40. Corporations may delegate their powers.—
(1) Each of the Corporations may appoint a Committee or Committees consisting of some or any of its 1[directors] with or without the addition of any officer or employee of the Corporation and delegate any of the functions and powers of the Corporation to such Committee or Committees and may limit the exercise of such delegated authority to any specified area.
(2) Either of the Corporations may, in relation to any particular matter or class of matters or to any particular area, by general or special order, direct that any of its officers or other employees may also exercise all or any of its powers under this Act (except the powers given to it by this section) to the extent to which the Corporation deems it necessary for the efficient running of its day-to-day administration.
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1. Subs. by Act 49 of 1971, sec. 9 (w.e.f. 1-2-1972).
