The Youth Work Act 2001 underwent significant amendments by the Education and Training Boards Act 2013. The Act’s primary aims were to expand the functions of vocational education committees concerning youth work, including granting permissions, appointing a Youth Work Assessor, establishing Voluntary Youth Councils, coordinating organizations engaged in youth work, and forming the National Youth Work Advisory Committee. According to the Act, a young person refers […]
A business that is expanding might require additional capital, possibly through a second round of funding from the initial investors. If this second round mirrors the earlier proportions, it’s less likely to necessitate changes to existing agreements. However, if the new investors in the second round contribute in different proportions, it could create issues concerning the structure and balance of power, potentially requiring amendments to […]
The primary agreement in a venture capital investment comprises a shareholder’s subscription or investment agreement, delineating the future operation of the company during the investment period. This process is similar to that applied when purchasing a private company—refer to the section on share purchase agreements. The common documents involved may include the following: an investment/shareholder’s agreement, tax indemnity, disclosure letter, new company constitution, business plan, […]
Investments in private companies raise many issues similar to those in shareholders’ agreements and joint venture arrangements. Investors seek protection of their investment, usually without active participation in the company, perhaps limited to the appointment of a non-executive director. Their aim is to have a mechanism to realise their investment in due course. Venture capital represents long to medium-term finance, primarily directed at high-growth potential […]
The most commonly found mechanisms for exit are so-called drag-along and tag-along rights. In the case of a drag-along right, a party shareholder who wishes to sell its interest to a third-party has the right to require other shareholders to join in the sale to a third-party on the same terms as it sells for that. The objective is to ensure that the entire interest […]
The venture capitalist’s objective is to realise its investment. Generally, it will require a relatively high capital profit to compensate for the risk, time, and other resources associated with the financial investment. The initial investment will contemplate a timeline and horizon for realization. It may be between two to three to seven to ten years. Obligations may be provided in the agreements to assist in […]
Modern consumer protection legislation effectively requires the terms of the bank customer relationship are to be set out in writing. It is particularly so in the case of loans and facilities where a specific consumer protection provisions apply. The written terms are presumed to be the complete agreement. See generally the sections on contract law. A verbal side agreement, side letter or collateral contract requires […]
Courts have approached the question of whether Codes of conduct establish enforceable legal rights in different ways, specifically in legal proceedings, either through claims or defences. Most Codes and the legislation under which they are made, do not explicitly state their intended legal effect. The primary consequence of a Code lies is that it is a regulatory obligation upon financial service providers. Such providers may […]
The Financial Collateral Directive is an EU provision aimed at facilitating the use and enforcement of financial collateral. It establishes common principles concerning the creation and enforcement of collateral. Typically, collateral is enforced through appropriation without recourse to a court or any formal procedure. These regulations apply to financial collateral where the provider and recipient of the collateral are: A supervised institution like a bank, […]
There is an EU-wide directive on bank recovery and resolution designed to resolve issues with failing banks without the use of taxpayers’ money. Shareholders and bank creditors, except for protected depositors, may potentially lose part of their funds held by the bank. The Central Bank has authority in Ireland under this legislation. These measures may arise when an institution is not insolvent but fails to […]
The Irish Constitution delineates the functions of the Oireachtas, comprising Dáil Éireann, Seanad Éireann, and the President. The Houses of the Oireachtas is to convene in or near Dublin or as otherwise determined. Sessions must be public, though a two-thirds majority can approve private sittings in special emergencies. The President holds a formal role only in relation to legislation. With the exception of the right […]
Most medicines require packaging and labels in prescribed format. There are detailed rules, setting out EU-wide standards on packaging and labelling. Very specific information is required on the label dealing with matters such as the name, pharmaceutical strength, qualitative and quantitative details of active ingredients, form and content by weight, list of recipients with the recognised effects, method of administration, warnings, expiry dates, storage requirements, […]
International law criminalises certain very serious offences irrespective of domestic law. The four principal international crimes are genocide, crimes against humanity, war crimes, and aggression. Genocide is defined in the 1948 Genocide Convention as any of the following acts committed with the intent to destroy, in whole or in part, a national, ethnic, racial, or religious group, including killing members of the group; causing serious […]
Principles of liability and offences similar to those in domestic criminal law apply to international criminal law. Concepts like aiding, abetting, duress, and self-defence mirror those applicable under domestic law. However, there are specialised offences in international law without parallels in domestic jurisdictions. The concept of a joint criminal enterprise exists in many, though not all, international crimes. Tribunals have adopted liability based on customary […]
By Article 29 of the Constitution, Ireland affirms its devotion to the ideal of peace and friendly cooperation between nations founded on international justice and morality. It also affirms adherence to the principle of the pacific settlement of international disputes through arbitration or judicial determination. Additionally, it acknowledges the principles of international law as its rules of conduct in relationships with other States. Several cases […]
Credit unions are now regulated by the Central Bank. Originally they were regulated by the Registrar of Friendly Societies. The 2003 plus 2004 reforms place the registrar of credit unions under the umbrella of the financial regulator. It is now under the umbrella of the Central Bank under the 2010 reform. The Registrar of Credit Unions regulates credit unions on behalf of the Central Bank. […]
Credit unions initially developed in Ireland as agricultural-based land banks. Land banks fated away in the 1930s. The first modern credit union commenced operations in the late 1950s. At that time, credit unions were governed as industrial and provident societies. Following a government-appointed committee’s support and co-operation, the Credit Union Act 1966 was enacted, providing the modern basis for credit unions. The legislation was amended […]
Each credit union must have a Board of Directors which has responsibility for the control direction of its affairs funds and records. They are elected by secret ballot by the members. The directors have a range of powers and responsibilities, including key decision-making, recommending dividends, fixing interest rates, fixing maximum loans, decisions on investment borrowing, AGM matters, and submission of accounts for audit. The Board […]
1997 Act Credit unions may provide additional services for members in accordance with ministerial regulations. Formerly, the registrar may approve additional services being provided. The application was made to the registrar for the approval of the provision of different services. Credit unions may not offer loans on terms of other services or provide linked services. There is a right of appeal to the High Court […]
The subscription for credit union shares is the basic method of saving. Shares in credit unions do not have the characteristics of company shares. They may not be preference shares. .Bonus shares may be issued from reserves, but statutory reserves may not be used for this purpose. There are no share certificates as such Passbooks and records show the value of shares and other financial […]
The Credit Union Restructuring Board was established under the 2012 Act. The function of the Board includes developing provisional proposals and plans for restructuring in the credit union sector, assisting credit unions in the preparation of restructuring plans, considering and assessing restructuring plans submitted by credit unions, approving conditionally or unconditionally or objecting to restructuring plans, advising the Central Bank of its recommendations in respect […]
Board of directors must prepare a strategic plan setting out the strategy and objectives of the credit union. The board must ensure that the credit union has the resources, both financial and otherwise, to undertake the activities provided for in the plan. A credit union must develop and maintain a risk management system to allow it to identify and manage risks to which it is […]
1997 Legislation The 1997 legislation capped loans at the greater of £30,000 or 1.5% of the total assets of the credit union. The limits may be adjusted by ministerial order.Loans may be made to members only. They may be secured or unsecured. Security may be by way of a guarantee, pledge of shares, deposits, insurance policy, or real property security. Terms and conditions on which […]
The Credit Union Act 2012 amended the regulatory framework for certain prudential requirements for credit unions. It made significant amendments regarding the governance of credit unions, stemming from the financial crisis that left many credit unions oversized and insolvent. It amends governance and provides for the separation of functions of the management and the board of directors. It also establishes a stabilization mechanism for credit […]
A credit union must have a board of directors responsible for its general control and management. The board should be sufficiently sized and possess adequate expertise to carry out its role effectively. Specific requirements are detailed regarding the composition of the board, including maximum and minimum numbers of directors (from 7 to 11), stipulating an odd number. Directors are mandated to dedicate certain time to […]
The almanac is a part of common law and is recognized by English statutes such as the Act of Uniformity, which gave statutory recognition to the Common Book of Prayer in 1662. The Calendar New Style Act introduced the modern calendar, beginning the calendar year on 1st January, with a standard year consisting of 365 days. A leap year occurs once every four years. Every 100 […]
Leave to Appeal Subject to any provision of statute, an application may be made to a lower court i.e. High Court or Court of Appeal. It shall be made in the first instance to the court below. No interlocutory order or ruling made by a court below from which there has been no appeal operates to bar or prejudice the Supreme Court from giving a […]
Determination of Application for Leave Where the Supreme Court requires delivery of written submissions by the parties, the Registrar shall notify them of the requirements and the times at which the submissions shall be lodged and served by each participating party. A certificate granting leave to appeal shall specify the grounds on which leave is given and may be accompanied by directions on delivery of […]
An application for judicial review is made in a manner prescribed by Order 84 of the Superior Court Rules. The remedies sought may be certiorari, mandamus, prohibition or quo warranto. See the chapters on judicial review in this regard. The court may grant a declaration or injunction in an application for judicial review, if having regard to the nature of the matters in respect of […]
Life Assurance Pre-Sale Disclosure Obligations Life Assurance (Provision of Information) Regulations provides mandatory disclosure and prior information at the point of sale, prior to sale of life assurance policy. The Regulations do not apply to life assurance sold to persons resident outside the State, a life policy where none of the clients is an individual, life assurance sold to trustees of occupational pension schemes, contractors […]
Breach or defiance of a court order may constitute contempt of court, which is subject to enforcement by civil and criminal contempt. Courts may impose fines and imprisonment. Contempt of court has both a coercive and punitive effect. Persons may be committed to prison until they purge their contempt or agreeing to comply with the terms of the court order. Criminal contempt involves punishment of […]