Committee of directors: board may form assisting committees but cannot delegate Chief Executive powers; committees remain under board control. Section 378U permits the Board of a Producer Company to constitute committees to assist in its functions while the Board retains oversight; committees may co opt members with Board approval but must include the Chief Executive or a director, cannot be delegated Board powers or Chief Executive functions, must act under the Board's general superintendence and place committee minutes before the Board, and have member fees determined by the Board.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Committee of directors: board may form assisting committees but cannot delegate Chief Executive powers; committees remain under board control.
Section 378U permits the Board of a Producer Company to constitute committees to assist in its functions while the Board retains oversight; committees may co opt members with Board approval but must include the Chief Executive or a director, cannot be delegated Board powers or Chief Executive functions, must act under the Board's general superintendence and place committee minutes before the Board, and have member fees determined by the Board.
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