The Companies Act, 1990 is hereby amended -

(a) in section 253 (which relates to the share capital of investment companies) by the insertion of the following subsection after subsection (2):

"(2A)

(a) Notwithstanding subsection (2) (b) (ii), this Part shall also apply to a company to which subsection (2) otherwise applies, the articles or memorandum of which do not provide that the shares of the company shall, at the request of any holders thereof, be purchased in the manner therein provided, to the extent as may be approved and subject to such conditions as may be applied by the Bank.

(b) Regulation 30 of the UCITS Regulations, as applied by section 258, shall not be applied in respect of any company to which paragraph (a) applies.",

and

(b) by the substitution of the following subsection for subsection (1) of section 260 (which relates to the restriction of the application of certain provisions of the Companies Act, 1963, to investment companies):

"(1) None of the following provisions of the Principal Act shall apply to an investment company, namely, sections 58, 60, 69, 70, 72,119 and 125.".