Clause 21

The Board may, in its discretion, appoint from among its own members or other persons who are not members of the Board 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 thinks fit, delegate to any such committee or the Chairman, the Deputy Chairman or the Director all or any 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, the Deputy Chairman or the Director, 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 thinks fit, delegate to any employee thereof all or any of its functions and duties by this Act vested in it, except the power to borrow money or to raise or grant loans or advances or subscribe to or underwrite the issue of stocks, shares, bonds or debentures of commercial or industrial enterprises; 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 continue to exercise any power conferred upon it, or perform any function or duty under this Act, notwithstanding the delegation of such power, function or duty under the provisions of this section.