52.— Section 7 of the Act of 2001 is amended—

(a) by deleting subsection (1),

(b) by substituting the following subsection for subsection (2):

“(2) Notwithstanding any enactment or rule of law or any provision contained in the memorandum or articles of association of the Corporation, the Minister may, by order, direct the Corporation to transfer all or any of its assets or liabilities or both to the Minister or other public authority on such terms and conditions as the Minister after consulting with the Minister for Finance thinks fit.”,

(c) by substituting the following subsection for subsection (3):

“(3) Amounts (if any) paid by the Minister in respect of a transfer directed under subsection (2) shall be repaid to the Central Fund out of monies provided by the Oireachtas.”,

and

(d) by deleting subsection (4).