(1) In this Part of this Act "exempted person" means, subject to subsection (3) of section 78 of this Act - (a) a board or other body established by or under an Act of the Oireachtas or an Act of the Oireachtas of Saorstát Éireann, (b) a company (hereinafter referred to as a State-sponsored company) within the meaning of subsection (1) of Section 2 of the Companies Act, 1963, in which the majority of the shares are held by or on behalf of a Minister of State, or (c) a company within the meaning of subsection (1) of section 2 of the Companies Act, 1963, in which the majority of the ordinary shares are held by a State-sponsored company or a board or other body mentioned in paragraph (a) of this subsection, in respect of which the Minister has issued a certificate that such board, other body or company is for the time being an exempted person for the purposes of this Act.