Delegation of powers

(1) The Board may from time to time, in respect of any particular matter or class of matters, and in writing, delegate to any Director or to the Executive Director, any of its functions under this Act except this power of delegation and the following functions, (a) approving annual budgets, the EDC’s Annual Operational Plan and the Annual Plan of Activities; (b) making rules and regulations; and (c) carrying out activities which require off- budget expenditure. (2) Subject to any general directions given to him by the Board, the person to whom any powers are so delegated may exercise those powers in the same manner and with the same effect as if they had been conferred upon him directly by this Act and not by delegation. (3) Every person purporting to act pursuant to a delegation under this section shall, in the absence of proof to the contrary, be presumed to be acting in accordance with the terms of this (4) Every delegation under this section shall be revocable at will by the Board, and no such delegation shall prevent the exercise of any powers by the Board. 16