(1) The Authority may, without prejudice to its general responsibilities under this Act, perform any of its functions (other than those set out in section 34(1)(d)), provide any of its services or carry on any of its activities through a subsidiary (within the meaning of the Companies Acts 1963 to 2003) which is wholly owned by the Authority and, accordingly, the Authority may, with the consent of the Minister and the Minister for Finance, for the purpose of such performance, provision or carrying on, form and register such a subsidiary.

(2) The memorandum and articles of association of a subsidiary referred to in this section shall be in the form that may be determined by the Authority with the consent of the Minister and the Minister for Finance.

(3)

(a) The Minister may give to the Authority such directions in writing as he or she considers appropriate in relation to any policy, programme or activity of a subsidiary and the body concerned shall comply or, as may be appropriate, secure compliance with that direction.

(b) A direction under paragraph (a) shall not apply to any particular undertaking or person (other than a subsidiary).