Section 12. Delegation of powers

(1) The Board may, from time to time impose, delegate to the Chairman, Vice Chairman, chief Executive Officer or any committee appointed by it, any of the functions, duties and powers vested in the Board by or under this Act and any power. Function or duty so delegated may be exercised or performed by the Chairman, vice Chairman, Chief Executive or such Committee, as the case may be, on the name and on behalf of the Board. (2) Notwithstanding the delegation of any power, function or duty under this section, the Board shall not cease to have such power conferred upon it under this Act