3. (1) Subject to subsection (2), the Minister may appoint a body to perform the functions of a scheme administrator subject to such conditions as the Minister thinks fit and specifies in the appointment.

(2) A scheme administrator may be one of the following:

(a) a board, authority or other body established by or under an enactment (other than the Companies Acts) whose functions include the administration of schemes of payments;

(b) a company under the Companies Acts, in which all the shares are held by or on behalf of or jointly with—

(i) a Minister of the Government,

(ii) directors appointed by a Minister of the Government, or

(iii) a board, authority or other body referred to in paragraph (a),

or

(c) a company under the Companies Acts that is limited by guarantee without share capital, and in which directors are appointed by—

(i) the Government or a Minister of the Government, or

(ii) a board, authority or other body referred to in paragraph (a).