(1)There shall be an Executive Committee which shall consist of-(a)the Chairman of the Board,(b)where an executive trustee has been appointed by the [Development Bank] [Substituted by Act 52 of 1975, Section 52, for "Reserve Bank" (w.e.f. 16-2-1976)], such executive trustee, and(c)two other trustees nominated in this behalf by the [Development Bank] [Substituted by Act 52 of 1975, Section 52, for "Reserve Bank" (w.e.f. 16-2-1976)].(2)The Chairman of the Board shall be the Chairman of the Executive Committee.(3)Subject to such general or special directions as the Board may, from time to time, give the Executive Committee shall be competent to deal with any matter within the competence of the Board.(4)The Board may constitute such other committees whether consisting wholly of trustees or wholly of other persons or partly of trustees and partly of other persons or partly of trustees and partly of other persons as it thinks fit and for such purpose as it may decide.(5)The Executive Committee or any other committee constituted under this section shall meet at such times and places and shall observe such rules of procedure in regard to the transaction of business at its meetings as may be prescribed.(6)The members of a committee (other than the trustees) shall be paid such fees and allowances for attending its meetings and for attending to any other work of the Trust, as may be prescribed:Provided that no fees shall be payable to a member who is an officer of Government or of any corporation established by any law for the time being in force.
