(1) The Board, may, from time to time, appoint Committees consisting of such persons of any of the following classes as it may think fit, namely:-
(i) Directors of the Board;
(ii) Persons associated with the Board under Section13.
Provided that no committee shall consist of less than three persons.
(2) The Board may appoint a committee at a meeting of the Board on the initiative of the Chairman, the Managing Director or any of the Directors of the Board and the with the consent of the persons concerned.
(3) The Board may-
(i) refer to any such Committee for inquiry and report any matter relating to any of the purposes of the act: and
(ii) delegate to any such committee, by specific resolution and subject to such restrictions as the Board may specify in this behalf, any of the powers or duties of the Board.