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33 1963

COMPANIES ACT, 1963

PART XIV.

Miscellaneous Provisions relating to Banking Companies, Partnerships and Unregistered Companies.

Provisions relating to Banking Companies.

Prohibition of banking partnerships with more than ten members.

372. —No company, association or partnership consisting of more than ten persons shall be formed for the purpose of carrying on the business of banking, unless it is registered as a company under this Act, or is formed in pursuance of some other statute.

Notice to be given to customers on registration of banking company with limited liability.

373. —(1) Where a banking company which was in existence on the 7th day of August, 1862, proposes to register as a limited company under this Act, it shall, at least 30 days before so registering, give notice of its intention so to register to every person who has a banking account with the company, either by delivery of the notice to him, or by posting it to him at, or by delivering it at, his last known address.

(2) If the company omits to give the notice required by this section then, as between the company and the person for the time being interested in the account in respect of which the notice ought to have been given, and so far as respects the account down to the time at which notice is given, but not further or otherwise, the certificate of registration with limited liability shall have no operation.

Liability of bank of issue unlimited in respect of notes.

374. —(1) Subject to subsection (2), a bank of issue which registers under this Act as a limited company shall not be entitled to limited liability in respect of its notes, and the members thereof shall be liable in respect of its notes in the same manner as if it had been registered as unlimited.

(2) If, in the event of a company to which subsection (1) applies being wound up, the general assets are insufficient to satisfy the claims of both the note-holders and the general creditors, then the members, after satisfying the remaining demands of the note-holders, shall be liable to contribute towards payment of the debts of the general creditors a sum equal to the amount received by the note-holders out of the general assets.

(3) For the purposes of this section, “the general assets” means the funds available for payment of the general creditors as well as the note-holders.

(4) Any bank of issue registered under this Act as a limited company may state on its notes that the limited liability does not extend to its notes, and that the members of the company are liable in respect of its notes in the same manner as if it had been registered as an unlimited company.

Privileges of banks making annual return.

375. —(1) Where a company carrying on the business of bankers has duly forwarded to the registrar of companies the annual return required by section 125 and has added thereto a statement of the names of the several places where it carries on business, the company shall not be required to furnish any returns under the Bankers (Ireland) Act, 1825, or section 22 of the Bankers (Ireland) Act, 1845.

(2) The fact of the said annual return and statement having been duly forwarded may be proved in any legal proceedings by the certificate of the registrar.

Prohibition of Partnerships with more than twenty Members.

Prohibition of partnerships with more than twenty members.

376. —No company, association or partnership consisting of more than twenty persons shall be formed for the purpose of carrying on any business (other than the business of banking), that has for its object the acquisition of gain by the company, association or partnership, or by the individual members thereof, unless it is registered as a company under this Act or is formed in pursuance of some other statute.

Application of certain Provisions of this Act to Unregistered Companies.

Application of certain provisions of this Act to unregistered companies.

377. —(1) The provisions of this Act specified in the second column of the Ninth Schedule (which respectively relate to the matters referred to in the first column of that Schedule) shall apply to all bodies corporate incorporated in and having a principal place of business in the State, other than those mentioned in subsection (2), as if they were companies registered under this Act and subject to any limitations mentioned in relation to those provisions respectively in the third column of that Schedule and to such adaptations and modifications (if any) as may be prescribed.

(2) The said provisions shall not apply by virtue of this section to any of the following bodies—

(a) any body corporate incorporated by or registered under any public general statute; and

(b) any body corporate not formed for the purpose of carrying on a business which has for its object the acquisition of gain by the body or by the individual members thereof; and

(c) any body corporate which is prohibited by statute or otherwise from making any distribution of its income or property among its members while it is a going concern or when it is in liquidation; and

(d) any body corporate for the time being exempted by direction of the Minister.

(3) The said provisions shall apply also in like manner in relation to any unincorporated body of persons entitled by virtue of letters patent to any of the privileges conferred by the Chartered Companies Act, 1837, and not registered under any other public general statute, but subject to the like exceptions as are provided for in the case of bodies corporate by paragraphs (b), (c) and (d) of subsection (2).

(4) This section shall not repeal or revoke in whole or in part any enactment, charter or other instrument constituting or regulating any body in relation to which the said provisions are applied by virtue of this section, or restrict the power of the Government to grant a charter in lieu of or supplementary to any such charter as aforesaid; but in relation to any such body, the operation of any such enactment, charter or instrument shall be suspended in so far as it is inconsistent with any of the said provisions as they apply for the time being to that body.

(5) Every body to which this section applies and which was in existence before the operative date shall within six months after the operative date deliver to the registrar of companies for registration a certified copy of the charter, statutes, memorandum and articles, or other instrument constituting or defining the constitution of the body.

(6) Every body to which this section applies and which comes into existence on or after the operative date shall within three months after coming into existence deliver to the registrar of companies for registration a certified copy of the charter, statutes, memorandum and articles or other instrument constituting or defining the constitution of the body.

(7) If default is made in complying with subsection (5) or (6), the body and every officer of the body who is in default shall be liable to a fine not exceeding £100.