4.—(1) There shall, by virtue of this section, be established on the establishment day a board to be known as Bord an Choláiste Náisiúnta Ealaíne is Deartha to perform the functions given to it by this Act (in this Act referred to as An Bord).

(2) An Bord shall be a body corporate with perpetual succession and power to sue and be sued in its corporate name and F3[may, with the consent of the Minister, acquire, hold and dispose of land, an interest in land or other property].