15.—(1) Subject to this section, the Minister, with the consent of the Minister for Finance, may, by order, vest debt due to the Local Loans Fund by a housing authority in the Housing Finance Agency plc.

(2) An order under subsection (1)—

(a) shall be expressed and shall operate to vest on the date specified therein debt of an amount specified therein without any further conveyance or transfer, and

(b) may be expressed to apply to all or any part of the debt of any particular housing authority, any such part being determined by reference to such matters as the Minister considers appropriate.

(3) In consideration of debt vested in it under subsection (1), the Housing Finance Agency plc shall, on the date of such vesting, pay into the Local Loans Fund a sum equal to the amount of the debt so vested.

(4) With effect from the date of the vesting of debt under this section, all contracts, agreements and undertakings entered into by, made with or given to the Commissioners of Public Works in Ireland by a housing authority in respect of the said debt shall be enforceable by, against or in favour of the Housing Finance Agency plc as fully and effectually in every respect as if, instead of the Commissioners, the Housing Finance Agency plc had been the person by whom they were entered into, with whom they were made or to whom they were given, as the case may be.

(5) The Minister may by order amend or revoke an order made under this section at any time before the date on which it is to take effect.

(6) Any sum paid by the Housing Finance Agency plc under subsection (3) shall be paid into, or disposed of for the benefit of, the Exchequer in accordance with the directions of the Minister for Finance.

(7) In this section “debt” means amounts outstanding on moneys advanced out of the Local Loans Fund under section 4 of the Local Loans Fund Act, 1935, to a housing authority for the purposes of making loans to persons for the acquisition, construction or improvement of houses.