Amendment status not verified — confirm the current text below against the official source.
(1) There shall be an Executive Committee of the Board which shall consist of the following members, namely:-- (a) the Vice-Chairman of the Board; (b) three members nominated by the Central Government in such manner as may be prescribed, from among the members of the Board referred to in clauses (i), (ii) and (iv) of sub-section (2) of Section 3; (c) the representative of the Reserve Bank nominated under clause (iii) of sub-section (2) of Section 3; (d) two members nominated by the Central Government from among the members of the Board referred to in clause (v) of sub-section (2) of Section 3. (2) (a) The Vice-Chairman of the Board shall be the Chairman of the Executive Committee. (b) The Vice-Chairman of the Executive Committee shall be nominated in such manner as may be prescribed, from among the members referred to in clause (b) of sub-section (1). (3) Subject to the general control, direction and superintendence of the Board, the Executive Committee shall be competent to deal with any matter within the competence of the Board. (4) The Executive Committee shall meet at such times and at such places and shall observe such procedure in regard to transaction of business at its meetings (including the quorum at meetings) as may be provided by regulations made by the Board under this Act. (5) The minutes of every meeting of the Executive Committee shall be laid before the Board at its next following meeting.