3.—(1) On the establishment day there shall stand established a board to be known as the Irish Medicines Board (in this Act referred to as “the Board”) to perform the functions conferred on it by or under this Act.

(2) The Board shall be a body corporate with perpetual succession and an official seal and power to sue and be sued in its corporate name and, with the consent of the Minister, to acquire, hold and dispose of land or an interest in land and to acquire, hold and dispose of any other property.

(3) The Board shall, subject to the provisions of this Act, be independent in the exercise of its functions.

F4[(4) The body that, immediately before the commencement of section 36 of the Health (Pricing and Supply of Medical Goods) Act 2013, was known as the Irish Medicines Board shall, from such commencement, cease to be known by that name and instead be known as the Health Products Regulatory Authority.]