(1) An applicant credit institution and each of its subsidiaries shall be taken to have, and always to have had, as part of its functions and objects, the power and capacity to -
(a) apply for designation as, and become, a participating institution pursuant to this Act,
(b) warrant the truth, accuracy and completeness of the information supplied to NAMA in relation to bank assets, and
(c) indemnify NAMA in relation to -
(i) any breach of such a warranty, or
(ii) any claim or obligation under section 135.
(2) An applicant credit institution and each of its subsidiaries shall be taken to have, and always to have had, as part of its functions and objects, the power and capacity to engage in the following activities in so far as they relate to its designated bank assets:
(a) the provision of credit facilities;
(b) the entering into of joint venture, partnership, co-ownership, shareholder or other similar agreements;
(c) the entering into of contracts (including contracts in a currency othe
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