11Executive committees

11 Executive committees

(1)  An executive committee may be established by regulation to exercise specified powers and functions as a delegate of the Regulator.

(2)  A regulation establishing an executive committee to exercise specified powers and functions operates as a delegation of the relevant powers and functions to the committee (which is revocable only as provided in the regulation itself or by a later regulation).

(3)  The members of an executive committee are appointed and hold office on terms and conditions determined by the Minister.

(4)  A committee established under this section –

(a) is responsible to the Regulator for the proper exercise of its powers and functions; and

(b) is subject to control and direction by the Regulator; and

(c) must report on the exercise of delegated powers and functions as required by the Regulator.