law: State Financial Corporations Act, 1951 
  20. Powers of Executive Committee 
  (1) Subject to such general or special directions as the Board
  
  may from time to time give, the Executive Committee may deal with any matter
  
  within the competence of the Board.
  (2) The minutes of every meeting of the Executive Committee
  
  12[shall, after confirmation thereof at the next meeting of the Executive
  
  Committee, be laid] before the Board at the next following meeting of the
  
  Board.