State Financial Corporations Act, 1951
20. Powers of Executive Committee
(1) Subject to such general or special directions as the Board
may from time to time give, the Executive Committee may deal with any matter
within the competence of the Board.
(2) The minutes of every meeting of the Executive Committee
12[shall, after confirmation thereof at the next meeting of the Executive
Committee, be laid] before the Board at the next following meeting of the
Board.