12Power to appoint committees and delegate functions.

¹[(1)] A ²[Board] may, from time to time by resolution passed at a meeting--
(a) appoint committees ³[consisting of Directors] for performing such functions as may be specified in the resolution;
(b) delegate to any such committee or to the ⁴[Chairman, Vice-Chairman, Chief Executive Officer, the General Manager, the Deputy General Manager or the Chief Accounts Officer of the Corporation] subject to such conditions and limitations, if any, as may be specified in the resolution, such of its powers and duties as it may think fit;
(c) authorised the ⁵[Managing Director] ⁶[or any other officer of the Corporation] subject to such such conditions and limitations, if any, as may be specified in the resolution to exercise such powers and perform such duties as it may deem necessary for the efficient day-to-day administration of its business.
⁷[(2) The Chairman, Vice-Chairman or Managing Director may delegate any of his powers and duties duties [including powers and duties delegated to him under sub-section (1)] to any officer of the Corporation, and the officer to whom such powers and duties are delegated, shall exercise and perform such powers and duties under the control and supervision of the Managing Director.]