(1)There shall continue to be a public authority called the British Steel Corporation (in this Act referred to as "the Corporation "), which shall have such powers and duties as are conferred and imposed on them by, or by virtue of, this Act.
(2)The Corporation shall be a body corporate.
(3)The Corporation shall consist of a chairman and not less than seven nor more than twenty other members.
(4)The chairman and the other members of the Corporation shall be appointed by the Secretary of State from amongst persons appearing to him to have had wide experience of, and shown capacity in, the production of iron ore or iron or steel, industrial, commercial or financial matters, applied science, administration or the organisation of workers.
(5)The appointment of a member of the Corporation, other than the chairman, shall not be made by the Secretary of State except after consultation with the chairman.
(6)Schedule 1 to this Act shall have effect in relation to the Corporation.