105Management sub‑committee

##### 105 Management sub‑committee (1) The committee of a securities exchange may, by resolution, appoint a management sub‑committee of not less than 3 and not more than 5 persons, being members of the securities exchange, at least one of whom is also a member of the committee. (2) The committee of a securities exchange may, by resolution, delegate to a sub‑committee appointed by it under this section all or any of its powers, authorities and discretions under a provision of this Part (other than this section, section 108, subsection 111(6), (7) or (8) or section 113). (3) A power, authority or discretion delegated under subsection (2) may be exercised by members forming a majority of the sub‑committee as if that power, authority or discretion had been conferred by this Part on a majority of the members of the sub‑committee. (4) A delegation by the committee of a securities exchange under this section may at any time, by resolution of the committee, be varied or revoked. (5) The committee of a securities exchange may at any time, by resolution, remove a member of a sub‑committee appointed by it under this section and may, by resolution, fill a vacancy arising in the membership of the sub‑committee.