The establishment, powers, functions, modus operandi and practical aspects of the functioning of the supervisory authority are provided for in the sections which follow. Section 4 contains interpretations used in this Part of the Bill. Of particular interest are the definitions of "designated body" in the context of bodies which will nominate persons to be directors of the new supervisory authority. The term "recognised accountancy bodies" already has a particular meaning in the Companies Acts and is the basis on which members of such bodies can act as auditors. Section 5 deals with the manner in which it is proposed that the new supervisory authority will be established. Under this section, the Minister will be empowered to designate a company incorporated as a public company limited by guarantee to be the supervisory authority.