PART VI

Compulsory Insurance

53. —The provisions of Part VI of the Principal Act relating to an approved guarantee shall cease to have effect.

54. —The following section is hereby substituted for section 60 of the Principal Act:

‘Exempted person.

60. (1) In this Part of this Act “exempted person” means, subject to subsection (3) of section 78 of this Act—

(a) a board or other body established by or under an Act of the Oireachtas or an Act of the Oireachtas of Saorstát Éireann,

(b) a company (hereinafter referred to as a State-sponsored company) within the meaning of subsection (1) of Section 2 of the Companies Act, 1963 , in which the majority of the shares are held by or on behalf of a Minister of State, or

(c) a company within the meaning of subsection (1) of section 2 of the Companies Act, 1963, in which the majority of the ordinary shares are held by a State-sponsored company or a board or other body mentioned in paragraph (a) of this subsection,

in respect of which the Minister has issued a certificate that such board, other body or company is for the time being an exempted person for the purposes of this Act.

(2) The Minister shall not issue a certificate under this section unless he is of the opinion (having, in a case where a deposit under section 61 of this Act has been made and maintained, taken such deposit into account) that the board, other body or company is, and will be, capable of meeting any liability arising out of the negligent use of a mechanically propelled vehicle in respect of which, if such board, other body or company were not an exempted person or a vehicle insurer, an approved policy of insurance would be required to be in force at the material time.”

55. —(1) The following section is hereby substituted for section 61 of the Principal Act:

“Deposits by exempted persons.

61. (1) The Minister may from time to time require the deposit with the Accountant of the Courts of Justice by a person desiring to become an exempted person of such sum as the Minister shall specify in such requirement.

(2) The Accountant of the Courts of Justice shall invest a sum deposited under this section in such of the securities authorised by law for the investment of funds in the High Court as the depositor directs, and the income accruing on the securities shall be paid to the depositor.

(3) The Accountant of the Courts of Justice shall not accept a deposit under this section save on a warrant of the Minister.

(4) The Minister may make rules with respect to applications for warrants for the purposes of this section, the payment of deposits and the investment thereof or dealing therewith, the deposit of stocks, shares or other securities in lieu of money, the payment of the income from time to time accruing on securities in which deposits are for the time being invested and the withdrawal and transfer of deposits.”

(2) A deposit made before the commencement of this section by a person who is an exempted person shall be deemed to have been made under section 61 (inserted by this section) of the Principal Act.