Simon Harris (Wicklow, Fine Gael)
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I move amendment No. 13:

In page 55, between lines 7 and 8, to insert the following:"Priority of charges

91. (1) Unless the priority of the charges is otherwise governed by an enactment (apart from this Act), the priority of charges created by an ICAV shall, subject to subsection (4), be determined by reference to the date of receipt by the Bank of the particulars specified by the Bank, that is to say, a charge particulars in respect of which such particulars as may be specified by the Bank are received by the Bank on a date that is earlier than that on which those in respect of another charge are received by the Bank shall have priority over that other charge.
(2) Where the date of receipt by the Bank of such particulars of several charges is the same, subsection (1) shall be read as operating to accord priority to the charge received earliest in time on the date concerned by the Bank and other references in this Part concerning priority by reference to the date of receipt shall be read and operate accordingly.
(3) References in subsection (1) to the date of receipt of such particulars as are specified by the Bank are references to—

(a) if the procedure under subsection (3) of section 88* is complied with in relation to a particular charge, the date of receipt by the Bank of such particulars of the charge, provided in such form, as may be specified by the Bank, or
(b) if the procedure under subsection (4) of section 88* is complied with in relation to a particular charge, the date of receipt by the Bank of the notice, in such form and containing such particulars as may be specified by the Bank, in relation to the charge under paragraph (a) of that subsection.

(4) Subsection (1) shall not affect any agreement between persons in whose favour charges have been created in relation to the priority that those charges shall, as between them, have.
(5) In relation to particulars of a charge received by the Bank pursuant to section 88(3) or (4), the following provisions apply so far as those particulars consist of particulars of a negative pledge—

(a) the Bank shall not be under a duty to enter in the register under section 93 particulars of the negative pledge pursuant to that section, and
(b) the fact that the Bank has received the particulars of the negative pledge shall have no legal effect,

but nothing in the foregoing affects the validity of the receipt by the Bank of the other particulars of the charge.

(6) In this section "negative pledge" means any agreement entered into by the ICAV concerned and any other person or persons that provides that the ICAV shall not, or shall not otherwise than in specified circumstances—

(a) borrow moneys or otherwise obtain credit from any person other than that person or those persons, or
(b) create or permit to subsist any charge, lien or other encumbrance or any pledge over the whole or any part of the property of the ICAV.".