Michael Noonan (Limerick City, Fine Gael)

I move amendment No. 3:

In page 28, to delete lines 25 to 27 and substitute the following:

"(b) the value of the shares acquired by or disposed of by the member—

(i) as at the date or dates on which the shares were acquired or disposed of, as the case may be, and

(ii) as at the date on which the transfer order concerned was made.".

The purpose of this amendment is to provide that in an application to set aside a transfer order, where the applicant is a member of the institution the court will be permitted to take into consideration the value of any shares acquired or disposed of at the date on which the order was made. This information will be considered in addition to when an applicant became a member, when he or she increased or decreased his or her shareholding in the institution concerned, and the value of any shares acquired or disposed on the dates of acquisition or disposal. It is based on the principle that the court should be permitted to take into account the behaviour of an applicant when considering a challenge.

The same amendment is proposed for section 60 which addresses set-aside of special management orders - amendment No. 4 - and for those sections of the Credit institutions (Stabilisation) Act 2010 that address set-aside or direction orders - amendment No. 14; special management orders - amendment No. 15; subordinated liabilities orders - amendment No. 17; and transfer orders - amendment No. 19.

Amendment No. 19 also deletes section 37(5) of the 2010 Act which relates specifically to credit unions. This reflects the fact that upon enactment of this Bill the credit unions will no longer fall within the scope of the 2010 Act, therefore, the section in question becomes redundant. It is to ensure that when the court is making a decision it will have all relevant information. This section had specified what we consider to be relevant in terms of acquisition of shares and shares transactions. This moves it along a another little bit on further examination so that the court has the fullest possible information on these issues before it makes an order.

See this speech in context