(1) On the establishment day there shall stand established a body to be known as an Ghníomhaireacht Náisiúnta Tomhaltóirí or, in the English language, the National Consumer Agency and in this Act referred to as the Agency, to perform the functions conferred on it by this Act.
(2) The Agency shall be a body corporate with perpetual succession and an official seal and shall have power -
(a) to sue, and may be sued, in its corporate name,
(b) to acquire, hold and dispose of land or an interest in land, with the approval of the Minister given with the consent of the Minister for Public Expenditure and Reform, and
(c) to acquire, hold and dispose of any other property, with the approval of the Minister given with the consent of the Minister for Public Expenditure and Reform.
(3) Subject to this Act, the Agency shall be independent in the performance of its functions.