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Central Bank Act, 1997 (No. 8)Introductory TextActs Referred toPart I Preliminary and General (ss. 1-4)1. Short title, construction, collective citation and commencement.2. Interpretation.3. Laying of regulations and orders before Houses of the Oireachtas.4. Repeals.Part II Regulation of Payment Systems (ss. 5-22)5. Definitions (Part II).6. Membership of payment system.7. Payment systems.8. Existing payment systems.9. Approval of rules.10. Refusal to approve of rules.11. Application of section 17 of Act of 1971.12. Failure to comply with conditions or requirements.13. Revocation of approval of rules of payment system.14. Offences.15. Imposition of requirements for membership.16. Amendment of section 26 of Act of 1971.17. Exemption of payment systems.18. Payment of fees.19. Prohibition of revocation of certain payments.20. Electronic settlement of accounts.21. Amendment of section 7 of Act of 1942.22. Power to make regulations for cross-border transfers.Part III Power of the Bank to Form or Acquire a Company (s. 23)23. Power of Bank to form or acquire a company.Part IV Functions of Bank with Respect to Regulated Financial Service Providers (ss. 24-27K)Chapter 1 Introductory (s. 24)24. Interpretation (Part IV).Chapter 2 Compliance and related statements (ss. 25-27A)25. Obligation of regulated service provider to provide compliance statement when required to do so by the Bank.26. Compliance statement to be accompanied by auditor's report if required.27. Offences under section 25 or 26.27A. Bank may issue guidelines.Chapter 3 Obligations of auditors of regulated financial service providers (ss. 27B-27H)27B. Auditor of regulated financial service provider to lodge annual report with Bank.27BA. Auditor assurance.27C. Duty of auditor to provide Bank with copies of certain reports.27D. Duty of auditor to provide Bank with copies of reports sent to Director of Corporate Enforcement.27E. Bank may request auditor of regulated financial service provider to provide Bank with report on certain matters.27F. Bank may require auditor of regulated financial service provider to provide certain documents.27G. Offences by auditors and affiliates under this Chapter.27H. Auditors to have certain immunities from liability.Chapter 4 Supplementary provisions (ss. 27I-27K)27I. Offence to provide false or misleading information for the purposes of this Part.27J. Who may prosecute offences against this Part that are to be tried summarily.27K. Limitation period for bringing proceedings for summary trial of offence against this Part.Part V Supervision of Regulated Businesses (ss. 28-36N)Chapter 1 Introductory provisions (s. 28)28. Definitions (Part V).Chapter 2 Carrying on regulated business without authorisation prohibited (s. 29-29A)29. Person prohibited from carrying on regulated business without authorisation.29A. Power of Bank to exempt certain persons from being required to hold authorisation as a retail credit firm.Chapter 3 Authorisations to carry on regulated businesses (ss. 30-36F)30. Applications for authorisations.31. Grant and refusal of applications for authorisation.31A. Provisions supplementary to section 31 applicable to retail credit and home reversion firms.32. Effect and term of authorisation.32A. Additional provisions applicable to retail credit and home reversion firms.33. Bank may impose conditions when granting an application for an authorisation.33A. Imposition of conditions or requirements on authorised retail credit firms and home reversion firms.34. Bank may amend authorisation.34C. Transitional provisions.34D. Transitional provision for existing debt management firms.34E. Transitional provision for existing retail credit firms34EA. Further transitional provision for existing retail credit firms.34F. Transitional provision for existing credit servicing firms34FA. Transitional provision for existing credit servicing firms: supplementary34FB. Transitional provision for existing credit servicing firms: further supplementary provision.34G. Obligation on credit servicing firm and holder of legal title to credit35. Offence to fail to comply with certain conditions and requirements.36. Revocation of authorisation by Bank on application of holder.36A. Revocation of authorisation by Bank otherwise than on application of holder.36B. Bank may direct holder of authorisation to suspend business.36C. Bank to publish notice of revocation or suspension.36D. Bank to keep register of persons authorised to carry on regulated businesses.36E. Bank to publish list of persons authorised to carry on regulated businesses.36EA. Collection and publication of information on relevant agreements.36F. Holders of authorisations to keep certain records.Chapter 4 Enforcement of this Part (ss. 36G-36K)36G. Appointment of inspectors.36H. Powers of inspectors with respect to holders of authorisations.36I. Offence to obstruct inspectors in the exercise of their powers.36J. Court may make enforcement orders.36K. Offences by persons concerned in management of bodies corporate.Chapter 5 Supplementary provisions (ss. 36L-36N)36L. Decisions of Bank under this Part to be appealable decisions for purposes of Part VIIA of Central Bank Act 1942.36M. Bank may make regulations for purposes of this Part.36N. Performance and exercise of Bank's functions and powers to be consistent with performance of certain responsibilities of Governor.Part VI Amendments to Investment Intermediaries Act, 1995 (ss. 37-49)37. Amendment of section 4 of Investment Intermediaries Act, 1995.38. Amendment of section 8 of Investment Intermediaries Act, 1995.39. Amendment of section 10 of Investment Intermediaries Act, 1995.40. Amendment of section 20 of Investment Intermediaries Act, 1995.41. Amendment of section 22 of Investment Intermediaries Act, 1995.42. Amendment of section 25 of Investment Intermediaries Act, 1995.43. Amendment of section 26 of Investment Intermediaries Act, 1995.44. Amendment of section 27 of Investment Intermediaries Act, 1995.45. Amendment of section 28 of Investment Intermediaries Act, 1995.46. Amendment of section 29 of Investment Intermediaries Act, 1995.47. Amendment of section 31 of Investment Intermediaries Act, 1995.48. Amendment of section 64 of Investment Intermediaries Act, 1995.49. Amendment of section 78 of Investment Intermediaries Act, 1995.Part VII Miscellaneous (ss. 50-85)50. Amendment of section 24 of Act of 1942.51. Amendment of section 28 of Act of 1942.52. Amendment of section 16 of Act of 1989.53. Application of section 47 of Act of 1989.54. Amendment of section 48 of Act of 1989.55. Amendment of section 75 of Act of 1989.56. Amendment of section 76 of Act of 1989.57. Amendment of section 90 of Act of 1989.58. Amendment of section 91 of Act of 1989.59. Amendment of section 92 of Act of 1989.60. Amendment of section 3 (2) of Consumer Credit Act, 1995.61. Amendment of Part II, Chapter VII of Act of 1989.62. Amendment of section 104 of Act of 1989.63. Amendment of section 139 of Act of 1989.64. Amendment of section 3 of Bretton Woods Agreements Act, 1957.65. Amendment of section 3 of International Finance Corporation Act, 1958.66. Amendment of section 3 of International Development Association Act, 1960.67. Amendment of section 3 of Multilateral Investment Guarantee Agency Act, 1988.68. Amendment of section 3 of European Bank for Reconstruction and Development Act, 1991.69. Amendment of Part II, Chapter II of Act of 1989.70. Amendment of Act of 1971.71. Amendment of section 11 of Act of 1971.72. Amendment of section 48 of Act of 1971.73. Amendment of section 51 of Act of 1971.74. Injunction to prevent an unauthorised person acting as a credit institution.75. Powers of inspection.76. Search and seizure.77. Examination by Comptroller and Auditor General.78. Amendment of Building Societies Act, 1989.79. Information to be supplied by mortgage lenders.80. Amendment of Trustee (Authorised Investments) Act, 1958.81. Amendment of European Communities (Deposit Guarantee Schemes) Regulations, 1995.82. References to company in ICC Bank Act, 1992.83. Amendment of Stock Transfer Act, 1963.84. Representative offices.85. Amendment of Decimal Currency Act, 1969.Schedule
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AI Summary of 23. Power of Bank to form or acquire a company.

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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 9 April 1997 - onwards
Version 2 of 2

23. Power of Bank to form or acquire a company.

(1) Subject to subsection (4), the Bank may promote and take part in the formation or establishment of one or more than one company.

(2) The Bank may acquire, hold and dispose of shares or other interests in one or more than one company and become a member of a company.

(3) The Bank may exercise total or partial control of the composition of the board of directors that controls or manages a company promoted, formed or established by it.

(4) The exercise by the Bank of any power conferred by this section shall be subject to the consent of the Minister, given after consultation with any other Minister of the Government who, in the opinion of the Minister, having regard to the functions of that Minister of the Government, ought to be consulted.

(5) The consent of the Minister shall be required for the drawing up of or amending of the Memorandum and Articles of Association of any company formed or acquired by the Bank.

(6) The functions and powers of any subsidiary of the Bank shall be limited to those conferred on the Bank.

(7) Subsection (6) shall not apply where the Bank becomes a member of, or is a party to the establishment or operation of a payment system.

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