National Asset Management Agency Act 2009 (2009_act_34) | IE

ISB Act 2009-11-22

Schedule 1 National Asset Management Agency Act 2009 Open official source

SCHEDULE 1 Powers of Statutory Receivers

SCHEDULE 1

Powers of Statutory Receivers

Section 148.

1. To take immediate possession of, get in and collect any secured asset or any part of it in respect of which he or she is appointed and to make such demands and take such proceedings as may seem expedient for that purpose, and to take possession of the secured assets over which he or she is appointed with like rights.

2. To sell, realise or otherwise dispose of property.

3. To carry on, manage, develop, reconstruct, amalgamate or diversify or concur in carrying on, managing, developing, reconstructing, amalgamating or diversifying any business of the chargor in any manner he or she thinks fit.

4. To appoint and discharge managers, officers, agents, professional advisers, consultants, servants, workmen, employees and others for the purposes specified in this Schedule upon such terms as to remuneration or otherwise as he or she thinks fit and to remove any person so appointed to any such position by the chargor.

5. To raise and borrow money or incur any other liability, either unsecured or on the security of any secured asset either in priority to NAMA’s or the relevant NAMA group entity’s security or otherwise and generally on any terms and for whatever purpose he or she thinks fit.

6. To grant rights, options or easements over, dispose of, convert into money and realise any secured asset by public auction or private contract and generally in any manner and on any terms he or she thinks fit. The consideration for any such transaction may consist of cash, debentures or other obligations, shares, stock or other valuable consideration and any such consideration may be payable in a lump sum or by instalments spread over any period he or she thinks fit. Fixtures, plant and machinery may be severed and sold separately from the property containing them without the consent of the chargor.

7. To let, hire, lease, licence or grant any interest in any secured asset for any term and at any rent (with or without a premium) he or she thinks fit and to vary the terms, surrender or accept a surrender of any lease or tenancy of any secured asset on any terms which he or she thinks fit (including the payment of money to a lessee or tenant on a surrender).

8. Where the chargor is a company, to require the chargor, or the directors of the chargor, to make calls conditionally or unconditionally upon the shareholders of the chargor in respect of any uncalled capital of the chargor and enforce payment of any call so made by action (in the name of the chargor or the statutory receiver as he or she may think fit) or otherwise.

9. To sell or assign all or any of the book debts in respect of which he or she is appointed in such manner, and generally on such terms and conditions, as he or she thinks fit.

10. To exercise in respect of any secured asset all voting or other powers or rights in such manner as he or she thinks fit.

11. To purchase or acquire any land or any interest in or right over land.

12. To exercise on behalf of the chargor, and without the consent of or notice to the chargor, all the powers conferred on a landlord or a tenant by any legislation from time to time in force in any relevant jurisdiction relating to rents or agriculture in respect of any part of the secured assets.

13. To exercise on behalf of the chargor and in the name of the chargor all powers and rights of the chargor relevant to effecting and necessary to effect the registration in the Land Registry of any fixed or specific charge created on any registered land, of the crystallisation of any floating charge or his or her appointment as statutory receiver.

14. To settle, adjust, refer to arbitration, allow time for payment, compromise and arrange any claim, contract, account, dispute, question or demand with or by any person who is or claims to be a creditor of the chargor or relating in any way to any secured asset.

15. To bring, prosecute, enforce, defend and abandon any action, suit or proceedings both in his or her own name and in the name of the chargor in relation to any secured asset which he or she thinks fit.

16. To give a valid receipt for any money and execute any assurance or thing that may be necessary or desirable for realising any secured asset.

17. Where the chargor is a company, to form a subsidiary of the chargor, arrange for any such subsidiary to trade or cease to trade as he or she sees fit, in his or her capacity as shareholder and transfer to that subsidiary any secured asset and sell or otherwise dispose of any such subsidiary.

18. To delegate his or her powers.

19. To appoint managers, officers, agents, professional advisers, consultants, servants, workmen, employees and others, for the purpose of exercising his or her powers at such salaries, for such periods and on such terms as he or she determines.

20. To enter into, abandon, perform, repudiate, rescind, vary or cancel any contracts as he or she thinks fit.

21. To lend money or advance credit to any customer of the chargor.

22. To make substitutions of, or improvements to, the chargor’s plant and machinery as he or she thinks fit.

23. To effect with any insurer any policy of insurance either in lieu or satisfaction of, or in addition to, the insurances required to be maintained under any security document or loan facility agreement entered into by the chargor which is held by NAMA or a NAMA group entity.

24. To make any election for value-added tax purposes that he or she thinks fit.

25. To run the tax affairs of the chargor in any manner that he or she thinks fit.

26. To conduct and complete all investigations, studies, sampling and testing and all remedial, removal and other actions required by law or by NAMA or a NAMA group entity and comply with all lawful orders and directives of any authority under an environmental law.

27. To take all steps necessary to effect any registration, renewal, application or notification that he or she thinks fit to maintain in force or protect any intellectual property.

28. To redeem any prior security interest and to settle and pass the accounts to which that security interest relates. Any accounts so settled and passed are conclusive and binding on the chargor, and any money so paid shall be taken to be an expense properly incurred by him or her.

29. To effect any repair or insurance and do any other act which the chargor might do in the ordinary conduct of its business to protect or improve any secured asset.

30. To commence and complete any building operation, and to complete any building operation already begun.

31. To arrange for or provide any service proper for the efficient use or management of the secured assets.

32. To apply for and maintain any planning permission, building regulation approval or any other authorisation.

33. To do all other acts and things which he or she may consider desirable or necessary for realising any secured asset or incidental or conducive to any of the rights, powers or discretions conferred on a statutory receiver.

34. To exercise in relation to a secured asset all the rights, powers and authorities that he or she could exercise if he or she were the absolute beneficial owner of the secured asset.

35. To use the name of the chargor when exercising any of the rights, powers or discretions conferred on him or her.

36. Where the chargor is a company, to use the chargor’s seal.

37. To do all acts and to execute in the name and on behalf of the chargor any deed, receipt or other document.

38. To draw, accept, make or endorse any bill of exchange or promissory note in the name of and on behalf of the chargor.

39. To make any payment which is necessary or incidental to the performance of his or her functions.

40. To rank and claim in the bankruptcy, insolvency, sequestration or liquidation of any person indebted to the chargor and to receive dividends, and to accede to the trust deeds for the creditors of any such person.

41. Where the chargor is a company, to change the location of the chargor’s registered office.

ISB Act 2009-11-22

Schedule 2 National Asset Management Agency Act 2009 Open official source

SCHEDULE 2 Redress for Contravention of section 223 (3)

SCHEDULE 2

Redress for Contravention of section 223 (3)

Complaints to rights commissioner

1. (1) An employee may present a complaint to a rights commissioner that his or her employer has contravened section 223 (3) in relation to the employee.

(2) Where a complaint under subparagraph 1 is made, the rights commissioner shall—

(a) give the parties an opportunity to be heard by the commissioner and to present to the commissioner any evidence relevant to the complaint,

(b) give a decision in writing in relation to it, and

(c) communicate the decision to the parties.

(3) A decision of a rights commissioner under subparagraph (2) shall do one or more of the following

(a) declare that the complaint was or, as the case may be, was not well founded;

(b) require the employer to take a specified course of action;

(c) require the employer to pay to the employee compensation of such amount (if any) as is just and equitable having regard to all the circumstances.

(4) The references in subparagraph (3) to an employer shall be construed, in a case where ownership of the business of the employer changes after the contravention to which the complaint relates occurred, as references to the person who, by virtue of the change, becomes entitled to that ownership.

(5) A rights commissioner shall not entertain a complaint under this paragraph if it is presented to him or her after the expiration of the period of 6 months beginning on the date of the contravention to which the complaint relates.

(6) Notwithstanding subparagraph (5), a rights commissioner may entertain a complaint under this paragraph presented to him or her after the expiration of the period referred to in subparagraph (5) (but not later than 6 months after such expiration) if he or she is satisfied that the failure to present the complaint within that period was due to reasonable cause.

(7) A complaint shall be presented by giving notice of it in writing to a rights commissioner and the notice shall contain such particulars and be in such form as may be specified from time to time by the Minister.

(8) A copy of a notice under subparagraph (7) shall be given to the other party concerned by the rights commissioner concerned.

(9) Proceedings under this paragraph before a rights commissioner shall be conducted otherwise than in public.

(10) A rights commissioner shall furnish the Labour Court with a copy of each decision given by the commissioner under subparagraph (2).

Appeals from decisions of rights commissioner

2. (1) A party concerned may appeal to the Labour Court from a decision of a rights commissioner under paragraph 1 and, if the party does so, the Labour Court—

(a) shall give the parties an opportunity to be heard by it and to present to it any evidence relevant to the appeal,

(b) shall make a determination in writing in relation to the appeal affirming, varying or setting aside the decision, and

(c) shall communicate the determination to the parties.

(2) An appeal under this paragraph shall be initiated by the party concerned giving within 6 weeks (or such greater period as the Court may determine in the particular circumstances) from the date on which the decision to which it relates was communicated to the party, a notice in writing to the Labour Court containing such particulars as are determined by the Labour Court under subparagraph (4) and stating the intention of the party concerned to appeal against the decision.

(3) A copy of a notice under subparagraph (2) shall be given by the Labour Court to any other party concerned as soon as practicable after the receipt of the notice by the Labour Court.

(4) The Labour Court shall determine the following matters, or the procedures to be followed in relation to them

(a) the procedure in relation to all matters concerning the initiation and the hearing by the Labour Court of appeals under this paragraph;

(b) the times and places of hearings of such appeals;

(c) the representation of the parties to such appeals;

(d) the publication and notification of determinations of the Labour Court;

(e) the particulars to be contained in a notice under subparagraph (2);

(f) any matters consequential on, or incidental to, the foregoing matters.

(5) The Minister may, at the request of the Labour Court, refer a question of law arising in proceedings before it under this paragraph to the High Court for its determination. The determination of the High Court in relation to such a question shall be final and conclusive.

(6) A party to proceedings before the Labour Court under this paragraph may appeal to the High Court from a determination of the Labour Court on a point of law. The determination of the High Court on such an appeal shall be final and conclusive.

Paragraphs 1 and 2: supplemental provisions

3. (1) Section 39(17) of the Redundancy Payments Act 1967 shall apply in relation to proceedings before the Labour Court under paragraph 2 as it applies to matters referred to the Employment Appeals Tribunal under that section with—

(a) the substitution in that provision of references to the Labour Court for references to the Tribunal, and

(b) the substitution in paragraph (e) of that provision of “€3,000” for “£150”.

(2) Where a decision of a rights commissioner in relation to a complaint under this Schedule has not been carried out by the employer concerned in accordance with its terms, the time for bringing an appeal against the decision has expired and no such appeal has been brought, the employee concerned may bring the complaint before the Labour Court and the Labour Court shall, without hearing the employer concerned or any evidence (other than in relation to the matters aforesaid), make a determination to the like effect as the decision.

(3) The bringing of a complaint before the Labour Court under subparagraph (2) shall be effected by giving to the Labour Court a written notice containing such particulars (if any) as may be determined by the Labour Court.

(4) The Labour Court shall publish, in a manner it considers appropriate, particulars of any determination made by it under subparagraph (4)(a), (b), (c), (e) and (f) of paragraph 2 (not being a determination in relation to a particular appeal under that paragraph) and subparagraph (3).

Enforcement of determinations of Labour Court

4. (1) If an employer fails to carry out a determination of the Labour Court in relation to a complaint under paragraph 1 in accordance with its terms within 6 weeks from the date on which the determination is communicated to the parties, the Circuit Court shall, on application to it in that behalf by—

(a) the employee concerned,

(b) with the consent of the employee, any trade union of which the employee is a member, or

(c) the Minister, if the Minister considers it appropriate to make the application having regard to all the circumstances,

without hearing the employer or any evidence (other than in relation to the matters aforesaid), make an order directing the employer to carry out the determination in accordance with its terms.

(2) The reference in subparagraph (1) to a determination of the Labour Court is a reference to a determination in relation to which, at the expiration of the time for bringing an appeal against it, no such appeal has been brought or, if such an appeal has been brought it has been abandoned and the references to the date on which the determination is communicated to the parties shall, in a case where such an appeal is abandoned, be read as references to the date of such abandonment.

(3) In an order under this paragraph providing for the payment of compensation, the Circuit Court may, if in all the circumstances it considers it appropriate to do so, direct the employer concerned to pay to the employee concerned interest on the compensation at the rate referred to in section 22 of the Courts Act 1981, in respect of the whole or any part of the period beginning 6 weeks after the date on which the determination of the Labour Court is communicated to the parties and ending on the date of the order.

(4) An application under this paragraph shall be made to the Circuit Court sitting in the Circuit in which is situated the place of work (within the meaning of the Safety, Health and Welfare at Work Act 2005) at which the employee is normally employed by the employer.

Provisions relating to winding up and bankruptcy

5. (1) There shall be included among the debts which, under section 285 of the Companies Act 1963 (as amended by section 10 of the Companies (Amendment) Act 1982 and section 134 of the Companies Act 1990) are, in the distribution of the assets of a company being wound up, to be paid in priority to all other debts, all compensation payable by virtue of a decision under paragraph 1(2)(b) or a determination under paragraph 2(1) by the company to an employee, and that Act shall have effect accordingly. Formal proof of the debts to which priority is given under this subparagraph shall not be required except in cases where it may otherwise be provided by rules made under that Act.

(2) There shall be included among the debts which, under section 81 of the Bankruptcy Act 1988 are, in the distribution of the property of a bankrupt or arranging debtor, to be paid in priority to all other debts, all compensation payable by virtue of a decision under paragraph 1(2)(b) or a determination under paragraph 2(1) by the bankrupt or arranging debtor, as the case may be, to an employee, and that Act shall have effect accordingly. Formal proof of the debts to which priority is given under this subparagraph shall not be required except in cases where it may otherwise be provided under that Act.

ISB Act 2009-11-22

Schedule 3 National Asset Management Agency Act 2009 Open official source

SCHEDULE 3 Amendments of Other Acts

SCHEDULE 3

Amendments of Other Acts

Section 231.

PART 1 Amendment of Building Societies Act 1989

PART 1

Amendment of Building Societies Act 1989

Item

Provision amended

Amendment

1

Section 2(1)

After the definition of “society”, insert— “ ‘special investment shares’ shall be construed in accordance with section 18(1A);”.

After the definition of “society”, insert—

“ ‘special investment shares’ shall be construed in accordance with section 18(1A);”.

2

Section 14(6)

Substitute “With the exception of any alteration to the rules that make changes necessary to or consequential on the issue of special investment shares, an alteration” for “An alteration”.

3

Section 17(3)

After paragraph (a), insert— “(aa) the acceptance of payments by way of subscription for special investment shares;”.

After paragraph (a), insert—

“(aa) the acceptance of payments by way of subscription for special investment shares;”.

4

Section 18(1)(b)(i)

After “deferred”, insert “, special investment”.

5

Section 18(1)

After subsection (1), insert— “(1A) Special investment shares shall be issued only to the Minister for Finance or to such other person as he or she may nominate, and that Minister may specify the terms and conditions on which special investment shares may be issued, including terms and conditions— (a) that entitle the holder of the shares to such voting rights on resolutions as the terms of issue provide in accordance with section 69(3A), (b) that entitle the holder of the shares to appoint such number of directors of the society as the terms of issue provide in accordance with section 50(18), and (c) that the Minister for Finance considers necessary in the context of the Minister’s agreement to subscribe for such shares and for the purposes of the Credit Institutions (Financial Support) Act 2008, including terms and conditions relating to— (i) the capital status and priority of the shares, (ii) the redemption, repurchase or other realisation of the shares, (iii) the dividends, if any, to be paid on the shares, and (iv) the transferability of the shares, but nothing in this Act or the society’s rules shall be construed as limiting or affecting such terms and conditions, or the enforceability of, or rights arising from, such terms and conditions.”.

After subsection (1), insert—

“(1A) Special investment shares shall be issued only to the Minister for Finance or to such other person as he or she may nominate, and that Minister may specify the terms and conditions on which special investment shares may be issued, including terms and conditions—

(a) that entitle the holder of the shares to such voting rights on resolutions as the terms of issue provide in accordance with section 69(3A),

(b) that entitle the holder of the shares to appoint such number of directors of the society as the terms of issue provide in accordance with section 50(18), and

(c) that the Minister for Finance considers necessary in the context of the Minister’s agreement to subscribe for such shares and for the purposes of the Credit Institutions (Financial Support) Act 2008, including terms and conditions relating to—

(i) the capital status and priority of the shares,

(ii) the redemption, repurchase or other realisation of the shares,

(iii) the dividends, if any, to be paid on the shares, and

(iv) the transferability of the shares,

but nothing in this Act or the society’s rules shall be construed as limiting or affecting such terms and conditions, or the enforceability of, or rights arising from, such terms and conditions.”.

6

After section 18, insert— “Relationship framework. 18A.—(1)(a) The Minister for Finance may from time to time— (i) specify in writing a relationship framework to govern the relationship between a building society that issues one or more special investment shares to the Minister for Finance or that Minister’s nominee, and that Minister or nominee, and (ii) amend or revoke any such relationship framework. (b) Such a relationship framework shall recognise the separation of the building society concerned from that Minister or nominee and limit the extent of any intervention by that Minister or nominee in the conduct of the building society’s business to that necessary to protect the public interest. (c) The relationship framework shall at all times comply with regulatory requirements. (2) The building society concerned, the Minister for Finance and any nominee of that Minister shall act in accordance with any relationship framework specified under subsection (1). (3) Parts 2 and 3 of the Competition Act 2002 shall not apply to the issue to the Minister for Finance, or that Minister’s nominee, of one or more special investment shares. (4) Section 7 of the Credit Institutions (Financial Support) Act 2008 shall not apply to the issue to the Minister for Finance, or that Minister’s nominee, of one or more special investment shares.”.

After section 18, insert—

“Relationship framework.

18A.—(1)(a) The Minister for Finance may from time to time—

(i) specify in writing a relationship framework to govern the relationship between a building society that issues one or more special investment shares to the Minister for Finance or that Minister’s nominee, and that Minister or nominee, and

(ii) amend or revoke any such relationship framework.

(b) Such a relationship framework shall recognise the separation of the building society concerned from that Minister or nominee and limit the extent of any intervention by that Minister or nominee in the conduct of the building society’s business to that necessary to protect the public interest.

(c) The relationship framework shall at all times comply with regulatory requirements.

(2) The building society concerned, the Minister for Finance and any nominee of that Minister shall act in accordance with any relationship framework specified under subsection (1).

(3) Parts 2 and 3 of the Competition Act 2002 shall not apply to the issue to the Minister for Finance, or that Minister’s nominee, of one or more special investment shares.

(4) Section 7 of the Credit Institutions (Financial Support) Act 2008 shall not apply to the issue to the Minister for Finance, or that Minister’s nominee, of one or more special investment shares.”.

7

Section 50(1)

Substitute “subsections (11), (16) and (18) and section 69(3A)(c)” for “subsections (11) and (16)”.

8

Section 50

Insert after subsection (17)— “(18) Where the terms and conditions of issue so provide, a member who holds special investment shares shall be entitled, from time to time, by notice in writing to the society, to appoint such number of directors of the society as may be specified in the terms of issue of such shares, to remove any director so appointed and to replace the person removed with another person. (19) A provision in the memorandum or rules of a society shall not operate to— (a) prevent the appointment of directors pursuant to subsection (18), or (b) have the effect of requiring a director appointed by a member holding special investment shares to be a member of the society, to hold shares in or a deposit with the society or to resign or retire from office other than in accordance with subsection (18). (20) Where the terms and conditions of issue so provide, a member who holds special investment shares shall be entitled, by ordinary resolution, to remove a director before the expiration of his or her period of office notwithstanding anything in the rules or in any agreement between the society and the director.”.

Insert after subsection (17)—

“(18) Where the terms and conditions of issue so provide, a member who holds special investment shares shall be entitled, from time to time, by notice in writing to the society, to appoint such number of directors of the society as may be specified in the terms of issue of such shares, to remove any director so appointed and to replace the person removed with another person.

(19) A provision in the memorandum or rules of a society shall not operate to—

(a) prevent the appointment of directors pursuant to subsection (18), or

(b) have the effect of requiring a director appointed by a member holding special investment shares to be a member of the society, to hold shares in or a deposit with the society or to resign or retire from office other than in accordance with subsection (18).

(20) Where the terms and conditions of issue so provide, a member who holds special investment shares shall be entitled, by ordinary resolution, to remove a director before the expiration of his or her period of office notwithstanding anything in the rules or in any agreement between the society and the director.”.

9

Section 69(1)(a)

Substitute— “(a) on a resolution other than a conversion resolution— (i) all the members who at the end of the last financial year of the society before the date of the meeting or the postal ballot, as the case may be, had held continuously shares to the value of not less than €125 for the preceding period of 6 months and continue to hold such shares on the voting date, and (ii) any member holding special investment shares; and”.

Substitute—

“(a) on a resolution other than a conversion resolution—

(i) all the members who at the end of the last financial year of the society before the date of the meeting or the postal ballot, as the case may be, had held continuously shares to the value of not less than €125 for the preceding period of 6 months and continue to hold such shares on the voting date, and

(ii) any member holding special investment shares; and”.

10

Section 69(3)

Substitute “Subject to subsection (3A), on” for “On”.

11

Section 69

After subsection (3), insert— “(3A) At any time when special investment shares are in issue and their terms so provide— (a) no resolution may be passed without the consent in writing of the member holding such shares, (b) where the member holding such shares votes in favour of a resolution, that resolution shall be treated for all purposes as having been passed by a majority of the members entitled to vote on such resolution, and (c) notwithstanding any other provision of this Act or any provision of the society’s rules— (i) a resolution in writing signed by the member holding such shares shall be as valid and effective for all purposes as if the resolution had been passed at a general meeting of the society duly convened and held, and (ii) a resolution mentioned in subparagraph (i), if described as a special resolution or conversion resolution, shall be deemed to be such a resolution.”.

After subsection (3), insert—

“(3A) At any time when special investment shares are in issue and their terms so provide—

(a) no resolution may be passed without the consent in writing of the member holding such shares,

(b) where the member holding such shares votes in favour of a resolution, that resolution shall be treated for all purposes as having been passed by a majority of the members entitled to vote on such resolution, and

(c) notwithstanding any other provision of this Act or any provision of the society’s rules—

(i) a resolution in writing signed by the member holding such shares shall be as valid and effective for all purposes as if the resolution had been passed at a general meeting of the society duly convened and held, and

(ii) a resolution mentioned in subparagraph (i), if described as a special resolution or conversion resolution, shall be deemed to be such a resolution.”.

12

Section 70(2)

Substitute “Subject to section 69(3A), a resolution” for “A resolution”.

13

Section 71(1)

Substitute “Subject to section 69(3A), a resolution” for “A resolution”.

14

After section 71, insert— “Resolutions for special investment shares. 71A.—(1) Where a building society proposes to issue special investment shares and its board of directors in good faith forms the opinion that the issue of such shares will assist in securing the financial position of the building society, the board of directors may, notwithstanding any provision in the society’s rules, propose a resolution to approve of the issue of such shares and a special resolution to alter the society’s memorandum and rules to give effect to all necessary and consequential changes relating to the issue of such shares. (2) Where the resolution and special resolution mentioned in subsection (1) are to be considered at a meeting, then, notwithstanding any other provision of this Act or any provision of the rules, the board of directors of the society concerned may reduce the period of notice otherwise required to be given for the meeting to a period not shorter than 5 days, if that board is of the view that the circumstances warrant it. (3) Where the resolution and special resolution mentioned in subsection (1) are to be voted on by postal ballot, then, notwithstanding any other provision of this Act or any provision of the rules, the board of directors of the society concerned may reduce the period of notice otherwise required to a period not shorter than 5 days before the date which the board specifies as the date for the postal ballot, if that board is of the view that the circumstances warrant it.”.

After section 71, insert—

“Resolutions for special investment shares.

71A.—(1) Where a building society proposes to issue special investment shares and its board of directors in good faith forms the opinion that the issue of such shares will assist in securing the financial position of the building society, the board of directors may, notwithstanding any provision in the society’s rules, propose a resolution to approve of the issue of such shares and a special resolution to alter the society’s memorandum and rules to give effect to all necessary and consequential changes relating to the issue of such shares.

(2) Where the resolution and special resolution mentioned in subsection (1) are to be considered at a meeting, then, notwithstanding any other provision of this Act or any provision of the rules, the board of directors of the society concerned may reduce the period of notice otherwise required to be given for the meeting to a period not shorter than 5 days, if that board is of the view that the circumstances warrant it.

(3) Where the resolution and special resolution mentioned in subsection (1) are to be voted on by postal ballot, then, notwithstanding any other provision of this Act or any provision of the rules, the board of directors of the society concerned may reduce the period of notice otherwise required to a period not shorter than 5 days before the date which the board specifies as the date for the postal ballot, if that board is of the view that the circumstances warrant it.”.

15

Section 73(1)(b)

Substitute— “(b) of making ineffective a demand for a poll on any such question which is made by— (i) not less than 10 members having the right to vote at the meeting, or (ii) a member holding special investment shares.”.

Substitute—

“(b) of making ineffective a demand for a poll on any such question which is made by—

(i) not less than 10 members having the right to vote at the meeting, or

(ii) a member holding special investment shares.”.

PART 2 Amendment of Central Bank Act 1942

PART 2

Amendment of Central Bank Act 1942

Section 232.

Item

Provision amended

Amendment

1

Section 18B(2)

Delete subsection.

2

After section 18B, insert— “Membership of Board and Regulatory Authority. 18BA.—(1) Nothing in this Act shall be read so as to prevent any member of the Board from being a member of the Regulatory Authority. (2) Where more than half of the members of the Board are also members of the Regulatory Authority, then paragraph 2 of Schedule 1 shall apply as if it read ‘A quorum for all meetings of the Board is 7’.”.

After section 18B, insert—

“Membership of Board and Regulatory Authority.

18BA.—(1) Nothing in this Act shall be read so as to prevent any member of the Board from being a member of the Regulatory Authority.

(2) Where more than half of the members of the Board are also members of the Regulatory Authority, then paragraph 2 of Schedule 1 shall apply as if it read ‘A quorum for all meetings of the Board is 7’.”.

3

After section 19A, insert—

“Decisions about certain issues involving Treaties governing European Communities and ESCB Statute. 19B.— Where the Board is considering a budgetary or funding issue relating to the Bank or the Regulatory Authority that may have implications for the independence of the Bank or the performance by the Governor of the functions conferred on the Governor and the Bank by or under the treaties governing the European Communities (within the meaning given by section 1 of the European Communities Act 1972) or the ESCB Statute— (a) the Governor has the sole right to determine the issue, and (b) the Governor’s decision is final.”.

“Decisions about certain issues involving Treaties governing European Communities and ESCB Statute.

19B.— Where the Board is considering a budgetary or funding issue relating to the Bank or the Regulatory Authority that may have implications for the independence of the Bank or the performance by the Governor of the functions conferred on the Governor and the Bank by or under the treaties governing the European Communities (within the meaning given by section 1 of the European Communities Act 1972) or the ESCB Statute—

(a) the Governor has the sole right to determine the issue, and

(b) the Governor’s decision is final.”.

4

Section 25(2)

Delete subsection.

5

Section 25(3)

Delete “otherwise than by virtue of being a member of the Regulatory Authority”.

6

Section 25(4)(b)

Substitute— “(b) in order to enable the Board or the Board and the Regulatory Authority to function effectively, or (c) in order to facilitate a restructuring of the Board and the Authority so as to enable a closer working relationship between them.”.

Substitute—

“(b) in order to enable the Board or the Board and the Regulatory Authority to function effectively, or

(c) in order to facilitate a restructuring of the Board and the Authority so as to enable a closer working relationship between them.”.

7

Section 33E(1)

Substitute “The Regulatory Authority comprises no fewer than 8 and no more than 12 members” for “The Regulatory Authority comprises no fewer than 8 and no more than 10 members”.

8

Section 33E(1)(c)

Substitute “no fewer than 6 and no more than 10 are persons appointed by the Minister for Finance” for “no fewer than 6 and no more than 8 are persons appointed by the Minister for Finance”.

9

Section 33E

After subsection (1), insert— “(1A) Nothing in this Act shall be read so as to prevent any member of the Regulatory Authority from being a member of the Board.”.

After subsection (1), insert—

“(1A) Nothing in this Act shall be read so as to prevent any member of the Regulatory Authority from being a member of the Board.”.

10

Section 33I

After subsection (1), insert— “(1A) Where the Minister appoints or has appointed the Governor as a member of the Authority, then nothing in this Act shall be read so as to prevent the appointment of the Governor as its Chairperson.”.

After subsection (1), insert—

“(1A) Where the Minister appoints or has appointed the Governor as a member of the Authority, then nothing in this Act shall be read so as to prevent the appointment of the Governor as its Chairperson.”.

11

Schedule 2, Part 1

At the end, insert— “

At the end, insert—

“

National Asset Management Agency Act 2009

Part 12

”.

12

Schedule 3, paragraph 5(3)(b)

Substitute— “(b) in order to enable the Regulatory Authority or the Authority and the Board to function effectively, or (c) in order to facilitate a restructuring of the Authority and the Board so as to enable a closer working relationship between them.”.

Substitute—

“(b) in order to enable the Regulatory Authority or the Authority and the Board to function effectively, or

(c) in order to facilitate a restructuring of the Authority and the Board so as to enable a closer working relationship between them.”.

PART 3 Amendment of Companies Act 1963

PART 3

Amendment of Companies Act 1963

Section 233.

Item

Provision amended

Amendment

1

Section 216

After subsection (1), insert— “(2) The court shall not make an order for the winding up of a company unless— (a) the court is satisfied that the company has no obligations in relation to a bank asset that has been transferred to the National Asset Management Agency or a NAMA group entity, or (b) if the company has any such obligation— (i) a copy of the petition has been served on that Agency, and (ii) the court has heard that Agency in relation to the making of the order. (3) In subsection (2) ‘bank asset’ and ‘NAMA group entity’ have the same respective meanings as in the National Asset Management Agency Act 2009.”.

After subsection (1), insert—

“(2) The court shall not make an order for the winding up of a company unless—

(a) the court is satisfied that the company has no obligations in relation to a bank asset that has been transferred to the National Asset Management Agency or a NAMA group entity, or

(b) if the company has any such obligation—

(i) a copy of the petition has been served on that Agency, and

(ii) the court has heard that Agency in relation to the making of the order.

(3) In subsection (2) ‘bank asset’ and ‘NAMA group entity’ have the same respective meanings as in the National Asset Management Agency Act 2009.”.

PART 4 Amendments of Companies (Amendment) Act 1990

PART 4

Amendments of Companies (Amendment) Act 1990

Section 234.

Item

Provision amended

Amendment

1

Section 2

After subsection (4), insert— “(5) The court shall not make an order under this section unless— (a) the court is satisfied that the company has no obligations in relation to a bank asset that has been transferred to the National Asset Management Agency or a NAMA group entity, or (b) if the company has any such obligation— (i) a copy of the petition has been served on that Agency, and (ii) the court has heard that Agency in relation to the making of the order. (6) In subsection (5) ‘bank asset’ and ‘NAMA group entity’ have the same respective meanings as in the National Asset Management Agency Act 2009.”.

After subsection (4), insert—

“(5) The court shall not make an order under this section unless—

(a) the court is satisfied that the company has no obligations in relation to a bank asset that has been transferred to the National Asset Management Agency or a NAMA group entity, or

(b) if the company has any such obligation—

(i) a copy of the petition has been served on that Agency, and

(ii) the court has heard that Agency in relation to the making of the order.

(6) In subsection (5) ‘bank asset’ and ‘NAMA group entity’ have the same respective meanings as in the National Asset Management Agency Act 2009.”.

2

Section 4

After subsection (6), insert— “(7) The court shall not make an order under this section unless— (a) the court is satisfied that the related company has no obligations in relation to a bank asset that has been transferred to the National Asset Management Agency or a NAMA group entity, or (b) if the related company has any such obligation— (i) a copy of the petition has been served on that Agency, and (ii) the court has heard that Agency in relation to the making of the order. (8) In subsection (7) ‘bank asset’ and ‘NAMA group entity’ have the same respective meanings as in the National Asset Management Agency Act 2009.”.

After subsection (6), insert—

“(7) The court shall not make an order under this section unless—

(a) the court is satisfied that the related company has no obligations in relation to a bank asset that has been transferred to the National Asset Management Agency or a NAMA group entity, or

(b) if the related company has any such obligation—

(i) a copy of the petition has been served on that Agency, and

(ii) the court has heard that Agency in relation to the making of the order.

(8) In subsection (7) ‘bank asset’ and ‘NAMA group entity’ have the same respective meanings as in the National Asset Management Agency Act 2009.”.

PART 5 Amendment of Finance Act 1970

PART 5

Amendment of Finance Act 1970

Section 235 .

Item

Provision amended

Amendment

1

Section 54

After subsection (7D), insert— “(7E) The Minister— (a) may engage in such transactions of a normal banking nature with any person as he or she considers appropriate— (i) in connection with the performance of his or her functions under the National Asset Management Agency Act 2009, and (ii) for the purpose of the better management of any indebtedness incurred by the Minister under that Act, and (b) may for the purpose of those transactions issue such funds from the Exchequer as he or she considers appropriate. The expenses and other costs incurred by the Minister in connection with or arising out of those transactions shall be charged on the Central Fund or the growing produce of that Fund.”.

After subsection (7D), insert—

“(7E) The Minister—

(a) may engage in such transactions of a normal banking nature with any person as he or she considers appropriate—

(i) in connection with the performance of his or her functions under the National Asset Management Agency Act 2009, and

(ii) for the purpose of the better management of any indebtedness incurred by the Minister under that Act,

and

(b) may for the purpose of those transactions issue such funds from the Exchequer as he or she considers appropriate.

The expenses and other costs incurred by the Minister in connection with or arising out of those transactions shall be charged on the Central Fund or the growing produce of that Fund.”.

PART 6 Amendments of Landlord and Tenant (Amendment) Act 1980

PART 6

Amendments of Landlord and Tenant (Amendment) Act 1980

Section 236.

Item

Provision amended

Amendment

1

Section 17(2)(a)(v)

Substitute “management, or” for “management.”.

2

Section 17(2)(a)

After subparagraph (v), insert—

“(vi) the landlord (being the National Asset Management Agency) will require possession, within 5 years after the termination of the existing tenancy, for any purpose for which that Agency is entitled to acquire (by purchase or otherwise) property under the National Asset Management Agency Act 2009.”.

PART 7 Amendments of National Treasury Management Agency Act 1990

PART 7

Amendments of National Treasury Management Agency Act 1990

Section 237.

Item

Provision amended

Amendment

1

After section 4A, insert— “Further powers of NTMA. 4B.—(1) The Agency shall have all powers necessary or expedient for the performance of any function conferred on it by the National Asset Management Agency Act 2009. (2) The performance by the Agency of a function under the National Asset Management Agency Act 2009 is not a function of the Agency under this Act.”.

After section 4A, insert—

“Further powers of NTMA.

4B.—(1) The Agency shall have all powers necessary or expedient for the performance of any function conferred on it by the National Asset Management Agency Act 2009.

(2) The performance by the Agency of a function under the National Asset Management Agency Act 2009 is not a function of the Agency under this Act.”.

2

Section 12

After subsection (3), insert— “(4) The audited accounts prepared in pursuance of this section shall include a record of any expenses incurred by the Agency in the performance of functions under the National Asset Management Agency Act 2009.”.

After subsection (3), insert—

“(4) The audited accounts prepared in pursuance of this section shall include a record of any expenses incurred by the Agency in the performance of functions under the National Asset Management Agency Act 2009.”.

3

Schedule 1

After paragraph (ge), insert— “(gf) section 54(7E) (inserted by the National Asset Management Agency Act 2009) of the Finance Act 1970;”.

After paragraph (ge), insert—

“(gf) section 54(7E) (inserted by the National Asset Management Agency Act 2009) of the Finance Act 1970;”.

4

Schedule 1

After paragraph (t), insert— “(u) section 47 of the National Asset Management Agency Act 2009.”.

After paragraph (t), insert—

“(u) section 47 of the National Asset Management Agency Act 2009.”.

PART 8 Amendment of Planning and Development Act 2000

PART 8

Amendment of Planning and Development Act 2000

Section 238.

Item

Provision amended

Amendment

1

Section 40(3)

Substitute “In this section and sections 42 and 42A,” for “In this section and in section 42,”.

2

After section 42, insert—

“Power to extend appropriate period on application of NAMA.

42A.—(1) Notwithstanding section 42, on application by the National Asset Management Agency to it in that behalf a planning authority shall, as regards a particular permission as and from the expiry of that permission, extend the appropriate period by such additional period not exceeding 5 years as the authority considers requisite to enable the development to which the permission relates to be completed provided that each of the following requirements is complied with

(a) either—

(i) the authority is satisfied that— (I) the development to which the permission relates was commenced before the expiration of the appropriate period sought to be extended, (II) substantial works were carried out pursuant to the permission during that period, and (III) the development will be completed within a reasonable time, or (ii) the authority is satisfied that— (I) there were considerations of a commercial, economic or technical nature beyond the control of the applicant which substantially militated against either the commencement of development or the carrying out of substantial works pursuant to the planning permission, and (II) there have been no significant changes in the development objectives in the development plan or in regional development objectives in the regional planning guidelines for the area of the planning authority since the date of the permission such that the authority would not, as a result of those changes, grant an application for permission for the development as being in material contravention of the proper planning and sustainable development of the area of the authority, (b) the application is in accordance with such regulations under this Act as apply to it, (c) any requirements of, or made under those regulations are complied with as regards the application, and (d) subject to subsection (7), the application is duly made prior to the end of the appropriate period. (2) (a) Where an application is duly made under this section to a planning authority and any requirements of, or made under, regulations under section 43 are complied with as regards the application, the planning authority shall make its decision on the application as expeditiously as possible. (b) Without prejudice to the generality of paragraph (a), it shall be the objective of the planning authority to ensure that it shall give notice of its decision on an application under this section within the period of 8 weeks beginning on—

(i) the authority is satisfied that—

(I) the development to which the permission relates was commenced before the expiration of the appropriate period sought to be extended,

(II) substantial works were carried out pursuant to the permission during that period, and

(III) the development will be completed within a reasonable time,

or

(ii) the authority is satisfied that—

(I) there were considerations of a commercial, economic or technical nature beyond the control of the applicant which substantially militated against either the commencement of development or the carrying out of substantial works pursuant to the planning permission, and

(II) there have been no significant changes in the development objectives in the development plan or in regional development objectives in the regional planning guidelines for the area of the planning authority since the date of the permission such that the authority would not, as a result of those changes, grant an application for permission for the development as being in material contravention of the proper planning and sustainable development of the area of the authority,

(b) the application is in accordance with such regulations under this Act as apply to it,

(c) any requirements of, or made under those regulations are complied with as regards the application, and

(d) subject to subsection (7), the application is duly made prior to the end of the appropriate period.

(2) (a) Where an application is duly made under this section to a planning authority and any requirements of, or made under, regulations under section 43 are complied with as regards the application, the planning authority shall make its decision on the application as expeditiously as possible.

(b) Without prejudice to the generality of paragraph (a), it shall be the objective of the planning authority to ensure that it shall give notice of its decision on an application under this section within the period of 8 weeks beginning on—

(i) in case all of the requirements referred to in paragraph (a), are complied with on or before the day of receipt by the planning authority of the application, that day, and (ii) in any other case, the day on which all of those requirements stand complied with. (3) A decision to extend an appropriate period shall be made once and once only under this section and a planning authority shall not further extend the appropriate period. (4) Particulars of any application made to a planning authority under this section and of the decision of the planning authority in respect of the application shall be recorded on the relevant entry in the register. (5) Where a decision to extend is made under this section, section 40 shall, in relation to the permission to which the decision relates, be construed and have effect, subject to, and in accordance with, the terms of the decision. (6) In satisfying itself under subsection (1)(a)(ii), a planning authority shall have regard to any guidelines issued by the Minister under section 28, notwithstanding that they were so issued after the date of the grant of permission in relation to which an application is made under this section. (7) In relation to a permission where the expiry of the appropriate period occurs during the period beginning on or after 1 January 2009 and ending on or before 31 December 2011, NAMA may make an application to extend the appropriate period— (a) before the expiry of the appropriate period, or (b) at any time during the period of 2 years beginning on the date of expiry of the appropriate period.”.

(i) in case all of the requirements referred to in paragraph (a), are complied with on or before the day of receipt by the planning authority of the application, that day, and

(ii) in any other case, the day on which all of those requirements stand complied with.

(3) A decision to extend an appropriate period shall be made once and once only under this section and a planning authority shall not further extend the appropriate period.

(4) Particulars of any application made to a planning authority under this section and of the decision of the planning authority in respect of the application shall be recorded on the relevant entry in the register.

(5) Where a decision to extend is made under this section, section 40 shall, in relation to the permission to which the decision relates, be construed and have effect, subject to, and in accordance with, the terms of the decision.

(6) In satisfying itself under subsection (1)(a)(ii), a planning authority shall have regard to any guidelines issued by the Minister under section 28, notwithstanding that they were so issued after the date of the grant of permission in relation to which an application is made under this section.

(7) In relation to a permission where the expiry of the appropriate period occurs during the period beginning on or after 1 January 2009 and ending on or before 31 December 2011, NAMA may make an application to extend the appropriate period—

(a) before the expiry of the appropriate period, or

(b) at any time during the period of 2 years beginning on the date of expiry of the appropriate period.”.

PART 9 Amendment of Stamp Duties Consolidation Act 1999

PART 9

Amendment of Stamp Duties Consolidation Act 1999

Section 239.

Item

Provision amended

Amendment

1

After section 108A, insert— “National Asset Management Agency. 108B.—(1) In this section: ‘acquired bank asset’, ‘bank asset’ and ‘participating institution’ have, respectively, the meanings given by section 4(1) of the Act of 2009; ‘Act of 2009’ means the National Asset Management Agency Act 2009; ‘NAMA’ means the National Asset Management Agency; ‘NAMA-subsidiary’, in relation to an instrument referred to in subsection (3), means a body corporate which at the time of execution of the instrument is associated with NAMA in accordance with the provisions of section 79. (2) (a) Where NAMA directly owns any part of the ordinary share capital, within the meaning of section 79, of another body corporate (in this subsection referred to as the ‘first body corporate’), then NAMA shall be deemed to be associated with the first body corporate in accordance with the provisions of section 79. (b) Where the first body corporate is associated, directly or indirectly, with another body corporate (referred to in this paragraph as the ‘second body corporate’) in accordance with the provisions of section 79, then NAMA shall be deemed to be associated with the second body corporate in accordance with the provisions of section 79.

After section 108A, insert—

“National Asset Management Agency.

108B.—(1) In this section

‘acquired bank asset’, ‘bank asset’ and ‘participating institution’ have, respectively, the meanings given by section 4(1) of the Act of 2009;

‘Act of 2009’ means the National Asset Management Agency Act 2009;

‘NAMA’ means the National Asset Management Agency;

‘NAMA-subsidiary’, in relation to an instrument referred to in subsection (3), means a body corporate which at the time of execution of the instrument is associated with NAMA in accordance with the provisions of section 79.

(2) (a) Where NAMA directly owns any part of the ordinary share capital, within the meaning of section 79, of another body corporate (in this subsection referred to as the ‘first body corporate’), then NAMA shall be deemed to be associated with the first body corporate in accordance with the provisions of section 79.

(b) Where the first body corporate is associated, directly or indirectly, with another body corporate (referred to in this paragraph as the ‘second body corporate’) in accordance with the provisions of section 79, then NAMA shall be deemed to be associated with the second body corporate in accordance with the provisions of section 79.

(3) Stamp duty shall not be chargeable under or by reference to any Heading in Schedule 1 on an instrument— (a) for the sale, transfer, lease or other disposition of any property, asset or documentation to NAMA or a NAMA-subsidiary by NAMA, a NAMA-subsidiary or a participating institution, (b) for the transfer, to a NAMA-subsidiary or a participating institution, of securities issued in accordance with the Act of 2009 for the purposes of section 47(2)(b), 48(2)(b) or 49 of that Act, (c) for the transfer to a NAMA-subsidiary by NAMA or a NAMA-subsidiary of securities issued in accordance with the Act of 2009 for the purposes of section 47(2)(a) or 48(2)(a) of that Act, (d) for the transfer to a participating institution of a bank asset, security or other property by NAMA or a NAMA-subsidiary in connection with section 125 of the Act of 2009, or (e) for the transfer or other disposition to NAMA or a NAMA-subsidiary of any property in settlement or part settlement of an acquired bank asset. (4) Section 12(2) shall not apply to an instrument to which subsection (3) applies. (5) This section applies as respects instruments executed on or after the establishment day (within the meaning of section 4 of the Act of 2009).”.

(3) Stamp duty shall not be chargeable under or by reference to any Heading in Schedule 1 on an instrument—

(a) for the sale, transfer, lease or other disposition of any property, asset or documentation to NAMA or a NAMA-subsidiary by NAMA, a NAMA-subsidiary or a participating institution,

(b) for the transfer, to a NAMA-subsidiary or a participating institution, of securities issued in accordance with the Act of 2009 for the purposes of section 47(2)(b), 48(2)(b) or 49 of that Act,

(c) for the transfer to a NAMA-subsidiary by NAMA or a NAMA-subsidiary of securities issued in accordance with the Act of 2009 for the purposes of section 47(2)(a) or 48(2)(a) of that Act,

(d) for the transfer to a participating institution of a bank asset, security or other property by NAMA or a NAMA-subsidiary in connection with section 125 of the Act of 2009, or

(e) for the transfer or other disposition to NAMA or a NAMA-subsidiary of any property in settlement or part settlement of an acquired bank asset.

(4) Section 12(2) shall not apply to an instrument to which subsection (3) applies.

(5) This section applies as respects instruments executed on or after the establishment day (within the meaning of section 4 of the Act of 2009).”.

PART 10 Amendments of Taxes Consolidation Act 1997

PART 10

Amendments of Taxes Consolidation Act 1997

Section 240.

Item

Provision amended

Amendment

1

Section 172A(1)(a), definition of “relevant distribution”

In subparagraph (i)(II), substitute “Commission,” for “Commission, or”.

2

Section 172A(1)(a), definition of “relevant distribution”

After subparagraph (i)(III), insert— “(IV) the National Asset Management Agency, or a company referred to in section 616(1)(g), and”.

After subparagraph (i)(III), insert—

“(IV) the National Asset Management Agency, or a company referred to in section 616(1)(g), and”.

3

After section 230A, insert— “NAMA profits exempt from corporation tax. 230AA.—Notwithstanding any provision of the Corporation Tax Acts, profits arising to the National Asset Management Agency shall be exempt from corporation tax.”.

After section 230A, insert—

“NAMA profits exempt from corporation tax.

230AA.—Notwithstanding any provision of the Corporation Tax Acts, profits arising to the National Asset Management Agency shall be exempt from corporation tax.”.

4

Section 246(3)

After paragraph (e), insert— “(ea) interest paid to— (i) the National Asset Management Agency or a company referred to in section 616(1)(g), (ii) the State acting through the National Asset Management Agency or through a company referred to in section 616(1)(g), or (iii) the National Treasury Management Agency by the National Asset Management Agency or by a company referred to in section 616(1)(g), (eb) interest paid by— (i) the National Asset Management Agency, (ii) a company referred to in section 616(1)(g), or (iii) the State acting through the National Asset Management Agency, or through a company referred to in section 616(1)(g), to a person who, by virtue of the law of a relevant territory, is resident for the purposes of tax in the relevant territory, except, in a case where the person is a company, where such interest is paid to the company in connection with a trade or business which is carried on in the State by the company through a branch or agency,”.

After paragraph (e), insert—

“(ea) interest paid to—

(i) the National Asset Management Agency or a company referred to in section 616(1)(g),

(ii) the State acting through the National Asset Management Agency or through a company referred to in section 616(1)(g), or

(iii) the National Treasury Management Agency by the National Asset Management Agency or by a company referred to in section 616(1)(g),

(eb) interest paid by—

(i) the National Asset Management Agency,

(ii) a company referred to in section 616(1)(g), or

(iii) the State acting through the National Asset Management Agency, or through a company referred to in section 616(1)(g),

to a person who, by virtue of the law of a relevant territory, is resident for the purposes of tax in the relevant territory, except, in a case where the person is a company, where such interest is paid to the company in connection with a trade or business which is carried on in the State by the company through a branch or agency,”.

5

Section 256(1), definition of “relevant deposit”, paragraph (a)

After subparagraph (iiic), insert— “(iiid) the National Asset Management Agency, (iiie) the State acting through the National Asset Management Agency,”.

After subparagraph (iiic), insert—

“(iiid) the National Asset Management Agency,

(iiie) the State acting through the National Asset Management Agency,”.

6

Section 396(1)

Substitute “Subject to section 396C, where in any accounting period” for “Where in any accounting period”.

7

After section 396B, insert— “Relief from Corporation Tax for losses of participating institutions. 396C.(1)(a) In this section ‘available losses’, in relation to an accounting period of a participating institution, means losses, carried forward from preceding accounting periods, for which relief is available under section 396(1) in that accounting period or succeeding accounting periods; ‘group company’, for an accounting period in relation to a participating institution (in this definition referred to as the ‘first-mentioned institution’), means a company which is a participating institution that has an accounting period that coincides with the accounting period of the first-mentioned institution where, throughout the accounting period of the first-mentioned institution— (a) the company is a subsidiary of the first-mentioned institution, (b) the first-mentioned institution is a subsidiary of the company, or (c) both the company and the first-mentioned institution are subsidiaries of a third company; ‘participating institution’ and ‘subsidiary’ have the same meanings respectively as in section 4 of the National Asset Management Agency Act 2009;

After section 396B, insert—

“Relief from Corporation Tax for losses of participating institutions.

396C.(1)(a) In this section

‘available losses’, in relation to an accounting period of a participating institution, means losses, carried forward from preceding accounting periods, for which relief is available under section 396(1) in that accounting period or succeeding accounting periods;

‘group company’, for an accounting period in relation to a participating institution (in this definition referred to as the ‘first-mentioned institution’), means a company which is a participating institution that has an accounting period that coincides with the accounting period of the first-mentioned institution where, throughout the accounting period of the first-mentioned institution—

(a) the company is a subsidiary of the first-mentioned institution,

(b) the first-mentioned institution is a subsidiary of the company, or

(c) both the company and the first-mentioned institution are subsidiaries of a third company;

‘participating institution’ and ‘subsidiary’ have the same meanings respectively as in section 4 of the National Asset Management Agency Act 2009;

‘relevant amount’ for an accounting period in relation to a participating institution means 50 per cent of the amount, if any, by which the aggregate of the trading income, if any, of the participating institution and its group companies for the accounting period exceeds the aggregate of the trading losses, if any, incurred by the participating institution and its group companies in that accounting period; ‘relevant limit’ in relation to an accounting period of a participating institution means an amount determined by the formula A X B C where A is the relevant amount for the accounting period in relation to the participating institution, B is the aggregate amount of the trading income, if any, of the participating institution for the accounting period before any relief for available losses, and C is the aggregate amount of the trading income, if any, of the participating institution and its group companies for the accounting period before any relief for available losses. (b) For the purposes of this section— (i) an accounting period of a company coincides with an accounting period of another company if the first-mentioned accounting period begins on the same day and ends on the same day as the second-mentioned accounting period, and (ii) references to trading income or trading losses are references to trading income or trading losses, as the case may be, arising— (I) to a company resident in the State, or (II) through or from a branch or agency in the State of a company that is not so resident.

‘relevant amount’ for an accounting period in relation to a participating institution means 50 per cent of the amount, if any, by which the aggregate of the trading income, if any, of the participating institution and its group companies for the accounting period exceeds the aggregate of the trading losses, if any, incurred by the participating institution and its group companies in that accounting period;

‘relevant limit’ in relation to an accounting period of a participating institution means an amount determined by the formula

A X B

C

where

A is the relevant amount for the accounting period in relation to the participating institution,

B is the aggregate amount of the trading income, if any, of the participating institution for the accounting period before any relief for available losses, and

C is the aggregate amount of the trading income, if any, of the participating institution and its group companies for the accounting period before any relief for available losses.

(b) For the purposes of this section—

(i) an accounting period of a company coincides with an accounting period of another company if the first-mentioned accounting period begins on the same day and ends on the same day as the second-mentioned accounting period, and

(ii) references to trading income or trading losses are references to trading income or trading losses, as the case may be, arising—

(I) to a company resident in the State, or

(II) through or from a branch or agency in the State of a company that is not so resident.

(2) Where for any accounting period a participating institution makes a claim under subsection 396(1) for relief in respect of available losses incurred, or deemed under subsection (3) to have been incurred, in a trade carried on by that institution, the amount of the losses which may be set off against trading income of the trade in that accounting period shall not exceed the relevant limit of the participating institution for that period. (3) (a) Subject to subsection (2) and paragraphs (b) and (c), where in relation to an accounting period— (i) a participating institution has an amount of available losses (referred to in this subsection as the ‘excess available losses’) in respect of which it cannot obtain relief for that period, and (ii) a group company in relation to that institution, having claimed all relief under section 396(1), if any, to which it would otherwise be entitled (including by reference to other claims made under this subsection), could obtain relief, or more relief, under section 396(1) for that accounting period if some or all of the excess available losses of the participating institution were deemed to have been incurred by the group company, then, on the making of a claim in that regard by the group company, the participating institution may surrender to the group company an amount of those excess available losses that does not exceed the amount for which the group company could obtain relief for that accounting period, having claimed all other relief under section 396(1) to which it is entitled, and— (I) that group company shall be deemed for the purposes of section 396(1) to have incurred those losses and shall set off the amount so surrendered against its trading income for the accounting period, which income shall be treated as reduced by that amount, and (II) the available losses of the surrendering company shall be deemed for all purposes of the Corporation Tax Acts to be reduced by the amount surrendered. (b) More than one group company may make a claim under this subsection relating to the same participating institution and to the same accounting period of that institution but, whether by reference to this section or any other section of the Corporation Tax Acts or any combination thereof, relief shall not be given more than once in respect of an amount of available losses. (c) A claim for relief under this subsection— (i) shall be made in the return required to be made under section 951 for the accounting period of the group company which is claiming the relief, (ii) shall require the consent of the participating institution notified to the inspector in such form as the Revenue Commissioners may require, and (iii) shall be made within 2 years from the end of the accounting period to which the claim relates.

(2) Where for any accounting period a participating institution makes a claim under subsection 396(1) for relief in respect of available losses incurred, or deemed under subsection (3) to have been incurred, in a trade carried on by that institution, the amount of the losses which may be set off against trading income of the trade in that accounting period shall not exceed the relevant limit of the participating institution for that period.

(3) (a) Subject to subsection (2) and paragraphs (b) and (c), where in relation to an accounting period—

(i) a participating institution has an amount of available losses (referred to in this subsection as the ‘excess available losses’) in respect of which it cannot obtain relief for that period, and

(ii) a group company in relation to that institution, having claimed all relief under section 396(1), if any, to which it would otherwise be entitled (including by reference to other claims made under this subsection), could obtain relief, or more relief, under section 396(1) for that accounting period if some or all of the excess available losses of the participating institution were deemed to have been incurred by the group company,

then, on the making of a claim in that regard by the group company, the participating institution may surrender to the group company an amount of those excess available losses that does not exceed the amount for which the group company could obtain relief for that accounting period, having claimed all other relief under section 396(1) to which it is entitled, and—

(I) that group company shall be deemed for the purposes of section 396(1) to have incurred those losses and shall set off the amount so surrendered against its trading income for the accounting period, which income shall be treated as reduced by that amount, and

(II) the available losses of the surrendering company shall be deemed for all purposes of the Corporation Tax Acts to be reduced by the amount surrendered.

(b) More than one group company may make a claim under this subsection relating to the same participating institution and to the same accounting period of that institution but, whether by reference to this section or any other section of the Corporation Tax Acts or any combination thereof, relief shall not be given more than once in respect of an amount of available losses.

(c) A claim for relief under this subsection—

(i) shall be made in the return required to be made under section 951 for the accounting period of the group company which is claiming the relief,

(ii) shall require the consent of the participating institution notified to the inspector in such form as the Revenue Commissioners may require, and

(iii) shall be made within 2 years from the end of the accounting period to which the claim relates.

(4) (a) Subject to subparagraph (b), where the inspector ascertains that any relief claimed in accordance with this section is or has become excessive, he or she may make an assessment to corporation tax under Case I of Schedule D in the amount which in his or her opinion ought to be charged. (b) Subparagraph (a) is without prejudice to the making of an assessment under section 919(5)(b)(iii) and to the making of all such other adjustments by means of discharge or repayment of tax or otherwise as may be required where a company has obtained too much relief. (5) This section has effect for accounting periods commencing on or after the passing of the National Asset Management Agency Act 2009.”.

(4) (a) Subject to subparagraph (b), where the inspector ascertains that any relief claimed in accordance with this section is or has become excessive, he or she may make an assessment to corporation tax under Case I of Schedule D in the amount which in his or her opinion ought to be charged.

(b) Subparagraph (a) is without prejudice to the making of an assessment under section 919(5)(b)(iii) and to the making of all such other adjustments by means of discharge or repayment of tax or otherwise as may be required where a company has obtained too much relief.

(5) This section has effect for accounting periods commencing on or after the passing of the National Asset Management Agency Act 2009.”.

8

Section 495(10)

Substitute— “(10) Subject to section 507, the company shall not at any time in the relevant period— (a) control (or together with any person connected with it control) another company or be under the control of another company (or of another company and any person connected with that other company) unless such control is exercised by the National Asset Management Agency, or by a company referred to in section 616(1)(g), or (b) be a 51 per cent subsidiary of any company other than the National Asset Management Agency or a company referred to in section 616(1)(g), or itself have a 51 per cent subsidiary, and no arrangements shall be in existence at any time in that period by virtue of which the company could fall within paragraph (a) or (b).”.

Substitute—

“(10) Subject to section 507, the company shall not at any time in the relevant period—

(a) control (or together with any person connected with it control) another company or be under the control of another company (or of another company and any person connected with that other company) unless such control is exercised by the National Asset Management Agency, or by a company referred to in section 616(1)(g), or

(b) be a 51 per cent subsidiary of any company other than the National Asset Management Agency or a company referred to in section 616(1)(g), or itself have a 51 per cent subsidiary,

and no arrangements shall be in existence at any time in that period by virtue of which the company could fall within paragraph (a) or (b).”.

9

Section 530(1)

After the definition of “meat processing operations”, insert: “ ‘NAMA’ and ‘NAMA group entity’ have the same meanings, respectively, as they have in the National Asset Management Agency Act 2009;”.

After the definition of “meat processing operations”, insert

“ ‘NAMA’ and ‘NAMA group entity’ have the same meanings, respectively, as they have in the National Asset Management Agency Act 2009;”.

10

Section 530(1), definition of “relevant contract”

After “of employment”, insert “, or a contract between NAMA and a NAMA group entity or a contract between a NAMA group entity and another NAMA group entity”.

11

Section 616(1)

After paragraph (f), insert: “(g) Notwithstanding paragraph (b)— (i) a company (in this paragraph referred to as the ‘first-mentioned company’) shall be an effective 75 per cent subsidiary of the National Asset Management Agency where that Agency directly owns any part of the ordinary share capital of that company, and (ii) any other company which is an effective 75 per cent subsidiary of the first-mentioned company shall be an effective 75 per cent subsidiary of the National Asset Management Agency.”.

After paragraph (f), insert

“(g) Notwithstanding paragraph (b)—

(i) a company (in this paragraph referred to as the ‘first-mentioned company’) shall be an effective 75 per cent subsidiary of the National Asset Management Agency where that Agency directly owns any part of the ordinary share capital of that company, and

(ii) any other company which is an effective 75 per cent subsidiary of the first-mentioned company shall be an effective 75 per cent subsidiary of the National Asset Management Agency.”.

12

Section 623(2)

Substitute “Subject to subsection (2A), this section applies where—” for “This section applies where—”.

13

Section 623

After subsection (2), insert— “(2A) (a) This section does not apply to a bank asset where that asset is acquired on or after the establishment day by— (i) NAMA, or (ii) a company to which section 616(1)(g) relates from that Agency or a company to which that paragraph relates. (b) In this subsection ‘bank asset’, ‘establishment day’ and ‘NAMA’ have the same meanings, respectively, as they have in the National Asset Management Agency Act 2009.”.

After subsection (2), insert—

“(2A) (a) This section does not apply to a bank asset where that asset is acquired on or after the establishment day by—

(i) NAMA, or

(ii) a company to which section 616(1)(g) relates from that Agency or a company to which that paragraph relates.

(b) In this subsection ‘bank asset’, ‘establishment day’ and ‘NAMA’ have the same meanings, respectively, as they have in the National Asset Management Agency Act 2009.”.

14

After section 644AA, insert— “Treatment of profits or gains from land rezonings. 644AB.—(1) In this section— ‘basis period’ has the same meaning as in section 127(1); ‘company’ has the same meaning as in section 4; ‘construction operations’, in relation to land, means operations of any of the descriptions referred to in the definition of ‘construction operations’ in section 530(1); ‘development land-use’ means residential, commercial or industrial uses or a mixture of such uses; ‘distribution’ has the same meaning as in section 130(2); ‘non-development land-use’ means a land-use which is agricultural, open space, recreational or amenity use or a mixture of such uses; ‘qualifying land’ means land which is disposed of at any time in the course of a business, being land— (a) disposed of to an authority possessing compulsory purchasing powers where the Revenue Commissioners are satisfied that the disposal would not have been made but for the exercise of those powers or the giving by the authority of formal notice of its intention to exercise those powers, or (b) disposed of by a company referred to in section 616(1)(g); ‘rezoning’ means a change in the zoning of land in a development plan or local area plan made or varied on or after 30 October 2009 under Part II of the Planning and Development Act 2000 from non-development land-uses to development land-uses or from one development land-use to another development land-use including a mixture of such uses. (2) This section applies to— (a) profits or gains arising from dealing in, or developing, land in the course of a business consisting of or including dealing in or developing land which is, or is regarded as, a trade within Schedule D or part of such a trade, or (b) any gain of a capital nature arising directly or indirectly from the disposal of land which, by virtue of section 643, constitutes profits or gains chargeable to tax under Case IV of Schedule D, to the extent to which the profits or gains are attributable to the rezoning of that land. (3) Notwithstanding any provision to the contrary in the Corporation Tax Acts, but subject to this section, a company shall not be chargeable to corporation tax in respect of profits or gains to which this section applies and, accordingly, such profits or gains shall not be regarded as profits or gains of the company for the purposes of corporation tax. (4) Notwithstanding any other provision of the Tax Acts and subject to subsections (6) and (7), to the extent to which profits or gains of a basis period for a year of assessment consist of profits or gains to which this section applies— (a) those profits or gains shall be chargeable to income tax for such year at the rate of 80 per cent, and (b) those profits or gains shall be disregarded for all the purposes of the Tax Acts, other than those relating to the assessment, collection and recovery of income tax and of any interest or penalties on that tax. (5) (a) To the extent that a loss is attributable to the rezoning of land referred to in subsection (2), that loss— (i) may be carried forward and may only be deducted from or set off against the amount of profits or gains to which this section applies for any subsequent year of assessment, and (ii) in the case of a company, shall be disregarded for the purposes of the Corporation Tax Acts. (b) Any relief under this subsection shall be given as far as possible against the profits or gains for the first subsequent year of assessment and, in so far as it cannot be so given, from the profits or gains for the next year of assessment and so on for succeeding years. (6) Where an individual is chargeable to tax in accordance with subsection (4) in respect of profits or gains, the profits or gains shall not be included in reckonable income— (a) within the meaning of section 2(1) of the Social Welfare Consolidation Act 2005, or (b) within the meaning of section 1 of the Health Contributions Act 1979, for the purposes of those Acts or any regulations made under those Acts. (7) For the purposes of the Tax Acts in computing the profits or gains to which this section applies, no account shall be taken, in determining those profits or gains, of that part, if any, of profits or gains which are attributable to— (a) construction operations on the land, or (b) qualifying land. (8) Where, in order to give effect to the provisions of subsections (2), (4) and (7), an apportionment of profits and gains, amounts receivable or expenses incurred is required to be made, such apportionment shall be made in a manner that is just and reasonable. (9) Where a distribution is made by a company in part out of profits or gains to which this section applies and in part out of other profits or gains, then the distribution shall be treated as if it consisted of 2 distributions respectively made out of the profits or gains to which this section applies and out of other profits or gains. (10) So much of any distribution as has been made out of profits or gains to which this section applies shall not be regarded as income for any purpose of the Income Tax Acts or be included in reckonable income— (a) within the meaning of section 2(1) of the Social Welfare Consolidation Act 2005, or (b) within the meaning of section 1 of the Health Contributions Act 1979, for the purposes of those Acts or any regulations made under those Acts. (11) This section shall apply as respects the year of assessment 2010 and subsequent years of assessment.”.

After section 644AA, insert—

“Treatment of profits or gains from land rezonings.

644AB.—(1) In this section—

‘basis period’ has the same meaning as in section 127(1);

‘company’ has the same meaning as in section 4;

‘construction operations’, in relation to land, means operations of any of the descriptions referred to in the definition of ‘construction operations’ in section 530(1);

‘development land-use’ means residential, commercial or industrial uses or a mixture of such uses;

‘distribution’ has the same meaning as in section 130(2);

‘non-development land-use’ means a land-use which is agricultural, open space, recreational or amenity use or a mixture of such uses;

‘qualifying land’ means land which is disposed of at any time in the course of a business, being land—

(a) disposed of to an authority possessing compulsory purchasing powers where the Revenue Commissioners are satisfied that the disposal would not have been made but for the exercise of those powers or the giving by the authority of formal notice of its intention to exercise those powers, or

(b) disposed of by a company referred to in section 616(1)(g);

‘rezoning’ means a change in the zoning of land in a development plan or local area plan made or varied on or after 30 October 2009 under Part II of the Planning and Development Act 2000 from non-development land-uses to development land-uses or from one development land-use to another development land-use including a mixture of such uses.

(2) This section applies to—

(a) profits or gains arising from dealing in, or developing, land in the course of a business consisting of or including dealing in or developing land which is, or is regarded as, a trade within Schedule D or part of such a trade, or

(b) any gain of a capital nature arising directly or indirectly from the disposal of land which, by virtue of section 643, constitutes profits or gains chargeable to tax under Case IV of Schedule D,

to the extent to which the profits or gains are attributable to the rezoning of that land.

(3) Notwithstanding any provision to the contrary in the Corporation Tax Acts, but subject to this section, a company shall not be chargeable to corporation tax in respect of profits or gains to which this section applies and, accordingly, such profits or gains shall not be regarded as profits or gains of the company for the purposes of corporation tax.

(4) Notwithstanding any other provision of the Tax Acts and subject to subsections (6) and (7), to the extent to which profits or gains of a basis period for a year of assessment consist of profits or gains to which this section applies—

(a) those profits or gains shall be chargeable to income tax for such year at the rate of 80 per cent, and

(b) those profits or gains shall be disregarded for all the purposes of the Tax Acts, other than those relating to the assessment, collection and recovery of income tax and of any interest or penalties on that tax.

(5) (a) To the extent that a loss is attributable to the rezoning of land referred to in subsection (2), that loss—

(i) may be carried forward and may only be deducted from or set off against the amount of profits or gains to which this section applies for any subsequent year of assessment, and

(ii) in the case of a company, shall be disregarded for the purposes of the Corporation Tax Acts.

(b) Any relief under this subsection shall be given as far as possible against the profits or gains for the first subsequent year of assessment and, in so far as it cannot be so given, from the profits or gains for the next year of assessment and so on for succeeding years.

(6) Where an individual is chargeable to tax in accordance with subsection (4) in respect of profits or gains, the profits or gains shall not be included in reckonable income—

(a) within the meaning of section 2(1) of the Social Welfare Consolidation Act 2005, or

(b) within the meaning of section 1 of the Health Contributions Act 1979,

for the purposes of those Acts or any regulations made under those Acts.

(7) For the purposes of the Tax Acts in computing the profits or gains to which this section applies, no account shall be taken, in determining those profits or gains, of that part, if any, of profits or gains which are attributable to—

(a) construction operations on the land, or

(b) qualifying land.

(8) Where, in order to give effect to the provisions of subsections (2), (4) and (7), an apportionment of profits and gains, amounts receivable or expenses incurred is required to be made, such apportionment shall be made in a manner that is just and reasonable.

(9) Where a distribution is made by a company in part out of profits or gains to which this section applies and in part out of other profits or gains, then the distribution shall be treated as if it consisted of 2 distributions respectively made out of the profits or gains to which this section applies and out of other profits or gains.

(10) So much of any distribution as has been made out of profits or gains to which this section applies shall not be regarded as income for any purpose of the Income Tax Acts or be included in reckonable income—

(a) within the meaning of section 2(1) of the Social Welfare Consolidation Act 2005, or

(b) within the meaning of section 1 of the Health Contributions Act 1979,

for the purposes of those Acts or any regulations made under those Acts.

(11) This section shall apply as respects the year of assessment 2010 and subsequent years of assessment.”.

15

After section 649A, insert— “Windfall gains from rezonings: rate of charge. 649B.—(1) In this section— ‘development land-use’ means residential, commercial or industrial uses or a mixture of such uses; ‘loss arising on rezoning’ means a loss realised on or after 30 October 2009 on a disposal of land to the extent to which that loss is attributable solely to a decrease in the market value of the land arising on a rezoning, and which loss has not otherwise been effectively relieved; ‘non-development land-use’ means a land-use which is agricultural, open space, recreational or amenity use or a mixture of such uses; ‘rezoning’ means a change in the zoning of land in a development plan or local area plan made or varied on or after 30 October 2009 under Part II of the Planning and Development Act 2000 from non-development land-uses to development land-uses or from one development land-use to another development land-use including a mixture of such uses. ‘windfall gain’ means any increase in the market value of land which is attributable to rezoning. (2) This section applies to a relevant disposal, made on or after 30 October 2009, where the disposal consists of land that (a) has been the subject of rezoning since its acquisition by the person making the disposal, (b) was acquired from a connected person and the acquisition cost for the purposes of the Capital Gains Tax Acts was other than market value, where the rezoning took place during the ownership period of either person, or (c) was the subject of a sequence of transfers between connected persons, if the rezoning took place during the period between the date of disposal and the latest date at which the acquisition cost, at any step in the sequence, was market value. (3) Notwithstanding section 28(3), the rate of capital gains tax in respect of a chargeable gain, being the lesser of the gain arising on the disposal and the windfall gain, accruing to a person on a relevant disposal to which this section applies shall be 80 per cent. (4) This section shall not apply to a disposal of land to which subsection (2) relates where (a) the land is disposed of to an authority possessing compulsory purchasing powers, but only if the Revenue Commissioners are satisfied that the disposal would not have been made but for the exercise of those powers or the giving by the authority of formal notice of its intention to exercise those powers, or (b) the disposal is a disposal by a company referred to in section 616(1)(g), and, accordingly, the rate of capital gains tax in respect of a chargeable gain on a relevant disposal referred to in paragraphs (a) to (c) shall be the rate specified in section 28(3). (5) Notwithstanding any provision to the contrary in the Capital Gains Tax Acts, any loss accruing on any disposal shall not be deducted from a chargeable gain to which this section applies except a loss arising on a rezoning. (6) This section shall apply to relevant disposals made on or after 30 October 2009.”.

After section 649A, insert—

“Windfall gains from rezonings: rate of charge.

649B.—(1) In this section—

‘development land-use’ means residential, commercial or industrial uses or a mixture of such uses;

‘loss arising on rezoning’ means a loss realised on or after 30 October 2009 on a disposal of land to the extent to which that loss is attributable solely to a decrease in the market value of the land arising on a rezoning, and which loss has not otherwise been effectively relieved;

‘non-development land-use’ means a land-use which is agricultural, open space, recreational or amenity use or a mixture of such uses;

‘rezoning’ means a change in the zoning of land in a development plan or local area plan made or varied on or after 30 October 2009 under Part II of the Planning and Development Act 2000 from non-development land-uses to development land-uses or from one development land-use to another development land-use including a mixture of such uses.

‘windfall gain’ means any increase in the market value of land which is attributable to rezoning.

(2) This section applies to a relevant disposal, made on or after 30 October 2009, where the disposal consists of land that

(a) has been the subject of rezoning since its acquisition by the person making the disposal,

(b) was acquired from a connected person and the acquisition cost for the purposes of the Capital Gains Tax Acts was other than market value, where the rezoning took place during the ownership period of either person, or

(c) was the subject of a sequence of transfers between connected persons, if the rezoning took place during the period between the date of disposal and the latest date at which the acquisition cost, at any step in the sequence, was market value.

(3) Notwithstanding section 28(3), the rate of capital gains tax in respect of a chargeable gain, being the lesser of the gain arising on the disposal and the windfall gain, accruing to a person on a relevant disposal to which this section applies shall be 80 per cent.

(4) This section shall not apply to a disposal of land to which subsection (2) relates where

(a) the land is disposed of to an authority possessing compulsory purchasing powers, but only if the Revenue Commissioners are satisfied that the disposal would not have been made but for the exercise of those powers or the giving by the authority of formal notice of its intention to exercise those powers, or

(b) the disposal is a disposal by a company referred to in section 616(1)(g),

and, accordingly, the rate of capital gains tax in respect of a chargeable gain on a relevant disposal referred to in paragraphs (a) to (c) shall be the rate specified in section 28(3).

(5) Notwithstanding any provision to the contrary in the Capital Gains Tax Acts, any loss accruing on any disposal shall not be deducted from a chargeable gain to which this section applies except a loss arising on a rezoning.

(6) This section shall apply to relevant disposals made on or after 30 October 2009.”.

16

Section 730D(2)(b)(v)

Delete “or”.

17

Section 730D(2)(b)(vi)

After “Court,” insert “or”.

18

Section 730D(2)(b)

After subparagraph (vi), insert— “(vii) the National Asset Management Agency,”.

After subparagraph (vi), insert—

“(vii) the National Asset Management Agency,”.

19

Section 730E(3)(e)(v)

Delete “or”.

20

Section 730E(3)(e)(vi)

After “Court,” insert “or”.

21

Section 730E(3)(e)

After subparagraph (vi), insert— “(vii) the National Asset Management Agency,”.

After subparagraph (vi), insert—

“(vii) the National Asset Management Agency,”.

22

Section 730E(3)(f)

Substitute “paragraph (e)” for “subparagraph (i) to (v), or (vi) of paragraph (e)”.

23

Section 739D(6)

After paragraph (k), insert— “(ka) is the National Asset Management Agency and has made a declaration to that effect to the investment undertaking,”.

After paragraph (k), insert—

“(ka) is the National Asset Management Agency and has made a declaration to that effect to the investment undertaking,”.

24

Section 980

After subsection (11), insert— “(12) The enforcement of a debt security by the National Asset Management Agency or by a company to which section 616(1)(g) relates does not constitute consideration for the purposes of this section. (13) Subsection (9) does not apply to the National Asset Management Agency or to a company to which section 616(1)(g) relates. (14) This section does not apply to a disposal by a company that would be a company to which section 616(1)(g) relates if the reference in that section to a 75 per cent subsidiary were a reference to a 51 per cent subsidiary. (15) For the purposes of this section, the enforcement of a debt security by the National Asset Management Agency or by a company to which section 616(1)(g) relates shall not be treated as a disposal of an asset.”.

After subsection (11), insert—

“(12) The enforcement of a debt security by the National Asset Management Agency or by a company to which section 616(1)(g) relates does not constitute consideration for the purposes of this section.

(13) Subsection (9) does not apply to the National Asset Management Agency or to a company to which section 616(1)(g) relates.

(14) This section does not apply to a disposal by a company that would be a company to which section 616(1)(g) relates if the reference in that section to a 75 per cent subsidiary were a reference to a 51 per cent subsidiary.

(15) For the purposes of this section, the enforcement of a debt security by the National Asset Management Agency or by a company to which section 616(1)(g) relates shall not be treated as a disposal of an asset.”.

25

Schedule 13

After paragraph 173, insert— “174. The National Asset Management Agency or a company to which section 616(1)(g) relates.”.

After paragraph 173, insert—

“174. The National Asset Management Agency or a company to which section 616(1)(g) relates.”.

26

Schedule 15, Part 1

After paragraph 42, insert— “43. The National Asset Management Agency.”.

After paragraph 42, insert—

“43. The National Asset Management Agency.”.

PART 11 Amendments of Value-Added Tax Act 1972

PART 11

Amendments of Value-Added Tax Act 1972

Section 241.

Item

Provision amended

Amendment

1

Section 4B(2)

Substitute “Subject to subsections (3), (5), (7) and (8)” for “Subject to subsections (3), (5) and (7)”.

2

Section 4B(5)

Substitute “Subject to subsection (8), where a taxable person” for “Where a taxable person”.

3

Section 4B(7)

After paragraph (b), insert— “(c) Where a relevant supply is a supply of immovable goods to which this subsection would apply, the recipient shall be treated thereafter, for the purposes of this subsection in respect of those immovable goods, as if it were a person connected (within the meaning of section 7A) to the person who developed those immovable goods. (d) In this subsection and in subsection (8)— ‘recipient’ has the meaning assigned to it by section 8(1C); ‘relevant supply’ has the meaning assigned to it by section 8(1C).”.

After paragraph (b), insert—

“(c) Where a relevant supply is a supply of immovable goods to which this subsection would apply, the recipient shall be treated thereafter, for the purposes of this subsection in respect of those immovable goods, as if it were a person connected (within the meaning of section 7A) to the person who developed those immovable goods.

(d) In this subsection and in subsection (8)—

‘recipient’ has the meaning assigned to it by section 8(1C);

‘relevant supply’ has the meaning assigned to it by section 8(1C).”.

4

Section 4B

After subsection (7), insert— “(8) (a) Where a relevant supply occurs and where that supply would otherwise be exempt in accordance with subsection (2) the recipient may opt to tax that supply (in this subsection referred to as an ‘option for taxation’), and where that option is exercised, tax shall, notwithstanding subsection (2), be chargeable on that supply, and in that case subsection (5) shall not apply. The option for taxation shall not apply to relevant supplies that are exempt in accordance with section 4(9) or subsection (2) or (6)(b) of section 4C. (b) The option for taxation shall be deemed to be exercised by the recipient in relation to a relevant supply which would otherwise be exempt in accordance with paragraphs (b), (c), (d) and (e) of subsection (2).”.

After subsection (7), insert—

“(8) (a) Where a relevant supply occurs and where that supply would otherwise be exempt in accordance with subsection (2) the recipient may opt to tax that supply (in this subsection referred to as an ‘option for taxation’), and where that option is exercised, tax shall, notwithstanding subsection (2), be chargeable on that supply, and in that case subsection (5) shall not apply. The option for taxation shall not apply to relevant supplies that are exempt in accordance with section 4(9) or subsection (2) or (6)(b) of section 4C.

(b) The option for taxation shall be deemed to be exercised by the recipient in relation to a relevant supply which would otherwise be exempt in accordance with paragraphs (b), (c), (d) and (e) of subsection (2).”.

5

Section 8

After subsection (1B), insert— “(1C)(a) Where a relevant supply occurs, then the recipient shall in relation to that supply be an accountable person and shall be liable to pay the tax chargeable in relation to that supply as if that recipient made that supply of goods in the course or furtherance of business. (b) Where paragraph (a) applies the supplier shall not be accountable for or liable to pay the tax in relation to the relevant supply. (c) In this subsection— ‘NAMA’ has the meaning assigned to it by the National Asset Management Agency Act 2009; ‘NAMA entity’ means a person or body of persons to which NAMA is connected within the meaning of section 7A; ‘relevant supply’ means a supply of goods being a transfer of ownership of goods effected by a vesting order made in accordance with section 153 of the National Asset Management Agency Act 2009; ‘recipient’ in relation to a relevant supply means NAMA and any NAMA entity; ‘supplier’ in relation to a relevant supply means the chargor referred to in section 153 of the National Asset Management Agency Act 2009.”.

After subsection (1B), insert—

“(1C)(a) Where a relevant supply occurs, then the recipient shall in relation to that supply be an accountable person and shall be liable to pay the tax chargeable in relation to that supply as if that recipient made that supply of goods in the course or furtherance of business.

(b) Where paragraph (a) applies the supplier shall not be accountable for or liable to pay the tax in relation to the relevant supply.

(c) In this subsection—

‘NAMA’ has the meaning assigned to it by the National Asset Management Agency Act 2009;

‘NAMA entity’ means a person or body of persons to which NAMA is connected within the meaning of section 7A;

‘relevant supply’ means a supply of goods being a transfer of ownership of goods effected by a vesting order made in accordance with section 153 of the National Asset Management Agency Act 2009;

‘recipient’ in relation to a relevant supply means NAMA and any NAMA entity;

‘supplier’ in relation to a relevant supply means the chargor referred to in section 153 of the National Asset Management Agency Act 2009.”.

6

Section 12(1)(a)(iiic)

Substitute “section 4B(6)(a), 4(8) or 8(1C)” for “section 4B(6)(a) or 4(8)”.

7

Section 12E

After subsection (9), insert— “(9A) (a) Subsection (9) shall not apply where— (i) a connected supply occurs and the seller enters into a written agreement with the purchaser to the effect that that purchaser shall be responsible for all obligations under this section in relation to the capital good from the date of the supply or transfer of that capital good, as if— (I) the total tax incurred and the amount deducted by that seller in relation to that capital good were the total tax incurred and the amount deducted by that purchaser, and (II) any adjustments required to be made under this section by that purchaser were made, and (ii) the seller issues a copy of the capital good record in respect of the capital good referred to in subparagraph (i) to the purchaser. (b) Where paragraph (a) applies the purchaser shall be responsible for the obligations referred to in paragraph (a)(i) and shall use the information in the copy of the capital good record issued by the seller in accordance with paragraph (a)(ii) for the purposes of calculating any tax chargeable or deductible in accordance with this section in respect of that capital good by that purchaser from the date on which the supply or transfer referred to in paragraph (a)(i) occurs.

After subsection (9), insert—

“(9A) (a) Subsection (9) shall not apply where—

(i) a connected supply occurs and the seller enters into a written agreement with the purchaser to the effect that that purchaser shall be responsible for all obligations under this section in relation to the capital good from the date of the supply or transfer of that capital good, as if—

(I) the total tax incurred and the amount deducted by that seller in relation to that capital good were the total tax incurred and the amount deducted by that purchaser, and

(II) any adjustments required to be made under this section by that purchaser were made,

and

(ii) the seller issues a copy of the capital good record in respect of the capital good referred to in subparagraph (i) to the purchaser.

(b) Where paragraph (a) applies the purchaser shall be responsible for the obligations referred to in paragraph (a)(i) and shall use the information in the copy of the capital good record issued by the seller in accordance with paragraph (a)(ii) for the purposes of calculating any tax chargeable or deductible in accordance with this section in respect of that capital good by that purchaser from the date on which the supply or transfer referred to in paragraph (a)(i) occurs.

(c) In this subsection— ‘connected supply’ means a supply or transfer of a capital good which is a supply or transfer on which a seller would, but for the application of this subsection be obliged to calculate an amount of tax due in accordance with subsection (9); ‘purchaser’ means the person to whom the supply or transfer referred to in subsection (9) is made; ‘seller’ means the capital goods owner referred to in subsection (9) who makes the supply or transfer of the capital good referred to in that subsection.”.

(c) In this subsection—

‘connected supply’ means a supply or transfer of a capital good which is a supply or transfer on which a seller would, but for the application of this subsection be obliged to calculate an amount of tax due in accordance with subsection (9);

‘purchaser’ means the person to whom the supply or transfer referred to in subsection (9) is made;

‘seller’ means the capital goods owner referred to in subsection (9) who makes the supply or transfer of the capital good referred to in that subsection.”.

National Asset Management Agency Act 2009

Statutory Text (3 Articles)

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