12. (1) The Minister shall, as soon as practicable after the commencement of this section, cause a DAC limited by shares conforming to the conditions laid down in this Act to be formed and registered under Part 16 of the Companies Act.

(2) The name of the DAC limited by shares (in this Act referred to as the “Agency”) shall be, and the DAC limited by shares shall be known as, the Land Development Agency.

(3) Subsections (1) to (3) of section 969 of the Companies Act shall not apply to the Agency.

(4) Subject to this Act, the Agency shall be independent in the performance of its functions.