1[(1)] A 2[Board] may, from time to
time by resolution passed at a meeting--
(a) appoint committees 3[consisting of Directors] for performing such functions as may be specified in the resolution;
(b) delegate to any such committee or to the 4[Chairman, Vice-Chairman, Chief Executive Officer, the General Manager, the Deputy General Manager or the Chief Accounts Officer of the Corporation] subject to such conditions and limitations, if any, as may be specified in the resolution, such of its powers and duties as it may think fit;
(c) authorised the 5[Managing Director] 6[or any other officer of the Corporation] subject to such such conditions and limitations, if any, as may be specified in the resolution to exercise such powers and perform such duties as it may deem necessary for the efficient day-to-day administration of its business.
7[(2) The Chairman, Vice-Chairman or Managing Director may delegate any of his powers and duties duties [including powers and duties delegated to him under sub-section (1)] to any officer of the Corporation, and the officer to whom such powers and duties are delegated, shall exercise and perform such powers and duties under the control and supervision of the Managing Director.]
(a) appoint committees 3[consisting of Directors] for performing such functions as may be specified in the resolution;
(b) delegate to any such committee or to the 4[Chairman, Vice-Chairman, Chief Executive Officer, the General Manager, the Deputy General Manager or the Chief Accounts Officer of the Corporation] subject to such conditions and limitations, if any, as may be specified in the resolution, such of its powers and duties as it may think fit;
(c) authorised the 5[Managing Director] 6[or any other officer of the Corporation] subject to such such conditions and limitations, if any, as may be specified in the resolution to exercise such powers and perform such duties as it may deem necessary for the efficient day-to-day administration of its business.
7[(2) The Chairman, Vice-Chairman or Managing Director may delegate any of his powers and duties duties [including powers and duties delegated to him under sub-section (1)] to any officer of the Corporation, and the officer to whom such powers and duties are delegated, shall exercise and perform such powers and duties under the control and supervision of the Managing Director.]
1. Section 12 renumbered as sub-section (1) thereof by s. 6, ibid. (w.e.f 13-11-1982).
2. Subs. by s. 6, ibid., for "Corporation" (w.e.f. 13-11-1982).
3. Subs. by s. 6, ibid., for "of its members" (w.e.f. 13-11-1982).
4. Subs. by Act 71 of 1971, s. 7(a) and the First Schedule, for "Chairman or Vice-Chairman" (w.e.f. 3-9-1971).
5. Subs. by Act 63 of 1982, s. 6, for "Chief Executive Officer or General Manager" (w.e.f. 13-11-1982).
6. Ins. by Act 28 of 1959, s. 3 (w.e.f. 1-9-1959).
7. Ins. by Act 63 of 1982, s. 6 (w.e.f. 13-11-1982).