(1) NAMA may compulsorily acquire land if in its opinion it is necessary to do so -
(a) to enable NAMA to perform the functions referred to in section 10 (1) (b) and (c),
(b) to enable a building constructed on charged land to be used or enjoyed for the purpose for which it was developed, or
(c) to enable NAMA or a NAMA group entity to vest in a prudent and experienced purchaser good and marketable title to charged land but only if the land sought to be acquired is only of material benefit to the owner in so far as it affects the use or development of charged land.
(2) In addition, NAMA may compulsorily acquire land where -
(a) the land is owned by a person who is a debtor, associated debtor, guarantor or surety in relation to an acquired bank asset, and that person is in material default of his or her obligations to NAMA or a NAMA group entity and the default has caused, or is likely to cause, NAMA or the NAMA group entity substantial loss,
…