Section 8. Executive and other committees.

(1) The Board may constitute an Executive Committee consisting of not more than five members including 1[the Chairman and] the Vice-Chairman of the Board, to exercise such powers and discharge such duties as the Board may determine by regulations or as may be prescribed. (2) The 2[Chairman] of the Board shall be ex-officio Chairman of the Executive Committee. (3) Subject to such restrictions, if any, as may be prescribed, the Board may constitute other Standing Committees or ad hoc Committees for exercising any power or discharging any duty of the Board or for enquiring into or reporting and advising on any matter which the Board may refer to them. (4) A Standing Committee shall consist exclusively of members of the Board. (5) An ad hoc committee may include persons who are not members of the Board, but their number shall not exceed one-half of its strength.