(i) The Board may appoint ad hoc Committees to assist the Corporation in the efficient discharge of its functions.
(ii) A person who is a member of an ad hoc Committee who is directly or indirectly interested in any contract or arrangement which comes up before such ad hoc Committee shall disclose the nature of his interest to the Board and to such ad hoc Committee and shall not be present at any meeting of the ad hoc Committee when such contract or arrangement is being discussed, unless his presence is required by the other members of the Committee for the purpose of eliciting information. When any member is so required to be present, he shall not vote on any such contract or arrangement and if he does so, his vote shall not be counted.
(iii) Every member of an ad hoc Committee shall, before entering upon his duties, be required to sign a declaration of fidelity and secrecy on the lines of the form set out in the first schedule to the Act.
(iv) The quorum for a meeting of an ad hoc Committee shall be one-third of its strength (any fraction contained in that one-third being rounded off as one) or two members, whichever is higher.
(v) The provisions of the Act and save as otherwise provided in this Regulation, these Regulations shall apply to meetings of an ad hoc Committee as if they were meetings of the Board.
Appointment of ad hoc Committees Section 8(3) Section 50
(2) (c) 3 The Deposit Insurance and Credit Guarantee Corporation Act, 1961
CHAPTER IV GENERAL PROVISIONS
10. No advance shall be made to the Chairman or any officer or employee of the Corporation without the sanction of the Board.
Provided that sanction of the Board shall not be required for any advance given to the Chairman or any officer or other employee given in accordance with the rules framed by the Reserve Bank.
11. The Executive Committee shall have full powers to transact all the usual business of the Corporation except such matters as are specifically reserved by the Act to the Central Government or the Board or by the Board to itself.