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Establishment of Supervisory Authority.
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5.—(1) The Minister may designate a public company to perform the functions and exercise the powers of the Supervisory Authority under this Act, if the following requirements are satisfied:
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(a) the company is formed and registered under the Companies Acts after the commencement of this section;
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(b) the company is a company limited by guarantee;
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(c) the name of the company is the Irish Auditing and Accounting Supervisory Authority or in the Irish language Údarás Maoirseachta Iniúchta agus Cuntasaíochta na hÉireann;
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(d) the memorandum of association and articles of association of the company are consistent with this Act.
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(2) Section 6(1)(b) of the Act of 1963 does not apply to a company where the Minister informs the registrar of companies in writing that the Minister proposes to designate the company under subsection (1).
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