(1) The Minister may by regulations provide for—
(a) the discontinuance of any exempted scheme including the date upon which such discontinuance shall take effect;
(b) the procedure to be followed in the take-over by the Corporation, of any exempted schemes;
(c) such modifications of this Act as he or she considers necessary for the purpose of conferring any benefit payable under this Act upon any person included in any such exempted scheme.
(2) A person included in an exempted scheme which has been taken into the Fund shall be an insured person under this Act.