(1) A member of either House of the Oireachtas, the Mayor of Limerick, a representative in the European Parliament, a candidate at a Dáil, Seanad or European election, a political party, a third party or an accounting unit who or which receives, in any particular year, a monetary donation the value of which exceeds €100 shall open and maintain an account in an institution in the State and shall lodge that donation and any further monetary donations received by him or her or it to that account.

(2) As soon as may be after the commencement of section 49 of the Electoral (Amendment) Act, 2001, and from time to time thereafter as circumstances require, the appropriate officer of a political party referred to in section 71 shall, if the party is one to which subsection (1) applies, notify the Public Offices Commission of the name and address of each accounting unit of the political party and the name of the responsible person or persons of the accounting unit.