(1) There is established, on the establishment day, a body to be known as the National Asset Management Agency (in this Act referred to as "NAMA"), to perform the functions assigned to it by this Act.
(2) NAMA shall be a body corporate with perpetual succession. NAMA has power to sue and be sued in its corporate name and to acquire, hold and dispose of land or an interest in land, and to acquire, hold and dispose of any other property.
(3) Except where otherwise provided by this Act, NAMA is independent in the performance of its functions under this Act.