(1)A person is a publicly-owned company for the purposes of section 3(3) if that person is a company wholly owned by the Scottish Ministers or by any listed authority.
(2)A company is wholly owned—
(a)by the Scottish Ministers if it has no members except—
(i)the Scottish Ministers or companies wholly owned by the Scottish Ministers, or
(ii)persons acting on behalf of the Scottish Ministers or of such companies,
(b)by a listed authority if it has no members except—
(i)the authority or companies wholly owned by the authority, or
(ii)persons acting on behalf of the authority or of such companies.
(3)In subsections (1) and (2), “company” includes any body corporate.