Asset Covered Securities Act, 2001
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Provisions applying to directions given under sections 20 and 21. |
22.—(1) A direction given under section 20 or 21— | |
(a) must include a statement of the Authority's reasons for giving the direction, and | ||
(b) remains in force for such period (not exceeding 6 months) as is specified in the direction. | ||
(2) Unless the High Court otherwise orders, a direction given under section 20 or 21 takes effect from the date of the direction or, if a later date is specified in the direction, from that date, irrespective of whether or not the institution appeals against the direction under section 26 . | ||
(3) The Authority may, by notice in writing given to the institution concerned, amend or revoke a direction given under this section. | ||
(4) Without limiting subsection (3), the Authority may from time to time, by notice in writing given to the institution concerned, extend the period during which a direction remains in force by one further period not exceeding 6 months. | ||
(5) A direction given under section 20 ceases to have effect— | ||
(a) at the end of the period specified in the direction, or if the period is extended under subsection (4), at the end of the extended period, | ||
(b) on the making of a winding up order in respect of the institution, | ||
(c) on the revocation of the registration of the institution under this Part, or | ||
(d) on being revoked by an order of the High Court, | ||
whichever first occurs. | ||
(6) A direction given under section 21 ceases to have effect— | ||
(a) at the end of the period specified in the direction, or if the period is extended under subsection (4), at the end of the extended period, or | ||
(b) on being revoked by an order of the High Court, | ||
whichever first occurs. | ||
(7) A credit institution that fails within the permitted period to comply with a direction given under section 20 or 21 commits an offence and is liable on summary conviction to a fine not exceeding €1,900 (£1,496.37). |