such report to be printed and published.
(d) The Minister may lay any such report before each House of the Oireachtas and such publication shall be privileged.
(e) A copy of any such report shall be admissible in any legal proceedings as evidence of the opinion of the inspector who made the report in relation to any matter contained in the report.
(4) If an officer or agent of a company or other body corporate whose affairs are investigated by virtue of this section refuses to produce to the inspectors any book or document which it is his duty by virtue of this section so to produce or refuses to answer any question which is put to him by the inspectors with respect to the unit trust scheme whose affairs are being investigated or the affairs of the company or other body corporate, as the case may be, he shall be guilty of an offence.
(5) Section 171 of the Companies Act, 1963, shall apply in relation to the expenses of and incidental to an investigation under this section (including any costs or expenses incurred by the Minister in or in connection with proceedings brought by virtue of section 170 (4), as applied by this section, of the Companies Act, 1963 (including expenses incurred by virtue of section 170 (5), as so applied, of that Act)) as it applies in relation to the expenses (as extended by subsection (3) of the said section 171) of and incidental to an investigation referred to in the said section 171, but with the substitution in subsection (1) (c) (ii) of the said section 171 for the reference to appointment under section 165 of the Companies Act, 1963, of a reference to appointment pursuant to an application under subsection (1) of this section and with any other necessary modifications.
(6) Nothing in this section or in the provisions of the Companies Act, 1963, as applied by this section, shall require disclosure to the Minister or to an inspector appointed by the Minister—
(a) by a solicitor of any privileged communication made to him in that capacity, or
(b) by bankers as such of any information as to the affairs of any of their customers other than the unit trust scheme whose administration is being investigated or a body corporate whose affairs are being investigated by virtue of section 167, as applied by this section, of the Companies Act, 1963.
Inspection, production and evidence of documents kept by registrar.
19.—(1) Any person may—
(a) inspect the documents kept by the registrar under this Act, on payment of such fee as may be fixed by the Minister,
(b) require a certificate of registration of a unit trust scheme, or a copy of or extract from any document or any part of any document certified by the registrar, on payment for the certificate or the certified copy or extract of such fees as the Minister may fix.
(2) No process for compelling the production of any document kept by the registrar under this Act shall issue from any court except with the leave of that court, and any such process if issued shall bear thereon a statement that it is issued with the leave of the court.
(3) A copy of, or extract from, any document kept and registered under this Act at the office of the registrar and certified to be a true copy under the hand of the registrar or other officer authorised by the Minister (whose official position it shall not be necessary to prove), shall in all legal proceedings be admissible in evidence as of equal validity with the original document.
Fees.
20.—(1) There shall be paid to the registrar by the manager under the unit trust scheme concerned a fee of ten pounds for registering a unit trust scheme in the register and a fee of one pound in respect of each document sent or furnished to the registrar pursuant to this Act.
(2) All fees paid to the registrar in pursuance of this Act shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance may direct.
(3) The Minister may by regulations made with the consent of the Minister for Finance vary the amount of a fee specified in subsection (1) of this section, and that subsection shall have effect in accordance with any regulations under this subsection for the time being in force.
Offences and punishments.
21.—(1) Where, in relation to a unit trust scheme, there is a contravention of section 9 of this Act, the manager under the scheme shall be guilty of an offence.
(2) Where, in relation to a unit trust scheme, there is a contravention of section 11 or 12 of this Act, the manager and (except where the contravention consists of sending a copy of a document of the kind referred to in the said section 12 to the registrar without its having been signed by a director or the secretary of the trustee or sending a copy of such a document to a person specified in the said section 12 without having obtained the approval of the trustee for the document) the trustee under the scheme shall be guilty of an offence.
(3) Where the manager under a unit trust scheme contravenes section 13 or 17 of this Act, he shall be guilty of an offence.
(4) A person guilty of an offence under this Act (other than section 16 (6)) shall be liable—
(a) on summary conviction, to a fine not exceeding one hundred pounds, or
(b) on conviction on indictment, to a fine not exceeding five thousand pounds,
and if the contravention or failure in respect of which he is convicted is continued after the conviction, he shall be guilty of a further offence and shall be liable on conviction on indictment to a fine not exceeding two hundred and fifty pounds for each day on which the contravention is so continued.
Offences in relation to certain bodies.
22.—Where an offence under this Act is committed by a body corporate and is proved to have been so committed with the consent or approval of, or to have been facilitated by any wilful neglect on the part of any person being a director, manager, secretary, member of any committee of management or other controlling authority of such body or official of such body, that person shall also be guilty of the offence.
Laying of orders and regulations before Houses of Oireachtas.
23.—Every order and regulation made by the Minister under this Act shall be laid before each House of the Oireachtas as soon as may be after it is made, and, if a resolution annulling the order or regulation is passed by either such House within the next twenty-one days on which that House has sat after the order or regulation has been laid before it, the order or regulation shall be annulled accordingly, but without prejudice to anything previously done thereunder.
Expenses of Minister.
24.—The expenses incurred by the Minister in the administration of this Act shall, to such extent as may be sanctioned by the Minister for Finance, be paid out of moneys provided by the Oireachtas.
Short title and commencement.
25.—(1) This Act may be cited as the Unit Trusts Act, 1972.
(2) This Act shall come into operation on such day or days as, by order or orders made by the Minister under this section, may be fixed therefor either generally or with reference to any particular purpose or provision and different days may be so fixed for different purposes and different provisions.