—(1) The Minister may appoint a managing agent to operate and administer the Scheme for and on behalf of the Minister on such terms and conditions as may be specified in the service agreement.
(2) The managing agent shall have such powers and perform such duties as may be imposed by these Regulations or as may be specified in the service agreement.
(3) The managing agent shall, on the instruction of the Director, open and maintain for every member of the Scheme a bank account (referred to in these Regulations as the Children Development Account) —
into which shall be credited —
the co-investment sum contributed by the parent of the member or any person on behalf of the parent under regulation 6(1);
the co-payment sum contributed by the Government under regulation 6(2); and
interest to be paid by the managing agent on the amount standing to the credit of the member’s Children Development Account at such rate per annum and at such intervals as the managing agent may determine; and
out of which shall be met all withdrawals authorised under regulation 9.
(4) The managing agent may, with the approval of the Minister and by instrument in writing, delegate all or any of its powers and duties referred to in paragraph (2) to any person.
(5) Any power conferred on or duty imposed on the managing agent or delegated by the managing agent to another person shall be subject to the authority and directions of the Minister.