(i) The executive Committee of the Corporation shall consist of the Chairman and the director nominated under clause (b) of sub-section (1) of section 6 of the Act and one of the directors nominated either under clause (d) or under clause (e) of sub-section (1) of section 6 of the Act as may be specified by the Board from time to time.
2 Meetings of the Board Section 7 Section 50
(2) (a) Resolution without meeting of Board valid The Executive Committee Section 8 and 50 (2) (a) and (b) The Deposit Insurance and Credit Guarantee Corporation Act, 1961
Provided that any director, who may be present in the town in which a meeting of the Executive Committee is held may attend such meeting and such director shall be deemed to be a member of the Executive Committee for the meeting which he so attends.
(ii) The Executive Committee shall meet once in each quarter or at such other times at Bombay or at such other place as the Chairman may specify.
Sufficient notice shall be given to the members of the Executive Committee to enable them to attend its meetings.
(iii) Any two of the directors referred to in sub-regulation (i) above shall form a quorum for the transaction of business by the Executive Committee.
(iv) A resolution in writing and circulated to the three directors of the Executive Committee referred to in sub-regulation (i) and approved by any two of them shall be valid and effectual and shall be deemed to be the resolution passed by the Executive Committee on the date on which it is signed by the last signatory to the resolution.
(v) The provisions of the Act, and save as otherwise provided in the regulation, these regulations shall apply to the meetings of the Executive Committee as if they were meetings of the Board.