Sky Sports further reports that the only restriction to the 44-year-old is he will not be allowed to sign players from, or sell to, Salford City.
It has been determined that a holding of 10% or less can be disregarded as being "purely for investment purposes", with the National League club also confirming that he has stepped down as a director at Salford. "I know it's not going to happen every week, but I go into every game expecting to win".
Scholes lives nearby and Oldham is his father's club, and that held great sway in persuading him to take his first leap into management.
He added: "That is part of the thing that bugged me a little bit". I wanted to get into it (management) anyway but I have left myself wide open.
"They can say what they want". They are giving an opinion and get paid for doing so.
"If anyone wants to have a dig at me, I won't be taking any notice".
Scholes has plenty of former colleagues and friends for support and advice and while he may tap into contacts at Manchester United (friend Nicky Butt is head of the academy there) he is keen to find his own way in management.
Scholes said: "I just feel ready, really. The only person I answer to is the owner".
Speaking about the appointment, Lemsagam said: "Paul has won everything there is to win in football".
That, along with a short spell on the United coaching staff when the now Wales manager Ryan Giggs took temporary charge at Old Trafford following David Moyes' sacking in 2014, remains his only experience in the dugout.
Scholes' first match in charge will see his new side host Yeovil Town on February 12 as they look to bridge the nine-point gap to thos now in the League Two play-off places.