188.— If NAMA or a NAMA group entity elects not to be substituted for a participating institution in relation to legal proceedings, or elects only to be substituted as plaintiff under section 185—

(a) the participating institution shall conduct the proceedings with all due vigour in a way that protects the interests of NAMA and the NAMA group entity and in accordance with any directions given by NAMA or the NAMA group entity, and

(b) NAMA or the NAMA group entity may at its election join the proceedings as a notice party.