(1) Every scheme shall have a governing body which shall be responsible for the direction of the policies of the scheme and appointment of employees.

(2) Every scheme shall have a scheme manager who shall be responsible for the management of the scheme.

(3) A scheme manager may be an independent body corporate or committee.

(4) Every scheme shall in addition to the scheme manager, appoint other officers and employees for the effective management of the scheme.

(5) Where a scheme manager or any person on the management team of a scheme ceases to be employed by the scheme, the governing body of the scheme shall inform the Council in writing and take immediate steps to appoint a new manager or other person for the scheme.

(6) The Minister may by legislative instrument provide further for the qualifications of directors, scheme managers and other principal employees of schemes.