(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 company referred to in subsection (1) shall be Home Building Finance Ireland.
(3) Subject to this Act, HBFI shall be independent in the performance of its functions.
(4) In this section, "DAC limited by shares" has the same meaning as it has in Part 16 of the Companies Act.