Paragraph 4

In section 7, for subsection (3) there shall be substituted the following subsection:–

“(3)

The Board shall delegate to the Executive Committee all the functions of the Board underthis Scheme except their functions under sections 2 to 52 and Schedules (1) to (4) (inclusive) ofthis Scheme: provided that the Board may at their discretion so delegate all or any of the saidexcepted functions other than a power to impose penalties and any power in connection with theborrowing of money.”.