Section 21: Committees of the Board

21. Committees of the Board.___(l) The Board shall constitute the following committees consisting at least three members of the Board each, to assist it in the performance of its functions under this Act— (a) investment committee; (b) audit committee; (c) risk management committee; and (d) such other committee as it considers necessary or expedient. (2) The powers, functions, duties and other terms of appointment of a committee shall be such as the Board may determine. (3) The members of a Board committee shall hold office for such period as the Board may determine. (4) The minutes of every meeting of a committee shall be presented before the Board at its next meeting following the meeting of the committee. (5) The Board shall develop necessary policies and mechanism to ensure independent and efficient performance by the committees of their assigned responsibilities. (6) All decisions shall be taken by majority of committee members and in the event of equality of the votes, the chairperson may exercise a casting vote.

Effective date: 2023-08-04

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