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Cluster Munitions And Anti-Personnel Mines Act 2008
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[GA] |
PART 4 Investment of Public Moneys | |
Definitions (Part 4). |
11 .— In this Part— | |
[GA] | “components” means components specifically designed for use in prohibited munitions; | |
[GA] | “investor” means a person or body responsible for the investment of public moneys owned by a Minister of the Government; | |
[GA] | “munitions company” means a company involved in the manufacture of prohibited munitions or components; | |
[GA] | “prohibited munition” means a cluster munition, explosive bomblet or anti-personnel mine; | |
[GA] | “public moneys” means moneys provided by the Oireachtas out of the Central Fund, or the growing produce thereof. | |
Duty of investors to avoid investment in munitions company. |
12 .— (1) Nothing in any enactment that authorises the investment of public moneys shall be taken to authorise any investment, direct or indirect, in a munitions company. | |
[GA] | (2) Notwithstanding any other enactment, an investor, in the performance of any function conferred on it by or under any enactment, shall endeavour to avoid the investment of public moneys in a munitions company. | |
[GA] | (3) In pursuing the objective set out in subsection (2) an investor shall have regard to the matters set out in this Part. | |
Direct investment in munitions company. |
13 .— (1) An investor shall endeavour to avoid the direct investment of public moneys in equity or debt securities issued by a munitions company. | |
[GA] | (2) Where public moneys are directly invested in a company which is or becomes a munitions company, the investor shall— | |
[GA] | (a) establish to its satisfaction that the company intends to cease its involvement in the manufacture of prohibited munitions or components, or | |
[GA] | (b) divest itself of its investment in that company in an orderly manner. | |
Indirect investment in munitions company. |
14 .— (1) An investor shall avoid investing public moneys in collective investment undertakings or investment products unless, having exercised due diligence, the investor is satisfied that there is not a significant probability that the public moneys will be invested in a munitions company. | |
[GA] | (2) Where public moneys are invested in a collective investment undertaking or investment product which invests these moneys in a company which is or becomes a munitions company, the investor shall— | |
[GA] | (a) establish to its satisfaction that— | |
[GA] | (i) the company intends to cease its involvement in the manufacture of prohibited munitions or components, or | |
[GA] | (ii) the collective investment undertaking or investment product intends to divest itself of its investment in the company, | |
[GA] | and that there is not a significant probability that the collective investment undertaking or investment product will again invest public moneys in a munitions company, | |
[GA] | or | |
[GA] | (b) so far as possible, taking into account any contractual obligation it has assumed, divest itself of its investment in that collective investment undertaking or investment product in an orderly manner. | |
Derivatives based on a financial index. |
15 .— Nothing in this Part shall prevent an investor from contracting derivative financial instruments based on a financial index. |