Section 206: Power of the board of trustees to delegate functions to its management sub-committee.

(1) The board of trustees may for the purpose of management of the investor protection fund appoint a management subcommittee of not less than 3 and not more than 5 persons.
(2) The board of trustees may by resolution delegate to a subcommittee appointed under subsection (1) of this section all or any of its powers.
(3) Any power, authority or discretion so delegated by the board of trustees may be exercised by members forming a majority of the sub-committee as if that power, authority or discretion had been conferred on a majority of the members of the sub-committee.
(4) Any such delegation by the board of trustees may at any time in like manner be rescinded or varied.
(5) The board of trustees may at any time remove any member of a sub-committee appointed by it under this section and may fill any vacancy in the sub-committee howsoever arising.
(6) A decision of a sub-committee of the board of trustees shall be of no effect until it is confirmed or ratified by the board of trustees.