The Commission established under section 1 of the [1948 c. 66.] Monopolies and Restrictive Practices (Inquiry and Control) Act 1948 by the name of the Monopolies and Restrictive Practices Commission, and subsequently renamed the Monopolies Commission, shall as from the commencement of this Act be known as the Monopolies and Mergers Commission, and shall continue to exist by that name for the purpose of performing the functions assigned to that Commission (in this Act referred to as " the Commission ") by or under this Act.

There shall be not less than ten and (subject to the next following subsection) not more than twenty-five regular members of the Commission, who shall be appointed by the Secretary of State.

The Secretary of State may by order made by statutory instrument increase the maximum number of regular members of the Commission to such number as he may think fit.

The provisions of Schedule 3 to this Act shall have effect with respect to the Commission.