59.— (1) As soon as practicable after the establishment of the management company under section 57 the housing authority shall, for nominal consideration transfer its ownership of the apartment complex (including its interest in any apartment sold under section 90 of the Principal Act whether before or after the coming into operation of this Part) to the management company by means of an order (in this Part referred to as an “apartment complex transfer order”), in the prescribed form, made by the housing authority, which order shall be expressed and shall operate to vest, on the date specified in the order, the interest specified therein, subject as therein provided and to the terms and conditions specified in subsection (2).

(2) The terms and conditions referred to in subsection (1) include the following—

(a) that the management company shall, on the date specified in the apartment complex transfer order or as soon as practicable thereafter, lease or sublease, as the case may be, each apartment (including any community apartment) in the designated apartment complex to the housing authority in accordance with this Part other than any apartments sold by the housing authority under section 90 of the Principal Act whether before or after the coming into operation of this Part,

(b) that the transfer of ownership under subsection (1) is subject to—

(i) the tenancy agreements between the housing authority and the tenants of the apartments concerned entered into before the date of the apartment complex transfer order, and

(ii) any lease entered into between the housing authority before the date of the apartment complex transfer order for the purpose of the sale of an apartment in the designated apartment complex under section 90 of the Principal Act whether before or after the coming into operation of this Part,

(c) that the consent of the management company shall not be required in respect of the sale or letting of apartments by the housing authority under the Housing Acts 1966 to 2009,

(d) that the management company shall, where the designation of an apartment complex lapses under section 55 (3), comply with the requirements of section 61,

(e) such other terms and conditions as may be prescribed for the purposes of an apartment complex transfer order.

(3) Save as provided for by any other enactment or regulations made thereunder, the transfer of ownership of a designated apartment complex to a management company under this section shall not imply any warranty on the part of the housing authority in relation to the state of repair or condition of the apartment complex or the fitness for human habitation of the apartments concerned.