Section 12. Management committees.

(1) The Board may from time to time constitute such number of management committees as it may deem fit for the purpose of assisting the Board in the efficient discharge of its functions. (2) A management committee shall consist of such number of persons (whether directors or otherwise) as its members as the Board may determine, subject to the condition that in every such committee either the Chairman or a whole-time director shall be a member thereof. (3) Every management committee shall function under the general control, direction and superintendence of the Board, and for such duration and in such manner as the Board may direct. (4) The minutes of every meeting of the management committees shall, as soon as may be, be laid before the Board.