National Asset Management Agency Act 2009

163.

Acquisition order.

163.— (1) If no objection to NAMA’s application is lodged with the Court within the period referred to in section 162 (1) , the Court shall make an order authorising NAMA or a NAMA group entity nominated by NAMA to acquire the land concerned compulsorily in accordance with the terms of its application.

(2) If an objection to NAMA’s application is lodged with the Court within the period referred to in section 162 (1) the Court shall make an order referred to in subsection (1) if the Court is satisfied that—

( a) one of the following applies:

(i) NAMA has reasonably formed the opinion referred to in section 158 (1) ;

(ii) a condition set out in section 158 (2) is satisfied;

( b) NAMA has complied with the obligation in section 158 (3) , and

( c) it is just and equitable to make the order.

(3) The Third Schedule to the Housing Act 1966 applies to an acquisition order subject to the following modifications:

( a) references to a sum of money shall be construed as references to the equivalent sum in euro;

( b) references to a housing authority or an authority shall be construed as references to NAMA;

( c) references to the Minister shall be construed as a reference to the Court in the exercise of its functions under this Chapter;

( d) the omission of Article 4, paragraphs (1) to (4) of Article 5 and Article 5(5)( d).