Sub-committee of the Board

(1) The Board may for any specific purpose constitute a sub-committee consisting of the Commissioner as Chairman and such other members not exceeding five.

(2) The sub-committee shall exercise such of the powers and perform such duties of the Board which are delegated by the Board.

(3) The sub-committee shall meet at-least once in a month and shall observe such rules of procedure in regard to the transaction of business at its meeting as may be provided by regulations.