|
|
Establishment of Supervisory Authority.
|
5.—(1) The Minister may designate a public company to perform the functions and exercise the powers of the Supervisory Authority under this Act, if the following requirements are satisfied:
|
|
| |
(a) the company is formed and registered under the Companies Acts after the commencement of this section;
|
|
| |
(b) the company is a company limited by guarantee;
|
|
| |
(c) the name of the company is the Irish Auditing and Accounting Supervisory Authority or in the Irish language Údarás Maoirseachta Iniúchta agus Cuntasaíochta na hÉireann;
|
|
| |
(d) the memorandum of association and articles of association of the company are consistent with this Act.
|
|
| |
(2) Section 6(1)(b) of the Act of 1963 does not apply to a company where the Minister informs the registrar of companies in writing that the Minister proposes to designate the company under subsection (1).
|
