(1) Subject to section 36, a building society may acquire, hold, dispose of, and develop or participate in developing land where the land is to be used -

(a) for residential purposes and purposes ancillary or incidental thereto, or

(b) for other commercial purposes.

(2) A society which is not for the time being entitled to exercise the powers referred to in this section may acquire, hold and dispose of land which is, or is to be, used for residential purposes if the purpose of the acquisition and holding of the land is to enable the society to make loans on the security of equitable interests in the land in circumstances authorised by the Central Bank.

(3) A society shall dispose of land held under this section if the Central Bank so directs.

(4) The powers referred to in paragraphs (a) and (b) of subsection (1) are separate powers, each of which, if available to a society, must, in order to be exercisable, be adopted by the society in accordance with section 36.