Pag 10
(2)
The Corporation shall so exercise the rights conferred on
it by the holding of its interests in any wholly owned subsidiary as
to secure that no person is elected chairman of the board of
directors of the subsidiary except after consultation with the
Secretary as to his suitability for such election.
(3) The Corporation shall secure that, notwithstanding
anything in any wholly owned subsidiary's memorandum or articles of
association, the subsidiary does not
(a)
(b)
engage in any activity which the Corporation itself
has no power to engage in or has power to engage in
only with the consent of the Secretary; or
issue any of its shares, stock or debentures or
transfer any interest it has in any other wholly
owned subsidiary of the Corporation to a person other
than
(i)
the Corporation or another wholly owned
subsidiary of the Corporation; or
(ii)
a person who is to hold them as a nominee
of the Corporation or of a wholly owned
subsidiary of the Corporation,
except with the consent of, or in accordance with the terms of any
general authority given by, the Secretary.
17,
PART III
BOARD OF GOVERNORS AND EXECUTIVE DIRECTOR
Establishment of Board of Governors
(1) There shall be a Board of Governors of the Corporation.