Securitisation (Proceeds of Certain Mortgages) Act, 1995

Designated bodies.

4.—(1) For the purposes of any transfer, sale or assignment under section 14 of the Housing (Miscellaneous Provisions) Act, 1992 , by virtue of section 3 such transfer, sale or assignment shall only be made—

(a) to such body as may be designated by the Minister from time to time under this section for that purpose, and

(b) for a consideration payable into the Exchequer from that body.

(2) For the purpose of designating a body under subsection (1) the Minister may, from time to time, form or cause to be formed a limited company under the Companies Acts, 1963 to 1990.

(3) The Minister shall have all the powers as are necessary to manage or cause to be managed a body designated under subsection (1).