Executive Management Committee

(1) The board may appoint two or more of its members as an executive committee of the board which, subject to the provisions of subsection (2) and the directions of the board, shall have the power to exercise all the powers and perform all the functions of the board during the periods between meetings of the board.        

(2) Except in so far as the board may direct otherwise, the executive committee shall not have the power to set aside or amend any decision of the board.

(3) Any act performed or decision taken by executive committee shall be of force and effect except in so far as it is amended or set aside by the board at its next ensuing meeting.