Clause 19

The Board may, in its discretion, appoint from among its own members or other persons who are not members such number of committees consisting of members or other persons or members and other persons for purposes which, in the opinion of the Board, would be better regulated and managed by means of such committees.

The Board may, subject to such conditions or restrictions as it may impose, delegate to any such committee or the Chairman or Executive Secretary one or more of the powers, functions and duties by this Act vested in the Board, except the power to borrow money; and any power, function or duty so delegated may be exercised or performed by such committee or the Chairman or Executive Secretary, as the case may be, in the name and on behalf of the Board.

The Board may, subject to such conditions or restrictions as it may impose, delegate to any employee thereof one or more of the Board’s powers, functions and duties by this Act vested in the Board, except the power to borrow money or to raise or grant loans or advances to or subscribe to stocks, shares, bonds or debentures of a company, and any power, function or duty so delegated may be exercised or performed by such employee in the name and on behalf of the Board.

The Board may exercise any power conferred or perform any function or duty imposed upon it under this Act, notwithstanding the delegation of such power, function or duty under the provisions of this section.