27Any local enterprise company, that is to say any company (within the meaning of the Companies Act 1985 (c. 6))—
(a)which is a wholly owned subsidiary (within the meaning of that Act) of Scottish Enterprise or Highlands and Islands Enterprise, and
(b)with which an agreement (not being one which has terminated) has been made in pursuance of section 19 of the Enterprise and New Towns (Scotland) Act 1990 (c. 35) by Scottish Enterprise or Highlands and Islands Enterprise for the discharge by that company of any of the functions of Scottish Enterprise or, as the case may be, Highlands and Islands Enterprise.