Committees

(1) The directors of a licensee and a financial holding company shall appoint from their number– (a) an audit committee; (b) such other committee or committees of directors as the Central Bank or the local licensee or financial holding company deems necessary or desirable; and (c) a managing director. (2) The directors may delegate to any such committee and to the managing director such powers of the directors and assign to any such committee and to the managing director, such duties as the directors consider appropriate or as the Central Bank deems necessary or desirable. 95