25.— ( a ) Such functions of the Board as it may determine may be performed by a subsidiary (within the meaning of the Companies Act, 1963 ) and, accordingly, the Board may, with the consent of the Minister and the Minister for Finance, for the purpose of such performance, acquire or form and register one or more subsidiaries.

( b ) The memorandum and articles of association of a subsidiary shall be in such form as may be determined by the Board with the consent of the Minister and the Minister for Finance.

( c ) The Minister may give a direction in writing to the Board on any matter relating to a subsidiary or the policies, programmes or activities of a subsidiary and the Board shall comply or, as may be appropriate, secure compliance with the direction.

( d ) A direction under this subsection in relation to the disposal of any assets or surpluses of a subsidiary shall not be given without the consent of the Minister for Finance.