(1) Subject to any requirements or restrictions imposed under subsection (3), an assurance company incorporated in the State may subscribe for or purchase and hold any class of shares in its holding company out of the assets of its life assurance fund.

(2) However -

(a) the shares of the class in which the company subscribes for, purchases or holds must be listed on a recognised stock exchange, and

(b) the total number of shares of any one class so held must not at any one time exceed the prescribed percentage of the shares in that class issued or allotted, or of the voting rights attaching, to that class of shares.

(3) The Bank may impose such requirements to, or such restrictions on, the exercise of the power conferred by this section as it considers necessary for the purposes of ensuring the prudent regulation of life assurance in the State.

(4) For the purpose of subsection (2)(b), the prescribed percentage is 10 per cent or, if the Bank, by order made after consulting the Minister, prescribes some other percentage, that other percentage.

(5) An order under subsection (4) may make such transitional or temporary provisions in relation to the acquisition or disposal of the relevant shares as the Bank considers necessary to enable the order to have full effect.