7.—(1) A local authority may acquire any market right in respect of a market or fair in its functional area by agreement or compulsorily.

(2) Section 10 of the Local Government (No. 2) Act, 1960, and Part V of and the Third and Fourth Schedules to the Housing Act, 1966, shall apply in relation to a market right in respect of markets or fairs as they apply in relation to land—

(a) with the substitution of references to such market right for references to land,

(b) with the deletion of—

(i) “and of the map referred to therein” in section 78 (1) of the said Housing Act, 1966,

(ii) “and shall have attached thereto a map of the land to which it applies” in section 82 (1) of the said Housing Act, 1966,

(iii) “by reference to a map” in paragraph 3 of the said Third Schedule, and

(iv) “and of the map referred to therein” in paragraph 4 (a) of the said Third Schedule, and

(c) with any other necessary modifications.

(3) References in the said Local Government (No. 2) Act, 1960 (other than section 2), to the appropriate Minister shall, in relation to acquisition under this section or borrowing for the purposes of such acquisition, be construed as references to the Minister for the Environment.

(4) Where, after the commencement of this section, a market right in respect of a market or fair in the functional area of a local authority remains unexercised for a period of not less than 10 years, then, the market right concerned shall stand extinguished.