61.— (1) Where the designation of an apartment complex lapses under section 55 (3), the housing authority shall notify the management company in writing and the management company shall, as soon as practicable after receipt of the notification—

(a) terminate the leases granted to the housing authority in respect of each apartment in accordance with the terms and conditions of the apartment complex transfer order and the apartment transfer order;

(b) transfer ownership of the apartment complex to the housing authority, subject to any lease referred to in section 59 (2) (b) (ii), and

(c) arrange for the winding up of the management company in accordance with the Companies Acts.

(2) Where the designation of an apartment complex lapses under section 55 (3) and subject to compliance by the management company with the requirements of subsection (1), the housing authority shall continue to perform its functions under the Housing Acts 1966 to 2009 relating to the management and control of the apartment complex.