(1) The Minister may, by an agreement in writing entered into with any person, upon such terms and conditions as may be specified in the agreement, provide for the performance by that person, subject to such terms and conditions (if any) as may be so specified, of such functions as may be so specified.

(2) An agreement under this section may, in particular and without prejudice to the generality of subsection (1), make provision in relation to all or any of the following matters:

(a) the fees (if any) to be charged by the person performing a function in pursuance of the agreement on those in relation to whom the function is performed or on the person on whom the function was originally conferred,

(b) the payments (if any) to be made to the person on whom the function was originally conferred by the person performing the function in pursuance of the agreement, and

(c) the disposal of any such fees and payments as aforesaid.

(3) An agreement under this section shall operate, so long as it continues in force, to confer and vest in the person concerned, to the extent and subject to the terms and conditions specified in the agreement, the function so specified.