Powers of Board to set up committees

(1) The Board may, for the purpose of carrying out the provisions of this Act and the regulations made thereunder, set up such committees as it may think fit or as may be prescribed : Provided that the Board shall set up a finance committee which shall examine all financial matters pertaining to the Board, including the budget estimates and the annual accounts and balance-sheet. (2) A committee set up under sub-section (1) shall consist of such number of members, not exceeding the prescribed number, as the Board may, from time to time, decide : Provided that the member referred to in sub-clause (vi) of clause (a) of sub-section (3) of section 3 shall always be a member of the finance committee : Provided further that a committee may, subject to the approval of the Board, co-opt as members of the committee, not exceeding one-third of the total number of members of the committee, persons having special knowledge of the subjects to be dealt with by the committee. (3) The quorum and the manner of transacting the business of a committee shall be such as may be prescribed. (4) Every such committee shall submit its report to the Board for such decision thereon as it may think fit.