(1) The governing body of a stock exchange may appoint a management committee for the management of the fidelity fund.

(2) The management committee shall consist of not less than three and not more than five persons, of whom at least one is a member of the governing body.

(3) The governing body of a stock exchange may by resolution delegate to the management committee all or any of its functions under this Part other than those under tins section and sections 182,185 (4), (5), (6) and (7).

(4) A power, an authority or a discretion delegated may be exercised by a majority of the management committee.

(5) The delegation may in a like manner be rescinded or varied.

(6) The governing body of a stock exchange may

(a) remove a member of the management committee appointed by it under this section, and

(b) fill a vacancy in the committee.