Irish Collective Asset-management Vehicles Act 2015

Rectification of register

52. (1) If—

(a) the name of any person is, without sufficient cause, entered in, or omitted from, the register of members in contravention of section 49 (1),

(b) default is made as to the details contained in any entry on the register of members in contravention of section 49 (1), or

(c) default is made in entering on the register of members within the period fixed by section 49 (3) the fact of any person having ceased to be a member,

the person aggrieved, or any member of the ICAV, or the ICAV, may apply to the High Court for rectification of the register.

(2) Where an application is made under this section, the High Court may either refuse the application or may order rectification of the register and payment by the ICAV of compensation for any loss sustained by any party aggrieved.

(3) On an application under this section the High Court may decide any question relating to the title of any person who is a party to the application to have his or her name entered in or omitted from the register of members (whether the question arises between members or alleged members, or between members or alleged members on the one hand and the ICAV on the other hand) and generally may decide any question necessary or expedient to be decided for rectification of the register.

(4) The High Court when making an order for the rectification of the register of members shall by its order direct, if appropriate, notice of the rectification to be given to the Bank.

(5) An ICAV may, without application to the High Court, at any time rectify any error or omission in the register but such a rectification shall not adversely affect any person unless the person agrees to the rectification made.

(6) The ICAV shall, within 21 days after the date on which rectification under subsection (5) has been made, give to the Bank notice in writing of the rectification if the error or omission also occurs in any document forwarded by the ICAV to the Bank.

(7) Without prejudice to the generality of subsection (5), a rectification may be effected by the ICAV under that subsection of an error or omission that relates to the amount of the ICAV’s issued share capital (whether it consists of an overstatement or an understatement of it) and subsection (6) shall apply in the circumstances there set out in the event of such a rectification.