Section 15. Committees of the Corporation

(1) The Board may constitute an Executive Committee consisting of such number of directors as may be prescribed. (2) The Executive Committee shall discharge such functions as may be prescribed or otherwise delegated to it by the Board. (3) The Board may constitute such other committees, whether consisting wholly of directors or wholly of other persons or a partly of directors and partly of other persons as it thinks fit for such purposes as it may decide. (4) A committee constituted under sub-section (3) shall discharge such functions as may be delegated to it by the Board by regulations or otherwise. (5) A committee constituted under this section shall meet at such times and places and shall observe such rules and procedure in regard to the transaction of business of its meeting as may be prescribed. (6) The members of a committee other than the directors of the Board shall be paid by the corporation such fees and allowances as may be prescribed for attending its meetings and for attending to any other work of the corporation.