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Who to preside at meeting of board.
Powers of meeting.
Power to appoint committee
and to
delegate.
Acts of Committee to be of same
effect as acts of Directors.
Proceedings
of Com- mittee.
46
hold office; and he shall continue in office until another Chairman is elected in his stead but if no such Chair- man is elected, or if at any meeting the Chairman is not present at the time appointed for holding the same, the Directors present shall choose some one of their number to be Chairman of such meeting.
142. The Chairman shall always preside at every meeting of the Board, but if he be absent, the Directors present shall elect one of their number to be Chairman of such meeting, and the Director so elected shall preside at such meeting accordingly.
143. A meeting of the Directors for the time being at which a quorum is present shall be competent to exercise all or any of the authorities, powers and discre- tions by or under the Articles of the Company for the time being vested in or exercisable by the Directors generally.
144. The Directors may delegate any of their powers, other than the power to make calls, their power of borrowing to Committees consisting of such member or members of their body as the Directors think fit, and they may, from time to time, revoke such delegation or revoke the appointment of and discharge any such Com- mittees either wholly or in part, and either as to person or purposes, but every Committee so formed shall in the exercise of the powers so delegated, conform to any re- gulations that may from time to time be imposed upon it by the Directors.
145. All acts done by any such Committee in con- formity with such regulations, and in fulfilment of the purposes for which it is appointed, but not otherwise, shall have the like force and effect, as if done by the Directors, and the Directors shall have power, with the consent of the Company in general meeting, to remunerate the members of any Special Committee, and charge such remuneration to the current expenses of the Company.
146. The meetings and proceedings of any such Committee consisting of two or more members shall be governed by the provisions herein contained for regulat-