(1)  The board of directors of the Corporation may constitute an Executive Committee which shall consist of—

   (a)  the Chairman of the board;

   (b)  the managing director; and

   (c)  three other directors, of whom one shall be a non-official.

   (2)  The Chairman of the board of directors shall be the Chairman of the Executive Committee.

   (3)  Subject to the general control, direction and superintendence of the board of directors, the Executive Committee shall be competent to deal with any matter within the competence of the Corporation.

   (4)  The board of directors may constitute such other committees, whether consisting wholly of directors or wholly of other persons or partly of directors and partly of other persons as it thinks fit, for such purposes as it may decide.

   (5)  A committee constituted under this section shall meet at such times and places and shall observe such rules of procedure in reward to the transaction of business at its meetings (including the quorum at meetings) as may be provided by regulations made by the Corporation under this Act.

   (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 fixed by it by regulations made under this Act for attending the meetings of the committee and for attending to any other work of the Corporation.