Common use of Committees, General Clause in Contracts

Committees, General. The Board of Directors may, by resolution, designate one or more committees. Any such committee, to the extent provided in the resolution of the Board of Directors, shall have and may exercise all the powers and authority of the Board of Directors, but, unless the resolutions expressly so provide, no such committee shall have the power or authority to authorize the issuance of Shares. Such committee or committees shall have such name or names as may be determined from time to time by resolution adopted by the Board of Directors. Each committee shall keep regular minutes of its meetings and report the same to the Board of Directors when required.