Companies Act

Section 378U. Committee Of Directors

¹[378U. Committee of directors.–(1) The Board may constitute such number of committees as it may deem fit for the purpose of assisting the Board in the efficient discharge of its functions:

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Provided that the Board shall not delegate any of its powers or assign the powers of the Chief Executive, to any committee.

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(2) A committee constituted under sub-section (1) may, with the approval of the Board, co-opt such number of persons as it deems fit as members of the committee:

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Provided that the Chief Executive appointed under section 378W or a director of the Producer Company shall be a member of such committee.

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(3) Every such committee shall function under the general superintendence, direction and control of the Board, for such duration, and in such manner as the Board may direct.

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(4) The fee and allowances to be paid to the members of the committee shall be such as may be determined by the Board.

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(5) The minutes of each meeting of the committee shall be placed before the Board at its next meeting.

1. Ins. by Act 29 of 2020, s. 52 (w.e.f. 11-2-2021).