60.— (1) In this section, in the case of a designated apartment complex in respect of which a leasehold interest is assigned to the management company for the purposes of section 59, a reference to a lease includes a sublease.

(2) Subject to and in accordance with this section, as soon as practicable after the date specified in the apartment complex transfer order for the purposes of section 59 (1), the management company shall, for nominal consideration, grant a lease to the housing authority in respect of each apartment (including any community apartment) in the designated apartment complex, by means of an order (in this Part referred to as an “apartment transfer order”) in the prescribed form, made by the management company, which 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 (3).

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

(a) that the housing authority may, without the consent of the management company—

(i) sell the apartment, under this Part, to a tenant thereof, or

(ii) without prejudice to any tenancy agreement entered into between the housing authority and a tenant of the apartment concerned before the date specified in the apartment transfer order for the purposes of subsection (2), let the apartment in accordance with and in the performance of its functions under the Housing Acts 1966 to 2009,

(b) that the housing authority shall not, without the prior written consent of the management company make material improvements to the apartment,

(c) the condition specified in section 69 (3) relating to payment of the management company annual charges in respect of the apartment and the consequences of failing to pay,

(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) terms and conditions relating to membership of the management company, and

(f) such other terms and conditions relating to the lease of an apartment to the housing authority under this section as may be prescribed for the purposes of an apartment transfer order.

(4) This section does not apply to any apartment in a designated apartment complex sold by a housing authority under section 90 of the Principal Act whether before or after the coming into operation of this Part.

(5) In this section “material improvements” means improvements made to an apartment whether for the purposes of extending, enlarging or converting the apartment but does not include internal decoration and repair.