Designated Investment Funds Act, 1985

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Requirements regarding trustees under scheme establishing designated investment fund.

3.—A person shall not be entitled to act as a trustee under the scheme by which a designated investment fund is established unless the person is a body corporate incorporated in, and has a place of business in, the State, and—

(a) has assets that are sufficient to meet its liabilities (including liabilities in respect of the repayment of its paid up capital) and has a capital (in stock or shares) for the time being issued of not less than £500,000 of which an amount of not less than £250,000 has been paid up in cash, or

(b) (i) is wholly owned by a body corporate (in this paragraph referred to as the “parent body”) in relation to which the conditions as to capital and assets specified in paragraph (a) of this section are complied with, and

(ii) the discharge of the liabilities of which is guaranteed by the parent body.