8.—(1) There shall stand established, on the establishment day, a body to be known as Gníomhaireacht Forbartha Ghráinseach Ghormáin, or, in the English language, the Grangegorman Development Agency (to be known and referred to in this Act as the “Agency”), to perform the functions conferred on it by or under this Act.

(2) The Agency shall be a body corporate with perpetual succession and a seal and shall have power—

(a) to sue and may be sued in its corporate name,

(b) to acquire, hold and dispose of land or an interest in land, with the consent of the Minister in writing, and

(c) to acquire, hold and dispose of any other property, with the consent of the Minister in writing.