Section 12. Executive Committee.

(1) There shall be an Executive Committee of the Central Warehousing Corporation which shall consist of-- (a) the Chairman 1*** of the board of directors; (b) the managing director; and (c) two other directors chosen by the Corporation in the prescribed manner. 2[(2) The Chairman of the board of directors shall be the Chairman of the Executive Committee.] (3) Subject to the general control, direction and superintendence of the board of directors, the Executive Committee shall be competent to deal with any matter within the competence of the Central Warehousing Corporation.