(1) The Board shall constitute an Executive Committee consisting of two representatives each from amongst those specified in clauses (b), (d) and (f) of sub-section (1) of 4/12 section 4 and one representative each from amongst those specified in clauses (c), (e) and (f) of the same sub-section. The Chairman of the Board shall be the Chairman of the Executive Committee.
(2) In the absence of Chairman, members present shall elect a member from among themselves who shall preside over that meeting of the Board or Executive Committee.
(3) The terms of office of members of the Executive Committee other than ex-officio members shall be the same as that of the members of the Board.
(4) The Executive Committee shall discharge such duties and exercise such powers as may be delegated to it by the Board, and it may sub-delegate all or any powers vested in it to the Managing Director or other officers as it deems fit;
Provided that copies of all orders sub-delegating powers shall be placed before the Board soon after the orders are passed and the Board may approve, disapprove or modify any such order and thereafter such order shall remain in force in its original or modified form or cease to be in force, as the case may be.