Sub-committees of the Board.

(1) The Board may for any specific purpose constitute one or more sub-committees consisting of the Commissioner as Chairman and such other members not exceeding five on each sub-committees. (2) The sub-committees of the Board shall exercise such powers and perform such duties which are delegated to it by the Board. (3) Each 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.