Amendment status not verified — confirm the current text below against the official source.
[(1) The Board shall constitute an Executive Committee consisting of the chairman, the managing director, the whole-time director and such other directors as it may deem fit.] (2) The Executive Committee shall discharge such functions as may be prescribed or as may be delegated to it by the Board. (3) The Board may constitute such other committees whether consisting wholly of directors or wholly of other persons or partly of directors and partly of other persons for such purpose or purposes as it may think fit. (4) The Executive Committee or any other committee constituted under this section shall meet at such times and places and shall observe such rules of procedure in regard to the transaction of business at its meetings as may be prescribed. Sub-section (1) subs. by Act 52 of 1975, sec. 9 (w.e.f. 16/02/1976) and again subs. by Act 5 of 1995, sec. 10 (w.r.e.f 12/10/1994).