Clause 48

The committee of a stock exchange may appoint a management sub-committee of not less than three and not more than five persons being members of the stock exchange one at least being also a member of the committee.

The committee of a stock exchange may by resolution delegate to a sub-committee appointed by it under this section all or any of its powers, authorities and discretions under this Part (other than those under this section, section 51, subsections (3), (4) and (5) of section 54 and section 56 of this Act).

Any power, authority or discretion so delegated may be exercised by members forming a majority of the sub-committee as if by this Part that power, authority or discretion had been conferred on a majority of the members of the sub-committee.

Any such delegation may at any time in like manner be rescinded or varied.

The committee of a stock exchange may at any time remove any member of a sub-committee appointed by it under this section and may fill any vacancy in the sub-committee howsoever arising.