In Re Irish Life and Permanent Ltd; Dowling v. Minister for Finance 2012 [IEHC] 89 (High Court, Feeney J, 2 March 2012)
High Court refuses preliminary application made by respondent in relation to locus standi of applicants to set aside directions order, and holds that beneficial owners of shares were entitled to make the relevant application.
Preliminary application - locus standi - application by respondent to dismiss application - s. 9 of the Credit Institutions (Stabilisation) Act 2010 - ex parte order for directions - order to facilitate investment by Minister for Finance in public limited company - application to set aside directions order - s 11, 2010 Act - standing of certain applicants to bring application under s 11 - whether applicants were members of relevant institutions on relevant dates - holding of shares in electronic form - applicants not on register of members - holding through nominee shareholder - definition of "member", s 11, 2010 Act - different definition in Companies Act 1963 - statutory interpretation - ambiguous interpretation - s 5, Interpretation Act 2005 - effect of s 9 order on beneficial owners of shares - rights of shareholder pending registration.Quotation from judgment (courtesy of the Courts Service of Ireland):
“This Court is satisfied that the definition of a "member" as contained in s. 31 of the Companies Act 1963 does not dictate or identify the meaning or definition to be used for the word "member" in s. 11(I) of the Act of 2010. Adopting a purposive approach to the 2010 Act and ascertaining the intention of the Oireachtas from the whole Act leads to a requirement for a broad construction of "member" being one which recognises the entitlement of holders of beneficial interest in shares to exercise rights under s. 11.”Full Text on Court Services Website>
Key Cases Cited
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Monahan v. Legal Aid Board [2009] 3 I.R. 458
Howard v. Commissioners of Public Works [1994] 1 I.R. 101
Crilly v. T &, J Farrington Ltd. [2001] 3 I.R. 251
Direct United States Cable Co. v. Anglo-American Telegraph Co. [1877] 2 App. Cas. 394
The State (Sheehan) v. The Government of Ireland [1987] I.R. 550
Re Via Net Works (Ireland) Ltd. [2002] 2 I.R. 47
Adam v. Minister for Justice [2001] 3 I.R. 53
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