Section 5 in The National Housing Bank General Regulations, 1988
5. The Executive Committee
.-(1) The Executive Committee of the National Housing Bank shall consist of the Chairman, the Managing Director and [not more than five directors] [ Substituted by S.O. 1041(E), dated 10.9.2003.] of the Board to be nominated by the Board of whom at least one shall be a director other than the directors nominated under clause (d) and clause (e) of sub-section (1) of section 6 of the Act.(2)The Executive Committee shall have full powers to transact all the usual business of the National Housing Bank except in such matters as are specifically reserved to the Board by the Act or regulation 9 of these regulations.(3)Meetings of the Executive Committee shall be convened by the Chairman, or in his absence, by the Managing Director or, in the absence of both, by any other director nominated by the Chairman or the Managing Director, as the case may be, and shall be held at New Delhi or at such other place as may be specified by the person convening the meeting.(4)Any three of the directors referred to in sub-regulation (1) shall form a quorum for the transaction of business by the Executive Committee.(5)A resolution in writing and circulated to the members of the Executive Committee referred to in sub-regulation (1) and [approved by any four of them] [ Substituted by S.O. 1041(E), dated 10.9.2003.] 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.(6)The provisions of the Act and save as otherwise provided herein, these regulations shall apply to the meetings of the Executive Committee as if they were meetings of the Board.
